John Fredriksen tanker company Frontline has posted its best profit figures in more than a decade following a surge in tanker rates.
The Oslo and New York-listed shipowner logged net earnings of nearly $109m in the final three months of 2019, compared with $25.5m a year ago.
The average time charter equivalent (TCE) rates for its VLCCs were $58,000 per day in the fourth quarter, up from $22,900 in the third.
