Mikael Skov’s Hafnia Tankers remained in the black in 2016 as a weaker market pulled down its bottom line.

Oslo over the counter-listed Hafnia booked a profit of $12.02m in 2016, down from $59.6m during the previous year.

Operating profit of $34.4m was recorded for a year that ended with Hafnia having cash of $95.5m in the bank.

Its LR1 fleet earned an average of $18,600 per day in 2016, with its medium range tankers collecting $14,600 per day.