Oslo over the counter-listed Frontline 2012 booked a gain of $14.5m in the quarter.
Its adjusted profit of $16.6m beat the $9.5m consensus.
The uptick from the previous quarter’s $12.5m came as the John Fredriksen-led owner took delivery of four more MR products tanker newbuildings.
Frontline 2012 saw its VLCCs bring in $40,600 daily in the first quarter, while its suezmaxes earned $26,500 daily and its MRs $17,900 daily.
Operating income hit $17.83m, ahead of the $14.8m average projection of analysts tracking the company, according to data from Arctic Securities.
It warns operating income in the second quarter will come down due to weaker conditions in the crude and products markets.
However, it will book a gain of $35.9m for the period related to the $99.3m compensation received from the cancellation of a VLCC newbuilding.
Frontline 2012 has 62 newbuildings to its name, including the vessels sold to Avance Gas and Knightsbridge in which it retains an equity interest.
Its haul also includes 12 vessels contracted at STX on which construction has stopped and arbitration is underway.
Frontline 2012 secured $57m from the sale of stock during the Avance IPO and retails an 11.6% stake in the company.
