The Mikael Skov-led tanker owner said net income was $1.75m versus the $1.38m seen in the same period last year.

Hafnia saidrevenue for the three months saw a six-fold increase to $26.7m. However,operating costs rose ten-fold to $23.3m.

The quarter sawHafnia take delivery of the last seven of ten MR tankers acquired fromcompatriot shipowner J Lauritzen.

Copenhagen-basedHafnia has a fleet of 19 non-eco tankers consisting of seven 39,000-dwtvessels, ten MRs and a pair of LR1s.

During