The Sweden-based company booked a gain of SEK 301.4m ($44m), 18.2% up from last year.

Kim Ullman, CEO of Concordia Maritime, said: “We are happy to report profit for the first half of the year and we are actually in position to maintain a positive forecast for the full year.”

Concordia’s EBITDA increased by 34.8% to SEK 138.2m, following the sale of its 50% stake in Stena