The company said its profit was $31m to 30 September, up from $9.16m in 2013.

Revenue climbed to $99.41m against $43.17m over the same period as it took delivery of new additions to its fleet.

CEO Paul Wogan said: “During the third quarter and in recent weeks, we have been encouraged by the increase in rates and the number of fixtures concluded in the short term market.”

PNG