Tank AS chairman Sigbjorn Tysse warns that 2017 earnings could be “significantly weaker” as a result of higher bunker costs, after delivering a solid result for last year.

The Norwegian small chemical tanker owner, better known as Sea Tank, recorded a pre-tax profit of NOK 35m ($4.5m) in 2016 — more than double the previous year’s NOK 16m.

Revenue of NOK 578m was up from NOK 510m and book equity stood at NOK 129m at the end of 2016, an increase from NOK 95m.