The crude and products tanker division of the Teekay group said net earnings were $4.58m to 30 June, from a deficit of $5.72m in the same period last year.
Revenue edged up to $44.43m against $43.49m, but expenses were reduced to $33.94m compared to $49m, boosted by vessel sales worth nearly $10m.
Teekay said spot rates had been stronger in the second quarter
CEO Kevin Mackay added: “While we expect rates to soften from the current high levels, we believe that stronger oil demand, limited tanker fleet growth and improving global economic conditions will continue to support a general firming of average spot tanker rates."
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