The state company posted net earnings of $63.6m to 30 June, up from a loss of $14.5m in the same period of 2013.

Revenue grew to $675.2m from $628.4m year-on-year.

CEO Sergey Frank said the tanker market remained challenging, with rates “fluctuating near their historic lows” during the second quarter.

He added: “With a stronger presence in the higher-margin gas transportation and offshore markets, the group is able to report robust results for the first half, with solid growth in earnings.”

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