However, revenue increased year-on-year by over 50% to $21.8m reflecting its larger fleet and improved tanker rates.

Voyage expenses for the third quarter more than doubled to $12.3m, while vessel operating expenses increased 80% to $10.4m.

DHT said the increase was mainly due to an increase in the fleet and the addition of the seven Samco vessels from mid-September.

The shipowner has also seen a four-fold increase in its interest bearing debt to $640.7m