The company said its net profit was $45.5m to 30 September, up from $9.2m in the same quarter of 2013.

Revenue increased to $384.1m from $336.2m, while EBITDA reached $159.6m against $108.1m a year ago.

President and CEO Sergey Frank said the group had performed strongly in the period.

“These financial results reflect an improved freight rate environment over the period, especially within the crude oil segment of the tanker market,” he added.

“Equally,