Herbjorn Hansson-led Nordic booked a gain of $1.03m in the period, beating the $22.09m loss of a year ago.

Its bottom line fell short of the $4m consensus figure analysts tracking the company had projected.

NAT says its tankers collected $24,000 per day in the fourth quarter as the market benefited from a fall in the price of oil.

The owner booked its first newbuildings in several years in late 2014 with a deal for two firm vessels at Sungdong.