The New York-listed company, which has four VLCCs chartered out long-term, said net earnings to 31 March were $6.31m, against a loss of $0.73m in 2014.
It benefited from a $6m decrease in interest expenses and finance costs.
Time charter equivalent earnings were $45,898 per day for the quarter, against $43,101 a year ago.
Revenue was up at $16.7m from $15.65m in 2014.
CEO
