DHT Holdings rode spring's tanker rally to a considerable year-over-year improvement of its bottom line — and its third quarter could outpace expectations, too.

The New York-listed VLCC owner reported after the close on Tuesday a $136m profit for the second quarter of 2020, versus a $10.5m loss for the same period last year.

In its earnings report, the company attributed the jump simply to "higher tanker rates", as the three-month period saw Saudi Arabia and Russia locked in an oil price war that saw a huge amount of cheap oil dumped into a market experiencing depressed demand due to Covid-19.