Singapore’s Hafnia has posted its second consecutive record quarterly profit as it targets bigger shareholder returns.

The BW Group-owned product tanker company logged massive net earnings of $280m to 30 September, from a loss of $19m in 2021, as rates surged.

“I am proud to announce that Hafnia in Q3 has delivered the best quarterly result in our company’s history for the second quarter in a row,” chief executive Mikael Skov said.