Toro Corp has reported a huge increase in profit in its first result since its spin-off from Castor Maritime in March.

The Nasdaq-listed, Cyprus-based tanker company said net earnings in the first quarter were $22m, a rise of nearly 1,700% from $1.2m a year ago.

Revenue soared to $31.2m from $16.8m.

The result was driven largely by improved aframax/LR2 and handysize tanker markets.