Norwegian VLCC owner ADS Crude Carriers has enjoyed its best ever quarter but has warned of risks ahead.
The company posted net profit of $10.8m in the three months to 31 March, against $1.83m in 2019.
Revenue from its three 2002-built VLCCs was up at $25.2m from $11.7m a year ago.
ADS achieved average time charter equivalent earnings of $71,008 per day, up from $24,093 in 2019.
