Frontline has posted a profit of $19.8m for the traditionally strongest quarter of the year, but it was insufficient to keep the VLCC giant from posting a full-year loss.

The tanker owner’s chief executive Lars Barstad said the fourth quarter offered tanker owners some relief with rates appreciated firmly, albeit from decade low levels.

“The seasonal uptick, as the northern hemisphere prepared for winter, did materialise, albeit to a modest degree,” Barstad said.