Maersk Product Tankers achieved its best annual result on record in 2020, following a series of vessel sales and strong freight rates during the first half.

The Denmark-based owner’s net profit amounted to nearly $161m last year, compared with $92.4m in 2019, according to its annual report.

“We look back on a year defined by a health pandemic that shook all corners of the globe, leaving an indelible mark on people and society,” chief executive Christian Ingerslev said.

“During one of the most volatile years in tanker market history, we delivered record-high financial results, and strengthened the company’s market position by optimising our fleet composition and performance.”