Ocean Yield nearly doubled its profit in the first quarter as higher revenue in boxship and tanker leasing offset a slump in its offshore segment.

The Oslo-listed ship lessor reported net income of $36.8m in the first quarter, up from $18.6m in the same period of 2016.

The results include various one-time items such as the gain on the sale of bonds in American Shipping and foreign exchange losses from a year earlier.