Okeanis Eco Tankers bottom line jumped more than 500% in the second quarter on the back of a massive shift in tanker rates.

The Oslo-listed, Alafouzos family-backed shipowner posted a $53m profit for the three months ending 30 June, up from just $7.9m for the same period last year.

The improvement came as its fleet of eight VLCCs earned a daily time charter equivalent rate of $71,600 per day and its six suezmaxes TCEs of $72,600 per day.