Net profit for the first quarter rose to $14.53m as against a loss of $4.76m in the previous corresponding period.
Revenue also improved to $59.91m compared to $32.07m a year ago.
The net operating income jumped to $17.83m during the quarter compared to just $176,000 a year ago.
Frontline 2012 took delivery of four MR product tankers, namely Front Dee, Front Clyde, Front Esk and Front Mersey, during the first quarter.
Despite the strong first quarter results, the companyhas warned of challenges ahead due to the weak tanker market.
“The negative development in the crude and product tanker markets in the second quarter are likely to give a weaker operating result (excluding one-time gains and losses) in the second quarter,” Frontline 2012 said.
Frontline 2012, the offshoot of tanker company Frontline, has been continuing the process of streamlining the company’s activities by selling five fuel efficient capesize newbuildings to Knightsbridge and then combined its remaining fleet of 25 fuel efficient capesize newbuildings with Knightbridge’s fleet.
As at 31 March 2014, Frontline 2012’s newbuilding programme totalled 62 vessels including oil tankers and capesize vessels. The company currently operates a fleet consisting of six VLCCs, four suezmaxes and six MR tankers.
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