Tanker market: buoyant. File image/Pixabay.
Tanker operator Frontline has postponed four scrubber installations to maximise the return on bouyant freight rates.
Citing the combination of strong freight rates and "the concurrent decrease in fuel spreads", the company has put back the work on two very large crude carriers and two suezmax tankers, the company said in its first quarter results.
The deferrals netted the company $7.6 million in the period.
The shipping company's quarterly profit, of $165 million, is four times the profit reported in the same quarter a year ago.
The result is also up on the company's performance in the final quarter of last year.