due to increased exposure to the spot freight market, unless crude tanker freight rates rise, reports Lloyd's List.

LOF president and CEO Mr. Miles Kulukundis said on Monday that the company would see lower earnings at present freight levels.

He made the prediction at the company's annual general meeting.

But he said he was confident the case would not arise because he expects spot rates for Suezmax tankers to improve.

The tanker owner has performed against the market trend in recent years having strong time charter cover with Chevron but that company has sold two refineries in the last year reducing the amount of tonnage Chevron needed on time charter.

In the year to March 31 net income for LOF rose to $8.4 million from $1.2 million a year earlier.

Gross freight and hire revenue rose to $33.6 million from $28.7 million a year earlier.