of $161.7 million for the first quarter of 2001, compared to $1 million a year earlier.

The company said this result reflects the strong tanker market that continued from the latter half of 2000 into the early part of 2001, combined with a full quarter's contribution from the inclusion of the Golden Ocean fleet.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter, including earnings from associated companies were $196.6 million (2000 quarter: $41.1 million).

The average daily time charter equivalents (TCEs) earned by the VLCCs, Suezmax tankers, and Suezmax OBO carriers trading in the spot market were $62,100, $43,000 and $39,400, respectively.

Net interest expense for the quarter was $22.2 million (2000 quarter: $20.0 million), as a result of higher debt balances due to the increased fleet offset by lower average interest rates and higher cash balances.

The company recorded an unrealised foreign currency exchange gain of $22.3 million relating to the revaluation of Yen debt in certain Golden Ocean subsidiaries.

Earnings per share for the quarter were $2.10, (2000 quarter: $0.02). The weighted average number of shares outstanding for the quarter was 77,110,351.