Container ship company Frontline more than doubled its profits following a successful second quarter's trading.

The Hamilton-based company reported a net income of $189.1 million compared to $68.6m the same time last year.

They also made a total gain on sale of assets of $66.1m consisting of $31.2 from the sale of its shares in Sea Production, $21.8m from the delivery of the first converted heavy lift vessel, Front Sunda, in May 2007, and $13.1m relating to the termination of the capital lease for Front Vanadis.

Similarly the company recorded a gain on the issue of shares in Sealift in connection with the business connection with Dockwise of $43.7m in the second quarter.

In June, Frontline sold their entire single hull Suezmax tanker, Front Horizon, for net sale proceeds of $28m, with delivery expected in the third quarter, while in the same month they also sold their entire holding of 25.5m shares in Sea Production for a net price of about $67m.

Meanwhile operating income for the quarter was $190.9m, up from $143.1m in last year's second quarter.

Profit share expense stood at $15.7m as a result of the profit sharing agreement with Ship Finance, while charterhire expenses increased by $5.8m as a consequence of more vessels being chartered compared to the first quarter of this year.