Bermuda-based Arlington Tankers Ltd.'s (ATB) first-quarter net income fell 56 percent to $3.85 million, or 25 cents, from $8.83 million, or 57 cents a share, a year earlier, hurt by an unrealised loss representing the change in fair value of the company's interest rate swap arrangement.

Excluding items, earnings were 32 cents a share, up from 30 cents a year ago.

The deep-sea petroleum transportation company's revenue improved slightly to $17.3 million from $17.2 million.

Arlington also increased its estimate of the amount of cash available for 2007 dividends to $2.15 a share from the previous estimate of $2.12 a share.