Bermuda-registered shipper, said it made a profit of US $8.2 million in the first nine months of this year, compared to a $9.6 million loss for the same one year earlier.

Analysts were expecting a $13.1 million profit, according to a survey by TDN-Finans, the Norwegian news agency. The company's net and pretax figures were the same, because Norway last year passed a law exempting shipping companies from paying tax on operations.

A shortage of tanker space and recovering demand for oil this year allowed companies like Frontline, Bergesen ASA, and First Olsen Tankers Ltd. to push up their freight rates. Sales jumped to $179.4 million in the period from $132.8 million a year before, while operating profit rose to $41.5 million from $6.9 million.