Full-year profits at Frontline, the biggest oil tanker operator, suffered an 85 per cent drop as falling oil demand and an oversupply of ships more than halved average earnings for some ship types.
Net profit for 2009 fell to $103m from $699m in 2008 on revenue down to $1.13bn from $2.1bn the year before, it announced on Friday .
The fourth quarter saw a slight recovery over the third quarter of 2009, with net profit of $3.92m on $262m revenue.
In the third quarter, the company lost $5.6m on $233m in revenue.
The group sounded cautiously optimistic on the coming year in light of forecast increased demand for oil and a relatively strong financial position.
Frontline, whose largest shareholder is John Fredriksen, the shipping magnate, is the first of the three large, New York-listed tanker operators to report results for 2009.
