tanker company Frontline, sending them to a record $97 million.

A release from the company said that the $97 million dollar net income was the best quarterly result it have ever experienced.

The figure also represents a 180 percent increase over the immediately preceding quarter.

And the company is confident that fouth quarter results will be even better.

"Market factors governing the tanker industry look fundamentally positive in a short and medium perspective,'' said realease from Frontline. "Tanker rates in the first part of the fourth quarter point to an improvement over the third quarter and the Board is confident that the net income for the last quarter of the year will substantially exceed that of the third quarter.'' Riding the wave of success the company has also announced that it is considereing applying for a listing on the New York Stock Exchange, to boost business in that market.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the third quarter, including earnings from associated companies were $141.3 million, compared with a loss of $14.9 million for the comparable 1999 period.

Basic earnings per share for the quarter were $1.23 (1999 - loss of $1.28).

ashflow per share for the quarter was $1.51, compared with $(0.76) for the same quarter in 1999.

The company attributed the results to the strong tanker market that prevailed throughout the third quarter of 2000. In the third quarter of 1999, in addition to the market being very significantly weaker, the restated results include the loss on the sale of four VLCCs in the transaction to take control of ICB Shipping AB (ICB).

Administrative expenses have decreased due to the inclusion of costs associated with the operation of ICB in the 1999 quarter. Administrative expenses in the third quarter of 2000 include approximately $500,000 relating to the Tankers International Pool and a further $300,000 relating to social costs arising from the employee share option plans.

Net interest expenses for the quarter were $22.0 million (1999 -$22.5 million). This has decreased from $22.3 million in the second quarter of 2000.