DHT Holdings Inc, the Bermudian-based crude oil tanker company, has reported net income of $62 million for fiscal 2022 largely owing to a strong fourth quarter.

That compares to a net loss of $11.5 million in 2021.

The difference between the two periods mainly reflects higher tanker rates, the company said.

Net profit in the fourth quarter was $61.8 million, compared to a net loss in the fourth quarter of 2021 of $2.9 million.

The company reported shipping revenues for 2022 of $450.4 million, compared to $295.9 million in 2021.

The increase includes $168.6 million attributable to higher tanker rates partially offset by $14.1 million attributable to decreased total revenue days.

DHT had shipping revenues for the fourth quarter of $166.5 million compared to shipping revenues of $83.8 million in the fourth quarter of 2021.