Siem Shipping, the Oslo-listed reefer player, has started 2016 strongly with a near eight-fold increase in first quarter net profit.

Net income for the quarter was $3.9m versus the $500,000 seen a year ago, according to figures released Monday morning.

The improved result was driven by a near 10% year-on-year increase in revenue to $47.5m, while costs only increased 4% to $8.6m.

“In the first quarter of 2016, the average market rate was 45 US cents per cubic foot per 30 days, down 43% on a year ago in what was the weakest first quarter since 2012 when rates averaged 40 US cents,” Siem Shipping said.

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