Nepline Bhd, which owns and operates crude oil tankers and clean product tankers, has reported a profit before tax of RM5.1 million on a turnover of RM109.2 million for the financial year ended 31 December 2000.

The shipping line, which enlarged its capital base to RM52 million last year after listing of 30,975,000 rights issue (pursuant to its previous eights issue exercise), sold two of its Afra-max tankers last year for RM38 million.

The company said from the sale of the vessel, it managed to fully settle the balance of its offshore bank borrowing amounting to approximately RM114 million (taken previously to finance the two tankers).

Nepline said the decision to sell the two tankers last year was also because of the decision by the International Maritime Organisation to phase out single-hull tankers (beginning 2003).

It said it has plans to acquire double-hulled Afra-max tankers to fill the gap left by the disposal of the two single-hull tankers.