T.S. Lines (HKG:2510) expects to post a profit attributable to the equity shareholders of $180 million to $200 million, representing an increase of about 220% to 255% for the six months ended June 30, from $56.3 million a year earlier, according to a late-Friday Hong Kong bourse filing.

Shares of the company rose nearly 5% in Monday morning trade.

The increase in profit was mainly driven by higher average freight rates and an uptick in charter hire revenue, supported by more vessels being leased at improved rates.

Interim results are due later in August, the filing said.