American Shipping Company posted third quarter profits of $2.4m on the back of oil spreads and increased time charter rates.
The result represents a decline from the $3.8m profit booked in the same period of last year but is up from the second quarter's $1.6m
The Oslo-listed tanker owner, whose Jones Act ships are on bareboat charter to Overseas Shipholding Group, pointed to encouraging signs as US-built tankers pull in rates between $50,000 to $55,000 per day.
