Overseas Shipholding Group (OSG)'s charter coverage propelled it to big first-quarter gains despite turmoil in the US oil industry.
The Jones Act tanker owner posted net profit of $25.1m for the first three months of 2020, versus $3.2m for the same period last year.
The New York-listed company has said it has 90% charter coverage for its fleet of 20 tankers and two lightering articulated tug barges (ATBs), which hit near total utilisation for the quarter.
