On the eve of Overseas Shipholding Group paring down its fleet of product tankers, the company posted a near-total reversal of its bottom line.
The Tampa-based Jones Act tanker player on Thursday reported a $13.2m profit for the third quarter, up from a $16m loss for the same period last year, as revenues climbed to $123m from $94m.
“Financial results achieved during the past quarter provide a welcome affirmation of our long-held belief in the viability of OSG’s business strategy, exceeding our expectations and signaling continued strength through the balance of the year and into 2023,” chief executive Sam Norton...
