US tanker owner Overseas Shipholding Group doubled its profits in the fourth quarter of 2023 after cutting voyage expenses with a smaller fleet, the company said on Monday.
Net profit was $20.4m compared with $10.1m in the same period the previous year after the re-delivery of three tankers leased from American Shipping Company in December 2022, the OSG said.
The company also revealed it had bought the 193,000-dwt tanker Alaskan Frontier (built 2004) in November last year for $20m, which had been in cold lay-up since 2019.
