On Monday evening the US operator posted a gain of $26.5m for the three months to 31 December 2014, versus a loss of $447.3m in the fourth-quarter of 2013.
In a statement chief executive Ian Blackley said he was pleased to report adjusted net income of $22.1m in his company’s first full quarter of financial results since the completion of a Chapter 11 restructuring last year.
“In the quarter, higher crude spot rates combined with the continuing strength of the US-Flag market had a positive impact on our earnings,” he added.
OSG, which carded a full-year loss of $152.3m, said shipping revenues for the fourth fell to $216.9m from $273.1m year-on-year.
OSG is based in New York where it oversees 81 tankers, floating storage units and articulated tug-barges. Of these, 63 units are owned and the remainder are chartered-in.
