The company reported a net income of USD 18.7 million during the period from January to September 2018, compared to USD 2.3 million posted in the corresponding period a year earlier.
What is more, net income for the third quarter stood at USD 11.9 million, compared to a net loss of USD 6.3 million seen in the same quarter last year.
“The third quarter saw OSG make meaningful progress in executing on its business plan, notwithstanding our short-term financial results. Highlights for the quarter are that we secured multiple new term-charter fixtures, extended our contract of affreightment with the Government of Israel through the end of 2020, and announced contracts for the construction of two new tankers and one new barge,” Sam Norton, President and CEO, said.
