OSG, which now trades over the counter in the US, booked a gain of $10.42m in the first three months of 2014 from a $167.76m deficit last time around.
The turnaround as it prepares to exit Chapter 11 came as revenue grew from $247.44m to $292.45m year-on-year.
Despite costs also creeping up, operating income sprang from $11.51m a year ago to $40.99m
