American Shipping Co’s offshore construction vessel acquisition boosted revenues, but financing costs for the ship whittled away at its fourth-quarter bottom line.

The Oslo-listed shipowner — which primarily operates MR product tankers in the US Jones Act trade — reported a $6.3m profit for the last three months of 2022, down from the $9.4m recorded in the same period last year despite a jump in revenue for $22.2m to $27.6m.

The company attributed the rise in revenue to the 178-loa Normand Maximus (built 2016) beginning a bareboat charter with Solstad Offshore.