Analyst Summary: Overseas Shipholding Group Inc. reported their fourth quarter and full-year 2022 financial results. The company exceeded their expectations and provided guidance for adjusted EBITDA and time charter equivalent earnings well above what was expected. President and CEO, Sam Norton, credited the strong performance to lightering and non-Jones Act assets. Norton noted that improving market conditions have resulted in the company achieving more stability in their financial profile than they have seen in years. The company is now stable enough to evaluate opportunities to extend its cash generating capabilities and will further explore means to utilize surplus cashflow to reduce leverage and improve share price performance. The company reported revenues of $466.8 million for 2022, an increase of 30% from 2021's revenues of $358.6 million. Adjusted EBITDA was $142.8 million for 2022, an increase of $97.7 million compared to 2021's adjusted EBITDA of $45.1 million. The company had shipping revenues of $121.8 million for Q4 2022, an increase of 27.5% compared to Q4 2021. Adjusted EBITDA for Q4 2022 was $43.6 million, an increase of $27.0 million compared to Q4 2021. The company is a major participant in the Jones Act industry with a 21-vessel fleet consisting of tankers and ATBs.