Overseas Shipholding Group has reported a second-quarter net loss of $37.9m compared with an $8m loss in the corresponding quarter a year earlier.
The US-based shipping company said the fall is due to a drop in the rates for medium-range ships and idle lightering vessels.
The company, however, saw a year-over-year revenue rise to $283.9m from $282.7m.
For the six months ended 30 June, the company reported time charter equivalent revenues of $461.5m, a 15% decrease from $541.2m in 2009.
During the quarter Overseas Shipholding maintained nearly 70% of its fleet under spot, or single-voyage contracts, it said.