Overseas Shipholding Group (OSG), which owns 49 percent of Celebrity Cruises, reported net income for the year ended Dec. 31, 1996, of $2.5 million, or $0.7 per share, on revenues of $455.9 million, compared to a net loss of $8.6 million, or $0.24 per share, on revenues of $413.9 million in 1995. Included in the 1996 results is a net gain of $3.8 million from the sale of tankers compared to a similar gain of $1.8 million in 1995.

OSG also said that the continued highly competitive pricing environment for Celebrity Cruises was reflected in the company's 1996 results.