Overseas Shipholding Group has reported net income of $2 million, or $0.06 per share, on revenues of $127.8 million for the first quarter ended March 31, 1997, compared to net income of $5.4 million, or $0.15 per share, on revenues of $125.9 million for the same quarter of 1996. (The 1996 result also included a gain of $4.9 million, or $0.13 per share, from the sale of vessels.)

OSG said that the 1997 earnings reflected stronger rates in the tanker markets but that earnings were adversely affected by continuing weakness in the dry bulk markets and in the results of OSG's joint cruise venture, Celebrity Cruises.