Overseas Shipholding Group (OSG) has reported net income of $5.3 million, or $0.15 per share, on revenues of $125.9 million for the quarter ended March 31, 1996, compared to a loss of $3.3 million, or $0.09 per share, on revenues of $106.9 million for the same quarter last year.

The 1995 results include gains of $4.9 million, or $ 0.13 per share, from the sale of a tanker; improved rates in the tanker markets; and also "reflect the adverse effect of Celebrity Cruises - of continuing competitive pressures in the premium segment of the North American cruise market," according to OSG, which holds a 49 percent interest in Celebrity.