Overseas Shipholding Group (OSG) delivered a $64.7m profit in its first quarterly earnings report after spinning off its international-flag fleet.

The New York-listed tanker owner said the positive result for its continuing operations compares to a $34.2m loss in the fourth quarter of 2015.

For the full year, OSG recorded a net loss from continuing operations of $1.1m, reversing $80.6m profit a year earlier.

Samuel Norton is chief executive of OSG.

"We