30 sale of its stake in Celebrity Cruise Lines to Royal Caribbean Cruise Lines.

OSG said it used the cash to reduce debt and expects to take an after-tax gain of $12 million as a result of the sale. OSG also received a five percent stake in RCCL and a seat on the company's board.

OSG had net income for the second quarter of $7 million, compared to $3.1 million a year earlier.