A US judge has torn up an order seizing $4.5m in cash from Overseas Shipholding Group (OSG) after the tanker company reached a deal to end a dispute with Norway’s AMSC.

District judge Katherine Polk Failla “conditionally discontinued” the lawsuit between the companies in a New York federal court.

Oslo-listed AMSC had filed the lawsuit against New York-listed OSG, a tanker company that focuses primarily on US-flag markets, after the two long-time partners came to loggerheads at the end of a charter of the 46,900-dwt Overseas Los Angeles (built 2007).