TAMPA, Fla. –
Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”)
announced today that it has completed the previously announced
separation of OSG into two independent, publicly traded companies:
Overseas Shipholding Group and International Seaways (NYSE: INSW).

“Today marks the start of an exciting new chapter for OSG. We are now a
more sharply focused company with a leading and diversified position in
the Jones Act market,” said Sam Norton, OSG’s SVP & President and CEO of
the U.S. Flag Strategic Business Unit. “We are confident that this focus
will allow us to leverage our trusted operating franchise and strong
balance sheet to address growth opportunities and drive shareholder
value. We will continue to focus on the quality of our operations so as
to ensure the delivery of safe, clean, reliable, incident-free
transportation services to our customers,” Norton concluded.

At 5:00 p.m. on Nov. 30, 2016, 100 percent of the shares of
International Seaways were distributed to OSG shareholders and warrant
holders. OSG shareholders received 0.3333 shares of International
Seaways common stock for every one share of OSG common stock held at
5:00 p.m. on November 18, 2016, the record date for the spin-off.

For each OSG warrant held on the record date, OSG warrant holders
received 0.3333 shares of INSW common stock for every one share of OSG
common stock they would have received if they exercised those warrants
immediately prior to the distribution date (or approximately 0.06332
INSW shares per warrant). OSG shareholders and warrant holders received
cash in lieu of any fractional shares.

International Seaways common stock will begin “regular way” trading on
the NYSE under the symbol “INSW” on December 1, 2016.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded tanker
company providing energy transportation services for crude oil and
petroleum products in the U.S. Flag markets. OSG is a major operator of
tankers and ATBs in the Jones Act industry. OSG’s 24-vessel U.S. Flag
fleet consists of eight ATBs, two lightering ATBs, three shuttle
tankers, nine MR tankers, and two non-Jones Act MR tankers that
participate in the U.S. Maritime Security Program. OSG is committed to
setting high standards of excellence for its quality, safety and
environmental programs. OSG is recognized as one of the world’s most
customer-focused marine transportation companies and is headquartered in
Tampa, FL. More information is available at www.osg.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the
Company may make or approve certain statements in future filings with
the Securities and Exchange Commission (SEC), in press releases, or in
oral or written presentations by representatives of the Company. All
statements other than statements of historical facts should be
considered forward-looking statements. These matters or statements may
relate to the Company’s plans to issue dividends and make payments to
security holders, its prospects, including statements regarding trends
in the tanker and articulated tug/barge markets, and possibilities of
spin-offs or certain strategic alliances and investments.
Forward-looking statements are based on each of the Company’s current
plans, estimates and projections, and are subject to change based on a
number of factors. Investors should carefully consider the risk factors
outlined in more detail in the Annual Report on Form 10-K for OSG and
the Registration Statement on Form 10 for INSW and in similar sections
of other filings made by each of the Companies with the SEC from time to
time. The Company assumes no obligation to update or revise any
forward-looking statements. Forward-looking statements and written and
oral forward looking statements attributable to the Company or its
representatives after the date of this release are qualified in their
entirety by the cautionary statements contained in this paragraph and in
other reports previously or hereafter filed by the Company with the SEC.

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Investor Relations & Media:
Overseas Shipholding Group,
Inc.
Brian Tanner, 212-578-1645
btanner@osg.com