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Jul 20, 2016

Overseas Shipholding Group Announces Leadership Transition

NEW YORK –
Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”)
announced today that OSG Director Samuel H. Norton was appointed a
senior vice president of the Company and president and CEO of the U.S.
Flag Strategic Business Unit, effective July 17, 2016. Mr. Norton is
replacing Henry Flinter, who is stepping down from his role and retiring
from OSG.

“Sam has been an invaluable member of OSG’s board of directors for the
last two years giving him an in-depth knowledge of our company,” said
Douglas D. Wheat, OSG’s chairman. “He has the right mix of leadership
skills and shipping experience that make him an ideal choice to lead our
U.S. Flag business.”

“We are pleased to put in place today the leadership of our U.S. Flag
business, which will ensure a seamless transition when we separate our
International Flag and U.S. Flag businesses,” said Captain Ian T.
Blackley, OSG’s president and CEO. “Sam is well qualified to lead our
U.S. Flag business and I look forward to working with him to capitalize
on our company’s strengths and opportunities as we build for the future.
I would also like to thank Henry for his service to the Company and for
his many contributions to the success of the U.S. Flag business. We wish
him well in his future endeavors.”

“I am privileged to be offered the opportunity to lead OSG’s U.S. Flag
business, which is the largest operator of tankers and ATBs in the Jones
Act industry,” said Mr. Norton. “I look forward to working with the team
to provide a high-quality service to our customers and to deliver value
for our shareholders, initially as part of OSG, while we position the
U.S. business to be an independent public company.”

Mr. Norton, who will remain on the board while serving in his new role,
has been on the board since 2014. In 2006, he co-founded SeaChange
Maritime, LLC, an owner and operator of container ships, and had served
as chairman and CEO of that company since its inception. Mr. Norton
spent the seventeen-year period ending July 2005 as a senior executive
officer at Tanker Pacific Management (Singapore) Pte. Ltd. In 1995, Mr.
Norton initiated and led the entry of the Sammy Ofer Group into the
container segment, and acquired and operated the first container vessels
in the group’s fleet. While at Tanker Pacific, Mr. Norton also started a
related business, Tanker Pacific Offshore Terminals, which owns and
operates a fleet of floating, offshore oil storage terminals. Prior to
joining the Ofer group, Mr. Norton played a lead role in the Asian
distressed assets group of the First National Bank of Boston, a position
which acquainted him with the shipping industry and the Ofer family.

About OSG

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. and International Flag markets. 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 New York City, NY. 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
securityholders, 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 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 Company’s Annual Report for 2015 on Form
10-K under the caption “Risk Factors” and in similar sections of other
filings made by the Company 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.

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