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Jun 23, 2016

Overseas Shipholding Group Approved to Transfer to NYSE “Big Board”

NEW YORK –
Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”)
announced today that it has been approved by the New York Stock Exchange
(“NYSE”) to transfer its stock listing to the NYSE from the NYSE MKT.
The Company’s common stock, which will continue to trade under the
ticker symbol OSG, is expected to commence trading on the NYSE effective
Tuesday, June 28, 2016. Prior to that date, the Company’s common stock
will remain on the NYSE MKT, but trading on the NYSE MKT will cease
concurrent with the listing of its common stock on the NYSE.

“Our return to the NYSE is an important milestone for the Company made
possible by the hard work of our employees and the support of
shareholders,” said Captain Ian T. Blackley, OSG’s president and CEO.
“We believe listing on the NYSE, one of the world’s most prestigious
stock exchanges, will enhance trading liquidity of our common stock and
contribute to increasing shareholder value.”

John Tuttle, Global Head of Listings at the NYSE, “We congratulate OSG
on its return to the NYSE and are proud to mark this exciting new
chapter for the Company and its shareholders.”

In recognition of the transfer, President and CEO Captain Ian T.
Blackley along with members of the Company will ring The NYSE Opening
Bell on Tuesday, June 28, 2016. The NYSE Opening Bell is broadcast live
from the NYSE and interested parties may stream the ceremony live at
9:30am Eastern Time by visiting https://www.nyse.com/bell.

The approval to transfer its listing to the NYSE is contingent upon the
Company being in compliance with all applicable listing standards on the
date it begins trading on the NYSE, and may be rescinded if the Company
is not in compliance with such standards on that date.

OSG provided the NYSE with additional information upon which the NYSE
relied to list the common stock. Such information is included in OSG’s
original listing application and is available to the public upon request.

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
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