TAMPA, Fla. –
Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”) a
provider of energy transportation services for crude oil and petroleum
products in the U.S. Flag markets, announced today that it has signed
binding contracts with Hyundai Mipo Dockyard Company Ltd. (“HMD”) for
the construction of two 50,000 deadweight tons class product chemical
tankers for anticipated delivery to the Company during the second half
of 2019. These tankers will be constructed at HMD’s Ulsan, Korea ship
building facilities and will be built to comply with MARPOL Annex VI
Regulation 13 Tier III standards regarding nitrogen oxide emissions
within Emission Control Areas. In addition, each vessel will have
installed exhaust gas cleaning systems, often referred to as
“scrubbers”, to meet the standards of MARPOL Annex VI Regulation 14
standards regarding sulphur oxide emissions. The Company anticipates
that these vessels, following delivery, will participate as US flagged
vessels in trades served by existing Company vessels.

“OSG is committed to maintaining a leading presence in the US Flag
petroleum transportation sector,” said Sam Norton, OSG’s President and
CEO. “Our initiative to pursue construction of modern, efficient and
environmentally responsible vessels sends a strong signal to our
customers, our stockholders and our employees that we are confident in
achieving our commitment and that we have the resources and unique skill
sets to enable us to do so. We look forward to the contribution that
these vessels will make to our long-term success once delivered.”

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded 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 23-vessel U.S. Flag fleet
consists of seven ATBs, two lightering ATBs, three shuttle tankers, nine
MR tankers, and two non-Jones Act MR tankers that participate in the
U.S. MSP. 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 as defined under the
federal securities laws. Words such as “may”, “should”,” believes”,
“estimates”, “targets”, “anticipates” and similar expressions generally
identify forward-looking statements; however, statements other than
statements of historical facts should be considered forward-looking
statements. 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 also carefully consider
the risk factors outlined in more detail in the Annual Report on Form
10-K for OSG 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.

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Overseas Shipholding Group, Inc.
Susan Allan, 813-209-0620
sallan@osg.com