TAMPA, Fla. –
Overseas Shipholding Group, Inc. (NYSE:OSG) (“OSG”) a provider of energy
transportation services for crude oil and petroleum products in the U.S.
Flag markets, today announced the resignation of Christopher Wolf as
OSG’s Senior Vice President and Chief Financial Officer, effective June
27, 2017. OSG stated that Mr. Wolf’s resignation did not result from any
disagreement or concerns related to accounting or financial reporting
matters. OSG expects to appoint an interim Chief Financial Officer while
it conducts a search to fill the CFO position on a permanent basis.

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. 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.

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Investor Relations & Media:
Overseas Shipholding Group,
Inc.
Susan Allan, 813-209-0620
sallan@osg.com