NEW YORK –
Overseas Shipholding Group, Inc. (NYSE MKT:OSG) (the “Company” or “OSG”)
announced today that it expects to join the Russell 3000® Index and the
Russell Global Index at the conclusion of the Russell US Indexes and
Russell Global Indexes annual reconstitution, effective after the U.S.
market opens on June 27, 2016, according to a preliminary list of
additions posted June 10, 2016 on the Russell Reconstitution section on
the FTSE Russell website.

Annual reconstitution of the Russell US indexes captures the 4,000
largest US stocks as of the end of May, ranking them by total market
capitalization. Membership in the US all-cap Russell 3000^®
Index and the Russell Global Index, which remain in place for one year,
means automatic inclusion in the large-cap Russell 1000^®
Index or small-cap Russell 2000^® Index as well as the
appropriate growth and value style indexes and sector and country
indexes. FTSE Russell determines membership for its Russell indexes by
objective, market-capitalization rankings and style attributes.

“We are excited to join the Russell family of indexes,” said Captain Ian
T. Blackley, OSG’s president and CEO. “We believe that membership in the
Russell indexes will increase our exposure to the broader institutional
investment community, help further expand our shareholder base, and
contribute to our efforts to enhance shareholder value,” Blackley added.

Indexes provided by FTSE Russell, a leading global index provider, are
widely used by investment managers and institutional investors for index
funds and as benchmarks for active investment strategies. Approximately
$6 trillion in assets are benchmarked against the Russell US indexes.

For more information on the Russell Global Index and the Russell US
Indexes and Russell Global Indexes reconstitution, go to the “Russell
Reconstitution” section on the FTSE
Russell website.

About OSG

Overseas Shipholding Group, Inc. (NYSE MKT: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.

About FTSE Russell:

FTSE Russell is a global index leader that provides innovative
benchmarking, analytics and data solutions for investors worldwide. FTSE
Russell calculates thousands of indexes that measure and benchmark
markets and asset classes in more than 70 countries, covering 98% of the
investable market globally.

FTSE Russell index expertise and products are used extensively by
institutional and retail investors globally. Approximately $10 trillion
is currently benchmarked to FTSE Russell indexes. For over 30 years,
leading asset owners, asset managers, ETF providers and investment banks
have chosen FTSE Russell indexes to benchmark their investment
performance and create ETFs, structured products and index-based
derivatives.

A core set of universal principles guides FTSE Russell index design and
management: a transparent rules-based methodology is informed by
independent committees of leading market participants. FTSE Russell is
focused on applying the highest industry standards in index design and
governance, and embraces the IOSCO principles. FTSE Russell is also
focused on index innovation and client collaboration as it seeks to
enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group. For more
information, visit www.ftserussell.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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160614006400/en/

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