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Apr 24, 2017

Overseas Shipholding Group to Announce First Quarter 2017 Results on May 10, 2017

TAMPA, Fla. –
Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”)
announced today that it plans to release first quarter 2017 results
before market open on Wednesday, May 10, 2017.

The Company will host a conference call to discuss its first quarter
2017 results at 9:00 a.m. Eastern Time (“ET”) on Wednesday, May 10, 2017.

To access the call, participants should dial (844) 850-0546 for domestic
callers and (412) 317-5203 for international callers. Please dial in ten
minutes prior to the start of the call.

A live webcast of the conference call will be available from the
Investor Relations section of the Company’s website at http://www.osg.com/

An audio replay of the conference call will be available starting at
11:00 a.m. ET on Wednesday, May 10, 2017 by dialing (877) 344-7529 for
domestic callers and (412) 317-0088 for international callers, and
entering Access Code 10106141.

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. Maritime Security Program. 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. 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 prospects and its ability to retain and
effectively integrate new members of management. Forward-looking
statements are based the Company’s current plans, estimates and
projections, and are subject to change based on many factors. Investors
should 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.

Investor Relations & Media:
Overseas Shipholding Group,
Inc.
Christopher Wolf, 813-209-0699
cwolf@osg.com