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Feb 23, 2016

Overseas Shipholding Group To Announce Fourth Quarter and Full Year 2015 Results on March 1, 2016

NEW YORK –
Overseas Shipholding Group, Inc. (NYSE MKT: OSG, OSGB) (the “Company” or
“OSG”) today announced that it plans to release fourth quarter and full
year 2015 results before market open on Tuesday, March 1, 2016.

The Company will host a conference call to discuss its fourth quarter
and full year 2015 results at 9:00 a.m. ET on Tuesday, March 1, 2016.

To access the call, participants should dial (866) 490-3149 for domestic
callers and (707) 294-1567 for international callers. Please dial in ten
minutes prior to the start of the call and enter Conference ID 54859058.

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
12:00 p.m. ET on Tuesday, March 1, 2016 through 11:59 p.m. ET on
Tuesday, March 8, 2016 by dialing (855) 859-2056 for domestic callers
and (404) 537-3406 for international callers, and entering Conference ID
54859058.

About OSG

Overseas Shipholding Group, Inc. (NYSE MKT: OSG, OSGB) 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, in press releases, or 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 will relate to
the Company’s prospects, including statements regarding trends in the
tanker and articulated tug/barge markets, and including prospects for
certain strategic alliances and investments. These statements are based
on 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
2014 on Form 10-K and in other reports hereafter filed by the Company
with the SEC under the caption “Risk Factors.” 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 statement
contained in this paragraph and in other reports hereafter filed by the
Company with the SEC.

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