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Nov 3, 2016

Overseas Shipholding Group to Announce Third Quarter 2016 Results on November 9, 2016

NEW YORK –
Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”)
today announced that it plans to release third quarter 2016 results
before market open on Wednesday, November 9, 2016.

The Company will host a conference call to discuss its third quarter
2016 results at 9:00 a.m. ET on Wednesday, November 9, 2016.

To access the call, participants should dial (888) 317-6016 for domestic
callers and (412) 317-6016 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
12:00 p.m. ET on Wednesday, November 9, 2016 through 11:59 p.m. ET on
Wednesday, November 16, 2016 by dialing (877) 344-7529 for domestic
callers and (412) 317-0088 for international callers, and entering
Access Code 10095886.

About OSG

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. 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 (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
spin-offs or 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.

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