Overseas Shipholding Group Awarded Government Contract

Military Sealift Command Awards Time Charter to Overseas Mykonos

REISSUED/REVISED– Overseas Shipholding Group, Inc. (OSG), a publicly traded energy transportation company headquartered in Tampa, Florida, today announced that the Military Sealift Command (MSC) has awarded the Overseas Mykonos, a vessel in OSG’s fleet, a time charter contract to provide ongoing fuel transportation services to MSC in support of our nation's defense. The contract was awarded in a competitive bidding process.

"OSG’s fleet has supported the critical mission of the MSC for many years. We are honored that MSC has chosen to award one of these contracts to the Overseas Mykonos. This ship and its crew have the capability to provide maritime transportation services using equipment and communication technologies that are in sync with the needs of the Department of Defense and Navy," said OSG's CEO and President, Sam Norton. “This award highlights the benefits of cooperation between the merchant marine industry and the military. By working together, we are providing loyal and experienced U.S. citizen mariners, reliable vessels, and advanced equipment for our nation’s benefit. The Overseas Mykonos’ support to MSC will bolster our involvement in deepening and broadening the pool of domestic merchant mariners supporting a U.S.- flagged tanker presence in international waters," added Mr. Norton.

The time charter awarded is for a 1-year base period with the MSC holding additional option periods to extend the contract out to a maximum period of five and one half years. The Overseas Mykonos will be delivered to MSC at Pearl Harbor in August. The Overseas Mykonos, built in 2010, is a medium range product tanker with 12 cargo tanks and a cargo capacity of 333,000 barrels. The ship has the ability to perform consolidated cargo replenishment at sea operations (CONSOL), providing flexibility and options for refueling the U.S. military fleet while underway. The Overseas Mykonos has also made other militarily useful modifications, including those to meet TRANSCOM requirements.

About Overseas Shipholding Group, Inc

Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing liquid bulk transportation services in the energy industry for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator in the Jones Act industry and in the Tanker Security Program. OSG’s U.S. Flag fleet consists of Suezmax crude oil tankers doing business in Alaska, conventional and lightering ATBs, shuttle and conventional MR tankers, and non-Jones Act MR tankers that participate in the U.S. Tanker 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.

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