Overseas Shipholding Group to Review Business Strategy and 2009 Initiatives at Annual Investor Event

Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader in providing energy transportation services, today announced it will hold a half-day investor event on Thursday, May 21, 2009 in New York City, featuring presentations by the senior management team and guest keynote speaker Kenneth J. Kies, Managing Director of the Federal Policy Group.

Management will provide an in-depth review of OSG’s balanced growth strategy, financials, commercial and technical operations, focusing on the actions the Company is taking in response to current economic conditions and the strategies that will enable OSG to prosper and emerge an even stronger company.

The featured guest luncheon speaker is Kenneth J. Kies, founder of the Federal Policy Group, a leading provider of tax, legislative and regulatory services. "Given a new administration in Washington coupled with vast economic uncertainties, Mr. Kies’ insights into what the future may hold will make for a timely and compelling discussion,” said OSG President and CEO Morten Arntzen.

A webcast of the event and an accompanying slide presentation will be available on Overseas Shipholding Group’s website at www.osg.com in the Investor Relations Webcasts and Presentations section. The webcast will be available for 90 days.

For more information about the invitation-only event, please contact Jennifer Schlueter, Vice President of Investor Relations at +1 212-578-1634.

ABOUT OSG

Overseas Shipholding Group, Inc. (NYSE: OSG), a Dow Jones Transportation Index company, is one of the largest publicly traded tanker companies in the world. As a market leader in global 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.