An audio replay of the call will be available at 2:00 p.m. ET through midnight, November 9, 2009 by calling (800) 406-7325 within the United States or (303) 590-3030 for international calls. The passcode for the replay is 4170656.

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, petroleum and gas 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.

SOURCE: Overseas Shipholding Group, Inc.

OSG Ship Management, Inc. 
Jennifer L. Schlueter, +1-212-578-1699 
Vice President Corporate Communications and Investor Relations

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Aker Philadelphia Shipyard (AKPS) subsequently became involved with the discussions between American Shipping Company (AMSC) and Overseas Shipholding Group (OSG).

The nonbinding settlement proposal provides for the dismissal with prejudice of all the claims in the arbitration and contains a number of provisions materially altering the prior agreements between the parties.

The nonbinding settlement proposal is subject to third-party approvals from various lenders and governmental authorities, as well as the execution of satisfactory definitive documentation, and the completion of satisfactory due diligence. There is no assurance that AMSC, AKPS and OSG will enter into definitive agreements on these new terms or on any terms.

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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, petroleum products and gas 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.

SOURCE: Overseas Shipholding Group, Inc.

OSG Ship Management, Inc. 
Jennifer L. Schlueter, +1 212-578-1699 
Vice President Investor Relations & Corporate Communications