Overseas Shipholding Group Announces Quarterly Dividend

Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader in providing energy transportation services, today announced that its Board of Directors has declared a regular quarterly dividend of $0.4375 per share on the common stock outstanding, payable on November 24, 2009 to stockholders of record on November 9, 2009.

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 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

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