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Overseas Shipholding Confirms Chapter 11 Bankruptcy Filing

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Overseas Shipholding Group, Inc. (NYSE: OSG) today filed voluntary Chapter 11 petitions for itself and certain operating subsidiaries in the U.S. Bankruptcy Court for the District of Delaware.

The company intends to use the Chapter 11 process to significantly reduce its debt profile, reorganize other financial obligations and create a strong financial foundation for the Company's future. Certain subsidiaries, including those that manage the Company's facilities in Manila, Singapore, Greece, London and Newcastle, have not filed for Chapter 11 reorganization. A complete list of the OSG entities which filed, and those which did not file, Chapter 11 petitions, is available at www.kccllc.net/osg. OSG intends to work with its constituencies to emerge from bankruptcy as quickly as possible while maintaining the company's market position, business model and strategy.

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