Market Overview

Overseas Shipholding Group, Inc. & American Shipping Company ASA Jointly Announce Extension of Tanker Charters

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Overseas Shipholding Group, Inc. (NYSE:OSG) and American Shipping
Company (OTCQX:ASCJF) today jointly
announced that OSG has exercised options to extend its charter
agreements with AMSC for nine vessels currently under charter from AMSC.
Charter agreements for five of the vessels were extended for additional
three-year terms, commencing from December 2019 and ending in December
2022. The charter agreements for four vessels were extended for one-year
terms commencing from December 2019 and ending in December 2020. OSG
previously exercised its option to extend its charter agreement for the
10th vessel that it leases from AMSC, extending that charter
into 2025. As a result, all ten bareboat charter agreements with AMSC
have now been extended for additional periods.

OSG's CEO Sam Norton said, "The decision date for extending our AMSC
options has been a focal point for some time. Our decision resolves the
uncertainty associated with approaching contract maturities. The
extension of charter agreements on all of the vessels provides for
continuity of our existing tanker operations. At the same time, OSG
retains continued flexibility afforded by the serial options remaining,
a feature of our contracts which has always been appealing." Mr. Norton
added, "We are pleased that the contract extensions will allow us to
continue our close working relationship with AMSC for many more years."

The charter agreements provide that each one-year option is only usable
once, while the three- and five-year options are available indefinitely.
The lease payments for the charters-in are fixed throughout the option
periods, and the options are on a vessel-by-vessel basis and can be
exercised individually.

AMSC CEO Pål Lothe Magnussen commented, "OSG's decision to extend the
charters of all the vessels ensures the stability of AMSC's cash flow
going forward and maintains AMSC's exposure to an improving Jones Act
tanker market through the profit share arrangement. We look forward to
continuing our long-standing cooperation with OSG."

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded tanker
company providing energy transportation services for crude oil and
petroleum products in the U.S. Flag markets. OSG is a major operator of
tankers and ATBs in the Jones Act industry. OSG's 21-vessel U.S. Flag
fleet consists of 5 conventional ATBs, two lightering ATBs, three
shuttle tankers, nine MR tankers, and two non-Jones Act MR tankers that
participate in the U.S. Maritime Security Program. In addition to the
currently operating fleet, OSG has on order two additional non-Jones Act
MR tankers and one Jones Act compliant barge which are scheduled for
delivery in 2019 and 2020 respectively. 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.

About American Shipping Company ASA:

Established in 2005 and listed on the Oslo Stock Exchange, AMSC is a
ship owning company with nine modern handy size product tankers and one
modern handy size shuttle tanker on long term bareboat charter with
Overseas Shipholding Group (OSG). OSG charters the vessels out on time
charters to major oil companies in the U.S. coastwise Jones Act trade.
AMSC has a significant contract backlog as well as a profit sharing
agreement with OSG which offers visibility with respect to future
earnings and potential dividend capacity. The Company has an ambition to
pay attractive dividends to its shareholders. Further information is
available at www.americanshippingco.com.

This information is subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.

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