OSG Charters Two Product/Chemical Carriers

Overseas Shipholding Group, Inc. signed an agreement with subsidiaries of Cido Tanker Holding Co., a privately held shipping company, to time charter two product/chemical carriers for a period of seven years, with an additional three year extension option for each vessel. The vessels will be built by Hyundai Mipo Dockyard in South Korea and are scheduled to be delivered to OSG in May and June 2008. The two vessels, the Overseas Aquarius and the Overseas Leo, will be sister ships having a capacity of 47,000 deadweight tons and six segregations, and will be able to transport petroleum products, vegetable oils and IMO III chemicals. Delivery of the vessels will increase the number of International and U.S. Flag product carriers in OSG's fleet to 52.