TAMPA, Florida – (COMMERCIAL THREAD) – Overseas Shipholding Group, Inc. (the “Company” or “OSG”) (NYSE: OSG), a public company engaged in the provision of power transmission services for crude oil and petroleum products primarily on the U.S. Market of the Jones Act, today announced that following receipt by the Company of a non-binding Indication of Interest to acquire all of the issued and outstanding common shares of the Company for a price of 3 .00 $ per share, OSG’s Board of Directors has initiated a strategic process to explore, review and assess a range of strategic alternatives available to the Company to increase shareholder value, including indication non-binding interest.

The strategic process will be led by a newly formed special transaction committee of independent directors, and is fully supported by the board of directors and the management team of the Company. The Special Transactions Committee engaged Evercore as financial advisor and Ropes & Gray LLP as legal advisor to assist the Special Transactions Committee in evaluating strategic alternatives. Strategic alternatives to be explored as part of the strategic process could include, among others, a sale of all or part of the Company, a merger or other business combination with another party, or the maintenance of a public company and the continued execution of the mandates of the long-term business plan department.

The Board of Directors of the Company did not set a timetable for the strategic process and did not take any decisions relating to the strategic alternatives, including with regard to the non-binding expression of interest. There can be no assurance that the exploration of strategic alternatives will result in a sale of the Company or any other change or strategic outcome. The Company’s current intention is not to disclose developments regarding the strategic process unless and until the Board has approved a specific course of action, on the recommendation of the Special Transactions Committee, or otherwise determines that disclosure is necessary or appropriate.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the US flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s fleet of 22 US-flagged vessels consists of three tankers operating in Alaska, two conventional ATBs, two lightening ATBs, three shuttle tankers, ten MR tankers and two non-Jones Act MR tankers. who participate in the US maritime security program. OSG also currently owns and operates a Marshall Islands-flagged MR tanker that trades internationally.

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 shipping companies and is headquartered in Tampa, Florida. More information is available at www.osg.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact should be regarded as forward-looking statements. Words such as “may”, “will”, “should”, “should”, “could”, “appear”, “believe”, “intend”, “expects”, “considers” , “,,” Anticipates “,” objective “and similar expressions are intended to identify forward-looking statements but should not be construed as the only means by which such statements may be made. These forward-looking statements represent the Company’s reasonable expectations with respect to future events or circumstances based on various factors and are subject to various risks, uncertainties and assumptions regarding operations, financial results, financial condition, activities, the prospects, the growth strategy of the Company. and liquidity. Accordingly, there are or will be significant factors, many of which are beyond the control of the Company, which could cause the Company’s actual results or results, or the timing of certain events, to differ materially from the expectations expressed. or implied in these statements. , including due to the uncertainty associated with the possibility of identifying, evaluating and completing any transaction or strategic alternative, the impact of the announcement of the special transaction committee’s review of strategic alternatives, as well as any transaction or strategic alternative that could be pursued, concerning the activities of the Company, including its financial and operational results and its employees. Forward-looking statements should not be unduly relied upon and, when considering forward-looking statements, consideration should be given to factors, including, but not limited to, the factors discussed in the Company’s annual report. on Form 10-K, filed with the SEC on April 1, 2021, and the factors discussed in the company’s quarterly report on Form 10-Q, filed with the SEC on May 7, 2021. Investors should carefully consider these factors risk factors and additional risk factors described in other reports hereinafter filed by the Company with the SEC under the heading “Risk Factors”. The Company assumes no obligation to update or revise forward-looking statements, except as required by law. The forward-looking statements contained in this press release and the written and oral forward-looking statements attributable to the Company or its representatives after the date of this press release are qualified in their entirety by the cautionary statement contained in this paragraph and in other reports below filed by the Company with the SEC.