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September 21, 2006

OSG unit files IPO statement

Double Hull Tankers, Inc., a wholly owned subsidiary of Overseas Shipholding Group, Inc. (NYSE:OSG - News), today announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock.

Double Hull Tankers, Inc. is a newly formed Marshall Islands corporation which intends to acquire a fleet of seven oil tankers, consisting of three VLCCs and four Aframaxes, from subsidiaries of OSG and to time charter them back to other subsidiaries of OSG.

UBS Investment Bank and Merrill Lynch & Co. are serving as joint book-running managers of the offering.

A copy of the prospectus relating to these securities may be obtained, when available, from: UBS Securities LLC, Attn: Prospectus Department, 299 Park Avenue, 25th Floor, New York, NY 10171 or Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. You can access it via http://www.sec.gov/cgi-bin/browse-edgar?action=getcurrent

Type "Double Hull Tankers" in the "Company" search box.

According to that filing, the Chairman of Double Hull Tankers, Inc. is Erik Lind, The filing says he has been chief executive of Tufton Oceanic Finance Group (TOFG), a London-based investment banking firm focused on the shipping and oil related industries, and Managing Director of Tufton Oceanic Ltd., its U.K. subsidiary, since 2004. From 1995 to 2001, Mr. Lind served as Executive Vice President and a member of the Executive Management Committee at IM Skaugen ASA. He has also held senior and executive positions with Manufacturers Hanover Trust Company, Oslobanken and GATX Capital. He has been actively involved in corporate recapitalization, financial restructurings, acquisitions, structured finance and joint venture investments. In addition to his positions within TOFG. Mr. Lind currently serves on the boards of Frilin AS, a Norwegian private investment company, and Christiania Capital Partners, a private financial advisory and consulting firm based in Norway. Mr. Lind is a resident of the United Kingdom and a citizen of Norway.

Chief Executive Officer is Ole Jacob Diesen. The filing says he has been an independent corporate and financial management consultant since 1997, serving a diverse group of clients primarily in the tanker industry. From 1991 to 1997, Mr. Diesen served as Managing Director of Skaugen PetroTrans ASA. From 1984 to 1991, Mr. Diesen headed Fearnley Group (UK) Ltd., a privately held corporate finance advisory firm specializing in the maritime and oil industries. Prior to this, Mr. Diesen served for ten years with Manufacturers Hanover Trust. Mr. Diesen currently serves on a number of boards including PetroTrans Holdings Ltd., Bermuda, the largest independently owned U.S. Gulf lightering business; Norgas Carriers Pte. Ltd., Singapore, an owner of LPG/ethylene carriers; Leif Hegh (UK) Ltd., a U.K. owner of car carriers and LNG vessels; Dole (UK) Ltd., a U.K. owner of reefer vessels; FSN Capital Holding Ltd., Jersey, a private equity firm; and Siem Industrikapital AB, a Swedish investment company with a broad portfolio of industrial holdings. Mr. Diesen is a resident of the United Kingdom and a citizen of Norway.

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