Marine Log

April 7, 2006

Charters for two more Aker Philadelphia tankers

Overseas Shipholding Group, Inc. (NYSE:OSG) today announced that time charter agreements have been signed for two more of the ten Jones Act commercial product tankers being built at Aker Philadelphia Shipyard. The agreements were made between OSG and Tesoro Maritime Company (Tesoro), an independent refiner and marketer of petroleum products.

With two additional two-ship time charters having been previously announced with Shell Oil and BP Shipping, 60 percent of the ten-ship order due for completion in 2010 now has signed charter agreements in place.

Work on the Veteran MT-46 Class tanker vessels began immediately after Aker and OSG announced the ten-ship, $1 billion order in April 2005. To date, construction on two ships in the series is well underway, with steel cutting for the third vessel expected to begin later this spring..

"We are pleased with Tesoro's decision to become the latest Jones Act market customer to charter our double-hulled product tankers," said Dave Meehan, President & CEO of Aker American Shipping. "We feel this is another strong indication of the market's confidence in the ships being produced by the workers at Aker Philadelphia Shipyard."