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January 20, 2009

Management changes at OSG

Overseas Shipholding Group, Inc. (NYSE: OSG) has today announced several executive management changes at OSG and at OSG America L.P. (NYSE: OSP), a master limited partnership in which it has a 77.1% interest.

They come in the wake of the departure of Jonathan Whitworth as OSG's Senior VP and Head of U.S. Flag Strategic Business Unit and OSG America's President and CEO, which looks to have happened sometime since January 7, when OSG filed an interesting 8-K that you can access here.

Mr. Whitworth joined OSG as part of the November 2006 acquisition of Maritrans, where he was CEO and President.

In a move that OSG President and CEO Morten Arntzen says "demonstrates our unwavering commitment to this important business unit," Captain Robert Johnston, OSG's Senior VP and Head of Shipping Operations, has now been been appointed Head of its U.S. Flag Strategic Business Unit, and will move to Tampa, Florida, where OSG's U.S.-flag operations are based.

At OSG America L.P., Myles R. Itkin, previously CFO, is now President and CEO while remaining Executive VP, CFO and Treasurer of OSG.

Henry P. Flinter, VP, Corporate Finance of OSG Ship Management, Inc., has been promoted to CFO of OSG America L.P., filling the position vacated by Mr. Itkin. Mr. Flinter was also appointed to the Board of Directors of OSG America LLC.

Mr. Flinter will report to Captain Johnston and will relocate to Tampa, Florida.

Captain Ian T. Blackley, Managing Director and Chief Operating Officer of OSG Ship Management (UK) Ltd., has been appointed Head of International Shipping Operations.

Morten Arntzen, President and CEO of OSG, commented, "Today's management changes enhance our operational leadership in all aspects of our business and demonstrate the breadth and depth of our global management team. Bob Johnston's unwavering commitment to quality operations has unified OSG's ratings, officers and shoreside personnel through common processes across our International and U.S. Flag fleet. I am confident his dedication to success will benefit our U.S. flag business. Moving Captain Johnston into this role, a veteran in the U.S. flag market, demonstrates our unwavering commitment to this important business unit."

Arntzen continued, "Ian Blackley's track record of leadership and hands-on management has been critical to improved operational performance of the crude oil tanker fleet. Captain Blackley will work with Captain Johnston and Captain George Dienis, the head of our Athens office, to ensure that we have the same high standard of operations and focus on safety throughout the OSG Fleet."

Captain Robert Johnston, 61, brings more than four decades of shipping experience to his new role. Since his appointment as Head of Shipping Operations in 2005, he has established numerous programs focused on improved safety, environmental and operational performance of the company's International and U.S. Flag fleet. Most recently he created an open reporting system for crews and established an Operations Integrity Group. Captain Johnston began his career at OSG in 1969 as third mate and since coming shoreside in 1976, has served in numerous capacities.

Captain Ian T. Blackley, 54, has more than 37 years experience in ship operations. In his new role, he will oversee technical management of OSG's International Flag fleet, including operations in Athens, Greece; Newcastle, United Kingdom; and Manila, Philippines. Captain Blackley is also Managing Director and COO of OSG Ship Management (UK) Ltd. with technical management oversight of the company's crude oil tanker fleet, a position he has held since 2005. Most recently he established technical operations for the company's LNG carriers. Since joining OSG in 1991, Captain Blackley has held numerous financial and operational roles including VP Treasury. Captain Blackley will report to Morten Arntzen, President and CEO.

As CFO of OSG, Myles R. Itkin, 61, has been instrumental in directing a disciplined financial strategy as the company has more than doubled its operating and newbuild fleet in the last five years. Most recently, he directed company-wide process improvement and cost reduction initiatives. Mr. Itkin's responsibilities include finance, accounting, treasury, strategic planning, investor relations, risk management and information technology.

Prior to his promotion, Henry P. Flinter, 44, was VP Corporate Finance, responsible for treasury, corporate finance and capital market transactions at OSG. Most recently in this role, he represented OSG in completing $500 million in financing for a joint venture with Euronav NV (EURONEXT BRUSSELS: EURN) to convert two ULCCs to FSO (Floating Storage Offloading) service vessels. Mr. Flinter joined OSG in 2002 and has nearly 20 years experience in senior finance and accounting positions.

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