Captain Robert Johnston retires from OSG

AUGUST 12, 2014 — Last week's news from Overseas Shipholding Group, Inc. (OTC:OSGIQ) was that it had emerged from Chapter 11 bankruptcy. This week's is that President and CEO Captain Robert Johnston is retiring from the company, effective immediately, after a career with OSG that goes back to 1969. He will continue to advise the company as a consultant through mid-2015.

"Bob's contributions to OSG's success over the past 45 years cannot be overstated," said John Ray, Chairman of the Board of OSG. "He is an incredibly skilled shipping operator and industry leader, and he was instrumental in our ability to maintain uninterrupted, high-quality service to our customers during our restructuring. On behalf of the Board of Directors and the entire OSG family, I would like to thank him for his decades of service and wish him well in his retirement. I am very pleased that we will continue to benefit from his knowledge and experience as a consultant."

Captain Johnston commented, "OSG is an extraordinary company with a talented team of employees. It has been an honor to come to work here every day for the past 45 years. As we complete the restructuring, I can leave the company confident in our new financial position, our customer commitment and our attractive long-term prospects."

The company said it will immediately commence a search for Captain Johnston's replacement.

On an interim basis, company officials who had reported directly to Capt. Johnston will report to the Office of the Chairman of the Board led by John Ray. They include Henry Flinter, Senior VP and President of the U.S. Flag business; Lois Zabrocky, Senior VP and President of the international Flag business; and Captain Ian Blackley, Senior VP, CFO and Treasurer.

The company says it "is confident it will attract a world-class candidate to lead the company as it explores opportunities for growth in a dynamic energy market both in the U.S. and internationally."

Captain Johnston was named President and CEO in February 2013 after serving as Head of the U.S. Flag Strategic Business Unit since January 2009. From 2005 through 2009, Captain Johnston was Head of Shipping Operations. Prior to that, he held numerous positions including Chief Commercial Officer and Vice President of U.S. operations, where his responsibilities included the operation of the U.S. Flag fleet. He was promoted to Senior Vice President in 1998. Prior to coming ashore in 1976, Captain Johnston served on crude oil tankers and product carriers in positions ranging from Third Mate to Master. He joined OSG in 1969.

Captain Johnston holds a bachelor of science degree in marine transportation from the State University of New York's Maritime College and is a graduate of the executive program at Dartmouth University's Tuck Business School.

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