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May 3, 2004

OSG buys U.S.-flag products tankers

Overseas Shipholding Group, Inc. announced today that it has purchased and taken delivery of two 50,000 dwt U.S.-flag product tankers from Attransco, Inc.

The two double bottom vessels, the S/R Galena Bay and the S/R Puget Sound, were built in 1982 and 1983, respectively, and currently are on bareboat charter to SeaRiver Maritime, Inc., a subsidiary of ExxonMobil.

"This acquisition demonstrates OSG's commitment to expand its U.S. Flag business. In light of the anticipated decline in Jones Act product tanker tonnage expected over the next few years, OSG continues to explore various options to increase its participation in this trade," said Morten Arntzen, OSG's President and Chief Executive Officer.

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