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July 11, 2005

Mats Berglund joins OSG

Overseas Shipholding Group, Inc. (NYSE:OSG) has appointed Mats Berglund as Senior Vice President to lead its Crude Transportation Strategic Business Unit.

In this newly created role, Berglund will be responsible for OSG's VLCC, Aframax and Panamax tanker operations. He will relocate to the United States and be based out of OSG's corporate headquarters in New York City, New York.

Berglund, 42, has been President of Stena Rederi AB of Sweden, which supports and coordinates the shipping activities in Stena AB, one of the largest privately-held shipping companies in the world. He was VP of the company from 2000-2002.

Prior to that, he was President, and earlier VP, of StenTex L.L.C., a joint venture between Texaco and Stena, where he developed a commercial tanker organization that more than doubled its business under his leadership.

From 1991 to 1995, Berglund was Vice President and CFO of the publicly listed Stena Group tanker company, Concordia Maritime AB. Most recently, Berglund structured and led the successful initial public offering of Arlington Tankers and the listing of its common stock on the New York Stock Exchange.

Morten Arntzen, President and CEO of OSG said, "Mats' broad shipping experience, leadership, financial acumen, innovation and ability to develop strong customer, business and governmental relationships is exceptional.'' Mr. Arntzen continued, ``The addition of Mats to our management team supports OSG's platform for continued growth.''

Mats Berglund commented, "I am very excited to join OSG, an industry leader with world class operations and financial strength. This is an exceptional point in time in the shipping industry and I am confident that my contributions to the already-strong management team will support the company's continued success.''

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