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October 7, 2005

OSG time charters product carrier newbuilds

Overseas Shipholding Group, Inc. (NYSE:OSG) says it has signed an agreement with Parakou Shipping Ltd., an international shipping company based in Hong Kong, to time charter four product carriers for a period of ten years each.

The vessels, two of which are already under construction, will be built by STX Shipbuilding Co., Ltd. in Korea and are scheduled for delivery to OSG in September and October 2006 and April and June 2007

The product carriers, all sister ships with a capacity of 51,000 deadweight tons and six segregations, will be able to transport petroleum products, vegetable oils and IMO III chemicals. Delivery of the vessels will increase the number of International and U.S. Flag product carriers in OSG's fleet to 50.

Morten Arntzen, President and CEO of OSG, remarked, "This transaction represents another step in OSG becoming a market leader in the product carrier segment while establishing a long term partnership with Parakou Shipping, one of the leading shipowners in Asia."

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