TAX CONFERENCE

The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

February 4, 2005

OSG's Cowen steps down

Overseas Shipholding Group, Inc. (NYSE:OSG) said yesterday that its Senior Vice President, Chief Operating Officer, Secretary and Director, Robert N. Cowen, had retired from the company effective January 31, 2005 in order to pursue other interests.

Cowen has been with OSG for over 25 years, serving as a member of the Board of Directors and Senior Vice President for 11 years and as Chief Operating Officer since 1999.

"Bob Cowen has played a key role in our efforts to reposition OSG for the future," said Morten Arntzen, President and Chief Executive Officer of the Company. "Most recently, Bob spearheaded our effort to reinstate tax deferral for our foreign flag business which was achieved late last year when Congress passed the American Jobs Creation Act of 2004, putting OSG on a level playing field with our foreign competitors for the first time in 18 years."

Cowen has agreed to serve as a consultant to OSG for the next several months

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