Marc La Monte Appointed to Head Gas Unit at Overseas Shipholding Group

Business Wire, Sept 5, 2008

NEW YORK -- Overseas Shipholding Group, Inc. (NYSE: OSG), a market leader in providing energy transportation services, today announced the appointment of Marc La Monte, 44, to lead its Gas Strategic Business Unit. In this role, Mr. La Monte will oversee the unit's liquefied natural gas (LNG) carrier fleet, the development of OSG's compressed natural gas (CNG) business and further expansion into the liquefied petroleum gas (LPG) market.

Morten Arntzen, OSG's President and CEO said, "Marc's broad commercial experience will serve us well as we continue to invest in our global gas segment, a strategic component of OSG's portfolio of businesses. By having Angus Campbell focus exclusively on CNG, we enhance our chances of bringing this emerging clean technology to the market."

From September 2005 until his promotion, Mr. La Monte served as Vice President and Deputy Head of the Crude Strategic Business Unit of OSG Ship Management, Inc. In this capacity, he played a critical role in the commercial management of the Company's international crude oil tanker fleet, vessels that range in size from ULCCs to Panamaxes. Mr. La Monte also held the dual role of head of OSG's worldwide vessel sale and purchase group for the Company's international and U.S. Flag fleets, an important element of OSG's active asset management program. He joined OSG in 1994 as a chartering broker.

Mr. La Monte will lead OSG's Gas unit from the Company's headquarters in New York and will report directly to Mr. Arntzen.

A 23-year industry veteran, Mr. La Monte began his professional career at Mobil Oil Corporation followed by Mitsui and Co. (USA) and held various positions including both physical and paper trading of crude oil and petroleum products. While working for Continental Grain (Contichem LPG) as head of chartering and vessel operations, he helped establish an LPG shipping joint venture between Contichem and Maersk Tankers. Mr. La Monte is an associate member of the Association of Ship Brokers and Agents (USA), Inc. He holds a bachelor of science degree from St. John's University, New York.

Angus Campbell, who previously led the Gas unit, will focus exclusively on developing CNG opportunities and continue to represent OSG in its important joint venture relationship with TransCanada CNG Technologies Ltd. Mr. Campbell's most recent accomplishments include successfully managing the delivery of OSG's four Q-Flex LNG carriers and building the Company's LNG technical team, based in Newcastle, United Kingdom. In addition, in connection with the Company's partnership with TransCanada, he worked on finalizing the design of a new class of highly technical flare gas transportation vessel that will bring natural gas to markets that were previously not cost-effective to service.

Commenting on global CNG projects currently being evaluated, Mr. Campbell stated, "We are excited about the CNG possibilities we have in front of us and believe under the new structure we will bring projects to fruition."

ABOUT OSG

Overseas Shipholding Group, Inc. (NYSE: OSG), a Dow Jones Transportation Index company, is one of the largest publicly traded tanker companies in the world. As a market leader in global energy transportation services for crude oil and petroleum products in the U.S. and International Flag markets, OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world's most customer-focused marine transportation companies and is headquartered in New York City, NY. More information is available at www.osg.com.