OSG, Teekay and Tsakos to Participate in a Panel Discussion on the Tanker Sector

--  Mr. Mortzen Arntzen, President & CEO, Overseas Shipholding Group
    (NYSE: OSG)
--  Mr. Peter Evensen, Executive V.P. & Chief Strategy Officer, Teekay
    Corporation (NYSE: TK)
--  Mr. Nikolas Tsakos, President & CEO, Tsakos Energy Navigation (NYSE: TNP)
    

will participate in a Panel discussion on the Tanker Shipping sector on Thursday, July 31, 2008 at 11:00 am EDT -- 4:00 pm London time.

The Tanker Forum is organized by Capital Link, a New York based Investor Relations and Financial Communications firm focusing on shipping, in cooperation with the New York Stock Exchange.

ACCESS THROUGH LIVE AUDIO WEBCAST

Those interested in participating at the Tanker Forum can access the panel discussion through a live audio webcast available at www.CapitalLinkWebcasts.com . Participants to live webcast should register on the website approximately ten minutes prior to the start of the webcast.

Following the event, there will be an audio archive of the discussion at Capital Link's Shipping website at www.CapitalLinkShipping.com .

PANEL STRUCTURE & MODERATOR

The panel discussion will be moderated by Ms. Natasha Boyden, Managing Director Equity Research of Cantor Fitzgerald.

The focus of the discussion (and the Q&A) will be on sector trends and fundamentals, as opposed to company specifics or recommendations. The discussion will cover four topics: demand, supply, freight rates and asset values, valuations, focusing on current trends and the sector's outlook.

QUESTIONS FROM PARTICIPANTS

Participants can submit questions to the analysts prior to or during the event through the special event page on www.CapitalLinkWebcasts.com or through www.CapitalLinkShipping.com .

TRANSCRIPT

A transcript of the panel discussion will be publicly available within approximately 48 hours after the event and those interested can request it through the event page on www.CapitalLinkWebcasts.com or through www.CapitalLinkShipping.com .

ABOUT TANKER SHIPPING:

A principal function of the tanker sector is to transport crude oil from oil production and export facilities to oil terminals, storage facilities, pipeline systems and oil refineries internationally. In addition, tankers are also involved in the carriage of refined petroleum products, such as gasoline, diesel, jet fuel and naphtha, from refineries to storage and distribution systems, industrial plants and other consumers. Tankers generally are a more cost-effective alternative to pipelines and their advantages increase over distance. Pipelines are also considered to be more vulnerable to political instability, sabotage, economic blockade and the risk of environmental disaster.

There are two principal types of providers of international seaborne transportation services for crude oil and refined petroleum products: independent shipowners and end users, such as oil, energy, petrochemical and trading companies (both private and state-owned). Tonnage controlled by end users is primarily chartered from independent shipowners under short-term spot market contracts and long-term time charters, with the balance being directly owned. The prices for transporting crude oil and refined petroleum products, which are referred to as tanker charter rates, are set in highly competitive markets in which both independent and end-user tonnage participate.

In recent years, the tanker sector has undergone a process of consolidation that has resulted in greater co-operation between owners and charterers as both seek greater economic efficiencies and continued improvements in quality, safety and environmental protection standards. As a result, oil companies acting as charterers, terminal operators, shippers and receivers are becoming increasingly selective and rigorous in their inspection and vetting of vessels and their acceptance of vessels and operators. Safety and environmental protection has been a major focus of the tanker industry over the past years. Regulations such as OPA 90 and IMO have caused tanker owners to take extra care in the maintenance of their vessels. According to IMO regulation only double hull tankers will trade as of 2010 with single hull tankers phasing out.

Vessels in the tanker fleet can be divided into categories based on their size in deadweight tons, or dwt, which is a vessel's capacity for cargo, fuel, oil, stores and crew measured in metric tons (1,000 kilograms). The following are the main categories of tankers based on dwt: (1) Very Large Crude Carriers (VLCCs) -- tankers with capacity of 200,000 dwt and over; (2) Suezmax tankers -- tankers with capacity ranging from 120,000 to 200,000 dwt; (3) Aframax tankers -- tankers with capacity ranging from 80,000 to 120,000 dwt; (4) Panamax tankers -- tankers with capacity ranging from 60,000 to 80,000 dwt; (5) Medium Range tankers (MR) -- tankers with capacity ranging from 25,000 to 60,000 dwt, and (6) Small tankers -- tankers with capacity up to 26,999 dwt. A 300,000 dwt tanker can carry 2 million barrels of crude oil, while a Suezmax can carry about 1 million barrels and an Aframax between up to about 800,000 barrels.