Overseas Shipholding Group Announces the Release of its Sustainability Report

Tampa, Fla. - 4 May 2023

Overseas Shipholding Group, Inc. (NYSE: OSG) (the "Company" or "OSG") today announced that it has published its annual Sustainability Report. The report includes information relating to the Company's efforts on environmental, social, and corporate governance practices during 2022, as well as its long term plans to evolve in these areas. The Sustainability Report can be found on the Company's website at www.osg.com/safety-environment.

Sam Norton, the Company's CEO, and Anja Manuel, the Company's Chair of the Corporate Governance and Risk Assessment Committee, stated in the report, "We have a proud tradition of observing high standards of business conduct. OSG sees many opportunities to act as a change agent and make meaningful improvements to the way in which we conceive of and deliver our transportation services. With this vision, our commitment, and our dedication, we will remain true to our mission of being a world-class shipper of liquid bulk commodities."

In the Report, OSG highlights some of its environmental stewardship programs. A key measure is the prevention of spills to sea. In 2022, OSG collectively transported over one hundred million barrels of cargo with zero cargo spills to sea. OSG has also successfully completed the installation of ballast water treatment systems for its entire fleet. The significant capital invested allows the Company to minimize its ecological impact on the waters in which its vessels sail.

The Sustainability Report also announces goals to reduce the carbon emissions of OSG's fleet, describing operational efficiencies, investments, and collaboration efforts that will add up to meaningful reductions.

The Sustainability Report is issued in conjunction with the Company's Annual Report and Proxy Statement, which together present a collective view of the Company's performance and activities.

For more information, please visit the Company's website at www.osg.com.

About Overseas Shipholding Group, Inc
Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded company providing liquid bulk transportation services in the energy industry for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator in the Jones Act industry and in the Tanker Security Program. OSG's U.S. Flag fleet consists of Suezmax crude oil tankers doing business in Alaska, conventional and lightering ATBs, shuttle and conventional MR tankers, and non-Jones Act MR tankers that participate in the U.S. Tanker Security Program.

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 Tampa, FL.

OSG - Overseas Shipholding Group, Inc.