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

NEW YORK--(Business Wire)--
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.

OSG Ship Management, Inc.
Jennifer L. Schlueter, 212-578-1634
Vice President Corporate Communications
and Investor Relations
jschlueter@osg.com
or
Corporate Communications
+1-212-578-1699
Fax: +1-212-578-1670

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