Overseas Shipholding Group

Overseas Shipholding Group

Overseas Shipholding Group, Inc. (OSG) (NYSE: OSG) is one of the largest oil tanker operating companies in the world. It is based in New York City.

OSG has offices in Athens, Houston, London, Manila, Newcastle upon Tyne, Philadelphia, Quebec, Singapore and Tampa with nearly 4000 sea and shore-based employees.

Overseas Shipholding Group, Inc. (OSG) is a tanker company engaged primarily in the ocean transportation of crude oil and petroleum products. As of December 31, 2010, the Company owned or operated a modern fleet of 111 vessels (aggregating 11.3 million deadweight tons and 864,800 cubic meters) of which 88 vessels operated in the international market and 23 operated in the U.S. Flag market. OSG’s newbuilding program of owned and chartered-in vessels totaled 11 International and U.S. Flag vessels, bringing the Company’s total owned, operated and newbuild fleet to 122 vessels. The Company’s vessel operations are organized into strategic business units and focused on market segments: crude oil, refined petroleum products, and U.S. Flag. The International Flag Crude Tanker unit manages International Flag ultra large crude carrier (ULCC), very large crude carrier (VLCC), Suezmax, Aframax, Panamax and Lightering tankers; the International Flag Product Carrier unit principally manages LR1 and MR product carriers and the U.S. unit manages most of the Company’s U.S. Flag vessels. Through joint venture partnerships, the Company operates four LNG carriers and two Floating Storage and Offloading (FSO) service vessels. During the year ended December 31, 2010, OSG took delivery of 11 vessels. During 2010, the Company sold three owned U.S. Flag vessels, the Overseas Philadelphia, Overseas Diligence and Overseas Galena Bay, and one chartered-in International Flag Aframax, the Sabine, a chartered-in lightering vessel. As of December 31, 2010, OSG’s owned, operated and newbuild fleet aggregated 122 vessels. Of this total, 95 vessels are International Flag and 27 vessels are U.S. Flag. OSG’s customers include major independent and state-owned oil companies, oil traders, refinery operators and the United States and international government entities.