Double Hull Tankers Files for IPO

Friday, September 23, 2005
Double Hull Tankers, Inc., a wholly owned subsidiary of Overseas Shipholding Group, Inc. (NYSE:OSG), filed a registration statement with the Securities and Exchange Commission for a proposedinitial public offering of its common stock.

Double Hull Tankers, Inc. is a newly formed Marshall Islands corporation which intends to acquire a fleet of seven oil tankers, consisting of three VLCCs and four Aframaxes, from subsidiaries of OSG and to time charter them back to other subsidiaries of OSG. UBS Investment Bank and Merrill Lynch & Co. are serving as joint book-running managers of the offering.

A copy of the prospectus relating to these securities may be obtained, when available, from: UBS Securities LLC, Attn: Prospectus Department, 299 Park Avenue, 25th Floor, New York, NY 10171 or Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080.

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