Arntzen Appointed CEO of OSG

Tuesday, December 16, 2003
The Board of Directors of Overseas Shipholding Group, Inc. (OSG) today announced the appointment of Morten Arntzen as the Company's new President & Chief Executive Officer. Mr. Arntzen, who currently serves as Chief Executive Officer of American Marine Advisors, Inc., a U.S. based merchant banking firm specializing in the maritime industry, has extensive experience in the international shipping business. Mr. Arntzen, 48, will succeed OSG's long-time CEO, Morton P. Hyman, who will retire at the end of this year. "I am honored and excited to assume the leadership of OSG, one of the world's premier tanker companies," said Mr. Arntzen. "Under the leadership of Mort Hyman, the Company has modernized its fleet, streamlined its operating cost structure and strengthened its balance sheet. He and his management team have built one of the best platforms for growth in the industry. I look forward to working with the management team to exploit OSG's unique strengths to build and enhance our business." "I am pleased that OSG has been able to find such an experienced and talented individual to assume the role of CEO," said Mr. Hyman. "I am certain the Company will continue to grow and prosper under his leadership, and I wish him every success." Mr. Arntzen has been involved in the global shipping industry continuously since 1979. Prior to joining AMA in 1997, he ran the Global Transportation Group for Chase Manhattan Bank (the same position he held at Chemical Bank, prior to its merger with Chase). In connection with his appointment and in accordance with the requirements of Section 303A.08 of the New York Stock Exchange Listed Company Manual, Mr. Arntzen will receive a restricted stock grant of 50,000 shares of OSG common stock that will vest in equal annual installments over 4 years.

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