Overseas Shipholding Group Reports Record First Half Results

Overseas Shipholding Group, Inc. reported $86 million of net income for the first six months of 2003, the highest earnings during the first six months of any year in the Company's history. Net income for the quarter ended June 30, 2003 was $41,840,000, or $1.21 per share, compared with net income of $3,670,000, or $0.11 per share, in the second quarter of 2002. Results for the second quarter of 2003 include a $2,178,000, or $0.06 per share, after tax gain from securities transactions versus a $4,269,000, or $0.12 per share, after tax gain from securities transactions in the prior year. Time charter equivalent revenues for the quarter were $120,297,000, almost double the $63,321,000 recorded in the same period last year, while operating income for the current quarter increased to $70,756,000 from $9,476,000 in the second quarter of 2002. Net income for the first six months of 2003 was $86,075,000, or $2.50 per share, compared with $4,414,000, or $0.13 per share, for the corresponding period of 2002. Results for the first six months of 2003 include a $3,574,000, or $0.10 per share, after tax gain from securities transactions. Results for the first six months of 2002 include a $4,008,000, or $0.12 per share, after tax gain from securities transactions. Time charter equivalent revenues were $241,427,000 in the first half of 2003 compared with $127,200,000 in the corresponding period of 2002, while operating income increased to $144,838,000 from $20,956,000 in the first half of 2002.