OSG to Time Charter Product Carriers

Maritime Activity Reports, Inc.

June 21, 2006

Overseas Shipholding signed agreements with subsidiaries of Cido Tanker Holding to timecharter a pair of product/chemical carriers for 10 years. The 47,000 dwt ships will be built at Hyundai Mipo Dockyard and are scheduled for delivery in 2009. The two vessels, the Overseas Polaris and the Overseas Pisces, will have six segregations, and will be able to transport petroleum products, vegetable oils and IMO III chemicals. Delivery of the vessels will increase the number of International and U.S. Flag product carriers in OSG's fleet to 54.
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