Cowen Retires from OSG

Overseas Shipholding Group’s Senior Vice President, Chief Operating Officer, Secretary and Director, Robert N. Cowen, retired from the company effective January 31, 2005 in order to pursue other interests. Mr. Cowen has been with the Company for over 25 years, serving as a member of the Board of Directors and Senior Vice President for 11 years and as Chief Operating Officer since 1999. "Bob Cowen has played a key role in our efforts to reposition OSG for the future," said Morten Arntzen, President and Chief Executive Officer of the Company. "Most recently, Bob spearheaded our effort to reinstate tax deferral for our foreign flag business which was achieved late last year when Congress passed the American Jobs Creation Act of 2004, putting OSG on a level playing field with our foreign competitors for the first time in 18 years."