OSG to Withdraw Pacific Stock Exchange Listing

Overseas Shipholding Group, Inc. announced plans to withdraw the listing of its common stock from NYSE Arca, Inc., formerly the Pacific Stock Exchange. OSG's common stock will continue to be listed on the New York Stock Exchange. OSG has decided to withdraw its listing from NYSE Arca, Inc. because following the NYSE Group, Inc.'s recent merger with Archipelago Holdings, the parent company of NYSE Arca, Inc., each of OSG, NYSE Arca, Inc. and the NYSE have concluded that dual listing offers no benefit with respect to trading quality and service, and NYSE Arca, Inc. has substantially increased its annual listing fee effective as of January 1, 2007. The withdrawal is expected to be effective prior to the end of the year. NYSE Arca, Inc. will continue to trade OSG's stock on an unlisted trading privilege basis.