FEBRUARY 12, 2013 — Captain Robert Johnston will serve as the President and Chief Executive Officer of Overseas Shipholding Group, Inc., effective immediately. Captain Johnston, who has been the Senior Vice President and Head of OSG's U.S. Flag Strategic Business Unit replaces Morten Arntzen who has resigned as President and Chief Executive Officer and as a director of the Company.

"The Board thanks Morten Arntzen for his service, including during recent challenging times," said Michael J. Zimmerman, Chairman of the Board of Directors of OSG. "The Board is pleased that Bob Johnston is available to lead the company through the next stages of its Chapter 11 reorganization."

Prior to joining OSG, Mr. Arntzen was Chief Executive Officer of American Marine Advisors, Inc. (AMA), a U.S.-based merchant banking firm specializing in maritime industry merger and acquisition advisory work and corporate restructuring for a global client base. Prior to his work at AMA, he ran the Global Transportation Group for Chase Manhattan Bank and Chemical Bank. He also created and ran the Global Shipping Group for Manufacturers Hanover Trust Company.

Captain Johnston was appointed Head of the U.S. Flag Strategic Business Unit in January 2009. Prior to that he was Head of Shipping Operations, following positions that included Chief Commercial Officer and Vice President of U.S.operations.

Captain Johnston is Vice Chairman of Intertanko. He is a member of the American Bureau of Shipping (ABS) Council and the ABS Classification Committee. He is president and member of the board of the American Maritime Association as well as a member of the board of the Transportation Institute. He is a past chairman and committee member of the Alaska Tanker Company (ATC) and a past board member of OSG America LLC.

Captain Johnston holds a bachelor of science degree in marine transportation from the State University of New York's Maritime College and is a graduate of the executive program at Dartmouth University's Tuck Business School.