Exhibit 99.1

Overseas Shipholding Group, Inc.

OVERSEAS SHIPHOLDING GROUP REPORTS SECOND QUARTER 2016 RESULTS

New York, NY – August 9, 2016 – Overseas Shipholding Group, Inc. (OSG) (NYSE: OSG), a provider of oceangoing energy transportation services, today reported results for the quarter ended June 30, 2016.

Highlights

“I am pleased to report strong second quarter and first half results,” said Captain Ian T. Blackley, OSG’s president and CEO. “In our international business, spot rates have softened this summer, as global inventories have climbed, but we believe the fundamentals remain positive. In our domestic business, we face the challenges of a decline in U.S crude production, high inventory levels and the delivery of newbuild tonnage, but the sustained lower oil price environment is also driving record U.S. gasoline consumption.”

“We continue to make good progress towards separating our international and domestic businesses. By creating two independent public companies, with an increased ability to focus on their own business, we believe each will be better positioned to enhance shareholder value. At the same time, the cash generated by our 79 vessel fleet gives us flexibility to further strengthen our balance sheet and consider additional opportunities to create value for our shareholders” concluded Capt. Blackley.

Second Quarter 2016 Results

TCE revenues for the second quarter of 2016 were $215.7 million, a decrease of $19.5 million compared with the second quarter of 2015, primarily driven by lower daily rates earned by the International Flag fleet. TCE revenues for the first half of 2016 were $452.6 million, a decrease of $4.2 million compared with the first half of 2015.

Operating income for the second quarter of 2016 was $67.1 million, a decrease of $25.2 million compared with the second quarter of 2015, primarily driven by the decline in TCE revenues and an increase in depreciation and amortization expenses. Operating income for the first half of 2016 was $153.3 million, a decrease of $16.6 million compared with the first half of 2015.

^{A, B, C}Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release starting on Page 8.

Overseas Shipholding Group, Inc.

 

Net income for the second quarter of 2016 was $29.9 million, or $0.31 per diluted share, compared with $58.4 million, or $0.60 per diluted share, in the second quarter of 2015. The decrease reflects the impact of lower TCE revenues, increases in depreciation and amortization expenses, and a higher non-cash deferred tax provision, partially offset by lower interest expense. Net income for the first half of 2016 was $80.6 million, or $0.84 per diluted share, compared with $101.3 million, or $1.05 per diluted share, in the first half of 2015.

Adjusted EBITDA was $110.1 million for the quarter, a decrease of $20.1 million compared with the second quarter of 2015, driven by lower daily rates earned by the International Flag fleet. Adjusted EBITDA was $239.6 million for the first half of 2016, a decrease of $4.3 million compared with the first half of 2015.

International Crude Tankers

TCE revenues for the International Crude Tankers segment were $66.5 million for the quarter, down 14% compared with the second quarter of 2015. This decrease resulted from a softening in daily spot rates across all vessel classes in the segment, with the VLCC spot rate declining to $47,000 per day in the second quarter, down 7% from the same period in 2015. The Aframax spot rate was $23,500 per day, down a third from the second quarter of 2015; and the Panamax blended rate was $20,500 per day, comparable to same period in 2015. TCE revenues for the International Crude Tankers segment were $153.9 million for the first half of 2016, an increase of $10.1 million compared with the first half of 2015.

International Product Carriers

TCE revenues for the International Product Carriers segment were $34.4 million for the quarter, down 19% compared with the second quarter of 2015. This decrease was primarily due to lower average daily blended rates earned by the MR fleet. Also contributing was a 109-day decrease in revenue days resulting primarily from the sale of an older vessel in July 2015. These decreases were partially offset by the LR1 blended rate increasing to approximately $21,300 in the second quarter, up 10% from the comparable 2015 period. TCE revenues for the International Product Carriers segment were $71.8 million for the first half of 2016, a decrease of $14.1 million compared with the first half of 2015.

U.S. Flag

TCE revenues for the U.S. Flag segment were $114.7 million for the quarter, down 1% compared with the second quarter of 2015, primarily due to a decline in Jones Act spot market revenue related to incremental coastwise voyage opportunities that were available to the ATBs principally employed in Delaware Bay lightering in the second quarter 2015, but not in the second quarter 2016. This decrease was largely offset by Delaware Bay lightering volumes more than doubling to 180,000 barrels per day during the quarter from the comparable 2015 period, as the pricing spread between Brent and West Texas Intermediate narrowed making it more attractive for U.S. Northeast refineries to import crude oil, as well as a 76-day increase in revenue days resulting from fewer drydock and repair days. TCE revenues for the U.S. Flag segment were $227.0 million for the first half of 2016, essentially the same as the first half of 2015.

Conference Call

The Company will host a conference call to discuss its second quarter 2016 results at 9:00 a.m. ET on Tuesday, August 9, 2016.

To access the call, participants should dial (866) 490-3149 for domestic callers and (707) 294-1567 for international callers. Please dial in ten minutes prior to the start of the call and enter Conference ID 56297147.

A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at http://www.osg.com/

Overseas Shipholding Group, Inc.

 

An audio replay of the conference call will be available starting at 12:00 p.m. ET on Tuesday, August 9, 2016 through 11:59 p.m. ET on Tuesday, August 16, 2016 by dialing (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, and entering Conference ID 56297147.

About OSG

Overseas Shipholding Group, Inc. (NYSE: OSG) is a publicly traded tanker company providing energy transportation services for crude oil and petroleum products in the U.S. and International Flag markets. OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in New York City, NY. More information is available at www.osg.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s plans to issue dividends and make payments to securityholders, its prospects, including statements regarding trends in the tanker and articulated tug/barge markets, and possibilities of spin-offs or certain strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Company’s Annual Report for 2015 on Form 10-K under the caption “Risk Factors” and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

Investor Relations & Media Contact:

Brian Tanner, Overseas Shipholding Group, Inc.

(212) 578-1645

btanner@osg.com

Overseas Shipholding Group, Inc.

 

Consolidated Statements of Operations

On December 17, 2015, all shareholders of record of the Company’s Class A and B common stock as of December 3, 2015, received a dividend of one-tenth of one share of Class A common stock for each share of Class A common stock and Class B common stock held by them as of the record date.

On June 13, 2016, the Company effected a one (1) for six (6) reverse stock split and corresponding reduction of the number of authorized shares of common stock, par value $0.01 per share.

In accordance with the relevant accounting guidance, the Company is required to adjust the computations of basic and diluted earnings per share retroactively for all periods presented to reflect the above two changes in capital structure.

Overseas Shipholding Group, Inc.

 

Consolidated Balance Sheets

($ in thousands)

Overseas Shipholding Group, Inc.

 

Consolidated Statements of Cash Flows

Overseas Shipholding Group, Inc.

 

Spot and Fixed TCE Rates Achieved and Revenue Days

The following tables provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended June 30, 2016 and the comparable period of 2015. Revenue days in the quarter ended June 30, 2016 totaled 6,536 compared with 6,554 in the prior year quarter. A summary fleet list by vessel class can be found later in this press release.

¹ Other International Crude Tankers revenue days consists of the company’s International Flag Lightering full service revenue days for the quarters ended June 30, 2016 and June 30, 2015.

Overseas Shipholding Group, Inc.

 

Fleet Information

As of June 30, 2016, OSG’s owned and operated fleet totaled 79 International Flag and U.S. Flag vessels (62 vessels owned and 17 chartered-in) compared with 79 at December 31, 2015. Those figures include vessels in which the Company has a partial ownership interest through its participation in joint ventures.

¹ Includes two owned shuttle tankers, one chartered in shuttle tanker and two owned U.S. Flag Product Carriers that trade internationally.

² Total Dwt is defined as the total deadweight of all 79 vessels.

Reconciliation to Non-GAAP Financial Information

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.

⁽¹⁾ Time Charter Equivalent (TCE) Revenues

Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow:

Overseas Shipholding Group, Inc.

 

⁽²⁾ EBITDA and Adjusted EBITDA

EBITDA represents net income before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA:

⁽³⁾ Total Cash