Exhibit 99.1

OVERSEAS SHIPHOLDING GROUP REPORTS

FOURTH QUARTER AND FULL YEAR 2015 RESULTS

New York, NY – March 1, 2016 – Overseas Shipholding Group, Inc. (OSG) (NYSE MKT: OSG, OSGB), a provider of oceangoing energy transportation services, today reported results for the fourth quarter and full year 2015.

Highlights

“We are pleased to report strong results for the 4^th quarter and full year 2015,” said Captain Ian T. Blackley, OSG’s president and CEO. “The positive supply and demand fundamentals in the international tanker market, with ton-mile demand expansion in both crude and product sectors, along with the successful execution of our operating strategy drove impressive results in our International business. In our Domestic business, while Jones Act sentiment may have softened from a year ago, I am pleased to report stronger results for 2015 compared to 2014. The lower oil price has stimulated increased gasoline consumption in the United States and we have also seen increasing Domestic lightering volumes. In both our businesses, we expect that many of the positive tanker fundamentals we saw in 2015 should remain in place this year.

“The strong cash generation from our 79 vessel fleet and the successful execution of several key transactions have strengthened our financial position and provide us with maximum flexibility as we evaluate strategic alternatives. We see a disconnect today between freight rates, asset prices and equity values in our industry –this may offer opportunities that we believe we are well-positioned to capitalize on. I remain confident in our ability to increase value and, when appropriate, return value to our shareholders,” concluded Blackley.

^{A, B, C}Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release starting on Page 9.

Fourth Quarter & Full Year 2015 Results

TCE revenues grew to $234.4 million for the quarter, an increase of $35.5 million compared with the fourth quarter of 2014, driven by continuing strength in international crude and product spot market rates. TCE revenues grew to $924.8 million for the full year 2015, an increase of $163.5 million compared with the full year 2014.

Net income for the fourth quarter of 2015 was $9.3 million, or $0.02 per diluted share, compared with $26.5 million, or $0.05 per diluted share in the fourth quarter of 2014. The decrease included $27.6 million in bond premium and consent fees and related professional fees paid on notes repurchased. Net income for the full year 2015 was $284.0 million, or $0.49 per diluted share, compared to a net loss for the full year 2014 of $152.3 million. Included in the 2015 amount was a one-time, non-cash income tax benefit of $150.1 million and the net losses in the comparative 2014 period reflect bankruptcy related charges.

Adjusted EBITDA was $122.9 million for the quarter, an increase of $32.0 million compared with the fourth quarter of 2014, driven primarily by the strength of spot rates in the international crude and product markets. Adjusted EBITDA was $491.2 million for the full year 2015, an increase of $192.6 million compared with the full year 2014, driven primarily by those higher rates.

International Crude Tankers

TCE revenues for the International Crude Tankers segment were $84.2 million for the quarter, an increase of $32.9 million compared with the fourth quarter of 2014. This significant increase resulted from a substantial strengthening in daily rates across all vessel types in the segment, with the VLCC spot rate increasing to approximately $60,300 per day in the fourth quarter, nearly double from the comparable 2014 period; the Aframax spot rate increasing 72% to $34,000 per day; and the Panamax blended rate increasing 17% to $20,300 per day.

TCE revenues for the International Crude Tankers segment were $304.2 million for the full year 2015, an increase of $75.9 million compared with the full year 2014. For the full year 2015, the VLCC spot rate was approximately $54,600 per day; the Aframax spot rate $34,000 per day; and the Panamax blended rate $20,500 per day.

International Product Carriers

TCE revenues for the International Product Carriers segment were $35.7 million for the quarter, down 2% compared with the fourth quarter of 2014. This decrease was due to 430 less revenue days resulting from the sale of the Luxmar in July 2015, the redelivery of one time chartered-in vessel and an increase in drydock offhire days, which was partially offset by higher Medium Range (MR) spot rates. MR spot rates were approximately $18,100 per day in the fourth quarter, up 21% from the same period in 2014. TCE revenues for the International Product Carriers segment were $171.6 million for the full year 2015, an increase of $52.9 million compared with the full year 2014. MR spot rates were approximately $19,500 per day for the full year 2015.

U.S. Flag

TCE revenues for the U.S. Flag segment were $114.6 million for the quarter, an increase of $3.2 million compared with the fourth quarter of 2014, driven by a 5% increase in Jones Act Product Carrier TCE revenues. Additionally, the U.S. Flag segment benefited from increased Delaware Bay lightering volumes. TCE revenues for the U.S. Flag segment were $449.1 million for the full year 2015, up 8% compared with the full year 2014, driven by a $28.2 million increase in Jones Act Product Carrier TCE revenues, largely due to increased rates achieved on renewal of expiring time charters.

Conference Call

The Company will host a conference call to discuss its fourth quarter and full year 2015 results at 9:00 a.m. ET on Tuesday, March 1, 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 54859058.

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/

An audio replay of the conference call will be available starting at 12:00 p.m. ET on Tuesday, March 1, 2016 through 11:59 p.m. ET on Tuesday, March 8, 2016 by dialing (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, and entering Conference ID 54859058.

About OSG

Overseas Shipholding Group, Inc. (NYSE MKT: OSG, OSGB) 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 prospects, including statements regarding trends in the tanker and articulated tug/barge markets, and including prospects for 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

Consolidated Statements of Operations

($ in thousands, except per share amounts)

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. 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 that change in capital structure.

Consolidated Balance Sheets

($ in thousands)

Consolidated Statements of Cash Flows

($ in thousands)

Spot and Fixed TCE Rates Achieved and Revenue Days

The following tables provide a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months and fiscal year ended December 31, 2015 and the comparable periods of 2014. Revenue days in the quarter ended December 31, 2015 totaled 6,270 compared with 6,919 in the prior year quarter. Revenue days in the fiscal year ended December 31, 2015 totaled 25,580 compared with 29,386 in the prior year. A summary fleet list by vessel class can be found later in this press release.

Fleet Information

As of December 31, 2015, OSG’s owned and operated fleet totaled 79 International Flag and U.S. Flag vessels (62 vessels owned and 17 chartered-in) compared with 81 at December 31, 2014. 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.

^(A) 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:

^(B) EBITDA and Adjusted EBITDA

EBITDA represents net (loss)/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 considered a substitute for, net (loss)/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 by companies as a measure of operating results and performance, neither of those items as prepared by the Company is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income/(loss), as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA:

^(C) Total Cash