Exhibit 99.1

OVERSEAS SHIPHOLDING GROUP REPORTS THIRD QUARTER 2015 RESULTS

New York, NY – November 9, 2015 – Overseas Shipholding Group, Inc. (OSG) (NYSE MKT: OSGB), a provider of oceangoing energy transportation services, today reported results for the quarter ended September 30, 2015.

Highlights

“Our third quarter results reflect the earning power of our 79 vessel fleet and the effectiveness of our operating strategy,” said Captain Ian T. Blackley, OSG’s president and CEO. “Our international fleet predominantly trades in the spot market, which continues to demonstrate underlying strength in both crude and product, and we enjoy the security of medium-term time charters in the domestic market. Our strong cash generation is giving us significant flexibility to enhance our capital structure, position the firm to take advantage of growth opportunities and deliver value for our shareholders.”

Third Quarter & First Nine Months of 2015 Results

TCE revenues grew to $233.6 million for the quarter, an increase of $57.4 million compared with the third quarter of 2014, driven by continuing strength in international crude and product spot market rates. TCE revenues grew to $690.4 million for the first nine months of 2015, an increase of $128.0 million compared with the first nine months of 2014.

Net income for the third quarter of 2015 was $173.4 million, or $0.33 per diluted share, compared with $10.6 million, or $0.03 per diluted share in the third quarter of 2014. The Company entered into a final IRS closing agreement regarding payments it made on behalf of OSG International (OIN) at its emergence from bankruptcy. The IRS agreed these payments are a deductible expense, and as a result, the Company recognized a one-time, non-cash income tax benefit of $150.1 million. Accordingly, OSG’s investment in OIN for financial reporting purposes now exceeds its tax basis; as management does not believe it can assert that investment is indefinite, the Company was required to record a non-cash tax liability of $31.0 million.

Net income for the first nine months of 2015 was $274.7 million, or $0.52 per diluted share, compared to a net loss for the first nine months of 2014 of $178.8 million.

Adjusted EBITDA was $123.9 million for the quarter, an increase of $58.1 million compared with the third quarter of 2014, driven primarily by the strength of spot rates in the international crude and product markets. Adjusted

EBITDA was $368.2 million for the first nine months of 2015, an increase of $160.6 million compared with the first nine months of 2014, driven primarily by those higher rates.

International Crude Tankers

TCE revenues for the International Crude Tankers segment were $76.2 million for the quarter, an increase of $26.8 million compared with the third 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 $57,600 per day in the third quarter, up nearly three times from the comparable 2014 period; the Aframax spot rate increasing 80% to $35,500 per day; and the Panamax blended rate increasing 19% to $19,000 per day. TCE revenues for the International Crude Tankers segment were $220.0 million for the first nine months of 2015, an increase of $43.0 million compared with the first nine months of 2014.

International Product Carriers

TCE revenues for the International Product Carriers segment were $50.0 million for the quarter, an increase of $21.2 million compared with the third quarter of 2014. This significant increase resulted primarily from higher Medium Range (MR) spot rates, nearly doubling from the same period in 2014 to approximately $22,000 per day. TCE revenues for the International Product Carriers segment were $135.9 million for the first nine months of 2015, an increase of $53.5 million compared with the first nine months of 2014.

U.S. Flag

TCE revenues for the U.S. Flag segment were $107.4 million for the quarter, an increase of $9.4 million compared with the third quarter of 2014, driven by a $6.4 million, or 11% increase in Jones Act Product Carrier TCE revenues, largely driven by increased rates achieved on renewal of expiring time charters. TCE revenues for the U.S. Flag segment were $334.5 million for the first nine months of 2015, an increase of $31.5 million compared with the first nine months of 2014.

Conference Call

The Company will host a conference call to discuss its third quarter 2015 results at 9:00 a.m. ET on Monday, November 9, 2015.

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 72079545.

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 Monday, November 9, 2015 through 11:59 p.m. ET on Monday, November 16, 2015 by dialing (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, and entering Conference ID 72079545.

About OSG

Overseas Shipholding Group, Inc. (NYSE MKT: 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 2014 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)

⁽ⁱ⁾ The three months and nine months depreciation amounts for the periods ended September 30, 2014 have been revised from the amounts previously reported in the quarterly report on Form 10-Q for the respective periods to reflect the correction of an error which resulted in an overstatement of depreciation expense on certain vessels. The error overstated three months and nine months depreciation expense for the periods ended September 30, 2014 by $2,169 and $6,446. This error had no impact on the full fiscal year 2014 amounts, or on periods prior to 2014.

Consolidated Balance Sheets

($ in thousands)

⁽ⁱ⁾ The December 31, 2014 balance sheet has been revised from that previously reported in the Annual Report on Form 10-K to reflect the correction of an error by reclassifying restricted cash of $70,093 from current assets to non-current assets and to reflect a corresponding reduction in the previously reported amount for total current assets. The error had no impact on the Company’s consolidated statements of operations, comprehensive loss, changes in equity/(deficit) or cash flows.

Consolidated Statements of Cash Flows

($ in thousands)

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 September 30, 2015 and the comparable period of 2014. Revenue days in the quarter ended September 30, 2015 totaled 6,337 compared with 7,201 in the prior year quarter. A summary fleet list by vessel class can be found later in this press release.

Fleet Information

As of September 30, 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.

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

²Total 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. TCE 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 to shipping revenues as reported in the consolidated statements of operations follow:

⁽²⁾ 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 Company’s consolidated statements of operations to EBITDA and Adjusted EBITDA:

⁽³⁾ Total Cash

 9