Exhibit 99.1

OVERSEAS SHIPHOLDING GROUP REPORTS

FOURTH QUARTER AND FULL YEAR 2021 RESULTS

Tampa, FL – March 9, 2022 – Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the fourth quarter and full year 2021.

Sam Norton, President and CEO, offered the following comments on the quarterly results announced today: “We are pleased with the operating results achieved during the final quarter of last year, marking the third consecutive quarter of improved sequential TCE and EBITDA performance. Importantly, we expect this trend to continue in 2022. As noted in our prior quarter’s release, Jones Act Vessel availability across the fourth quarter and into 2022 has tightened considerably, meaning that business fundamentals for our conventional Jones Act tankers continue to strengthen. Following on from having activated three tankers out of layup at the end of the third quarter and in the fourth quarter, the Overseas Anacortes and Overseas Long Beach have now joined the active trading fleet in recent weeks, leaving only one tanker and one lightering ATB in layup as of today. With additional available operating days at improved market rates, and the reliably solid contribution from our niche and Alaskan Tanker Company assets, we are witnessing steadily improving cashflows from our businesses and an improving balance sheet.”

Mr. Norton added, “Energy markets are experiencing dislocations at this time”, Mr. Norton continued, “creating trading opportunities that are not usually seen in the markets within which OSG operates. OSG’s fleet is well positioned to facilitate many of these new trading opportunities and, in doing so, providing reliably available transportation to meeting the evolving needs of the domestic US market.”

^{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.

Fourth Quarter 2021 Results

Shipping revenues were $95.5 million for the fourth quarter, an increase of $1.5 million, or 1.6%, from the third quarter of 2021. TCE revenues increased $4.7 million, or 6.1%, from the third quarter to $80.0 million in the fourth quarter. The increases were primarily a result of a 168-day decrease in layup days as two vessels came out of layup in September 2021 and a third vessel came out of layup in December 2021. Delaware Bay lightering volumes also contributed to an increase in revenues.

The fourth quarter operating loss was $1.9 million compared to the third quarter operating loss of $5.6 million.

Quarterly adjusted EBITDA increased to $16.6 million during the fourth quarter, a $4.4 million increase from the third quarter of 2021. The increase was driven by the increased revenues for the quarter.

In comparison to the fourth quarter of 2020, shipping revenues were down 2.1%. TCE revenues for the fourth quarter of 2021 were $80.0 million, a decrease of $6.1 million, or 7.0%, compared with the fourth quarter of 2020. The decrease resulted primarily from a 173-day increase in layup days due to vessels in layup during the fourth quarter of 2021 and one less MR tanker in the Company’s fleet, reflecting the sale of the Overseas Gulf Coast during the second quarter of 2021. The decrease was offset by the addition to the Company’s fleet of one ATB, OSG 205, delivered in December 2020.

Operating loss for the fourth quarter of 2021 was $1.9 million compared to operating income of $2.2 million for the fourth quarter of 2020. Net loss for the fourth quarter of 2021 was $3.7 million, or $(0.03) per diluted share, compared with net loss of $844 thousand, or $(0.01) per diluted share, for the fourth quarter 2020.

Adjusted EBITDA was $16.6 million for the 2021 fourth quarter, a decrease of $3.9 million compared with the fourth quarter of 2020, driven primarily by the decrease in TCE revenues.

Full Year 2021 Results

Shipping revenues were $359.0 million for the full year 2021, down 14.2% compared with the full year 2020. TCE revenues for the full year 2021 were $292.6 million, a decrease of $83.3 million, or 22.1% compared with the full year 2020. The decreases were primarily a result of (a) a 1,894-day increase in layup days due to seven vessels in layup for most of 2021, a decision taken in light of the lack of demand due to the economic impact of COVID-19, (b) one less MR tanker in our fleet, Overseas Gulf Coast, which was sold during the second quarter of 2021 and (c) two fewer ATBs, which were sold in May 2020 and August 2020, respectively. The decreases were offset by (a) a 204-day decrease in scheduled drydocking, (b) the addition to our fleet of three crude oil tankers, Alaskan Explorer, Alaskan Legend and Alaskan Navigator, which were purchased in March 2020, and two ATBs, OSG 204 and OSG 205, which were delivered at the end of May 2020 and the beginning of December 2020, respectively, (c) an increase in Delaware Bay lightering volumes and (d) five voyages for Military Sealift Command, which were longer international voyages, during 2021 compared to two such voyages during 2020. Two of seven vessels came out of layup in September 2021 and operated in the spot market. One of these two vessels commenced a 26-month time charter in mid-November 2021. A third vessel came out of layup in December 2021 and operated in the spot market.

Operating loss for the full year 2021 was $29.1 million, compared to operating income of $58.6 million for the full year 2020. The prior year included a gain on termination of a pre-existing arrangement related to the acquisition of the Alaska Tanker Company.

Net loss for the full year 2021 was $46.3 million, or $(0.51) per diluted share, compared with net income of $30.0 million, or $0.33 per diluted share, for the full year 2020.

Adjusted EBITDA was $45.1 million for the full year 2021, a decrease of $79.8 million compared with the full year 2020.

Conference Call

The Company will host a conference call to discuss its fourth quarter and full year 2021 results at 9:30 a.m. Eastern Time (“ET”) on Wednesday, March 9, 2022.

To access the call, participants should dial (844) 850-0546 for domestic callers and (412) 317-5203 for international callers. Please dial in ten minutes prior to the start of the call.

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 for one week starting at 11:30 a.m. ET on Wednesday, March 9, 2022 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 8908564.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 22 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also currently owns and operates one Marshall Islands flagged MR tanker which trades internationally.

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 Tampa, FL. More information is available at www.osg.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, the Company may make or approve certain forward-looking 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 our prospects, supply and demand for vessels in the markets in which we operate and the impact on market rates and vessel earnings, the continued stability of our niche businesses, the impact of our time charter contracts on our future financial performance, and such external events such as geopolitical conflicts. Forward-looking statements are based on our current plans, estimates and projections, and are subject to change based on a number of factors. COVID-19 has had, and will continue to have, a profound impact on our workforce and many other aspects of our business and industry. Investors should carefully consider the risk factors outlined in more detail in our filings with the SEC. We do not assume any obligation to update or revise any forward-looking statements except as may be required by applicable law. Forward-looking statements and written and oral forward-looking statements attributable to us or our representatives after the date of this press release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by us with the SEC.

Investor Relations & Media Contact:

Susan Allan, Overseas Shipholding Group, Inc.

(813) 209-0620

sallan@osg.com

Consolidated Statements of Operations

($ in thousands, except per share amounts)

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, 2021 and the comparable periods of 2020. Revenue days in the quarter ended December 31, 2021 totaled 1,597 compared with 1,756 in the prior year quarter. Revenue days in the fiscal year ended December 31, 2021 totaled 6,064 compared with 7,639 in the prior year. A summary fleet list by vessel class can be found later in this press release.

(a) Excludes one Alaska vessel currently in layup.

Fleet Information

As of December 31, 2021, OSG’s operating fleet consisted of 24 vessels, 12 of which were owned, with the remaining vessels chartered-in. Vessels chartered-in are on Bareboat Charters.

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 provide 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. 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 of the segments to shipping revenues as reported in the consolidated statements of operations follows:

Vessel Operating Contribution

Vessel operating contribution, a non-GAAP measure, is TCE revenues minus vessel expenses and charter hire expenses.

(B) EBITDA and Adjusted EBITDA

EBITDA represents net income/(loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted to exclude amortization classified in charter hire expenses, interest expense classified in charter hire expenses, loss/(gain) on disposal of vessels and other property, including impairments, net, non-cash stock based compensation expense and loss on repurchases and extinguishment of debt and the impact of other 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/(loss) 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 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 measures used by 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