Overseas Shipholding Group, Inc. (the "Company" or "OSG") (NYSE: OSG), a public company focused on providing energy transportation services for crude oil and petroleum products primarily in the U.S. Jones Act market, announced today that, following receipt by the Company of a non-binding indication of interest to acquire all of the issued and outstanding shares of common stock of the Company for a price of $3.00 per share, OSG's Board of Directors has commenced a strategic process to explore, review and evaluate a range of strategic alternatives available to the Company to enhance shareholder value, including the non-binding indication of interest.