Overseas Shipholding Group, Inc. (OSG - Overseas Shipping Group) (NYSE: OSG) is one of the largest oil tanker operating companies in the world. It is based in New York City and was founded in 1949.

OSG has offices in Athens, Houston, London, Manila, Newcastle upon Tyne, Philadelphia, Quebec, Singapore and Tampa with nearly 4000 sea and shore-based employees.

Overseas Shipholding Group, Inc. (OSG) is a tanker company engaged primarily in the ocean transportation of crude oil and petroleum products. As of December 31, 2010, the Company owned or operated a modern fleet of 111 vessels (aggregating 11.3 million deadweight tons and 864,800 cubic meters) of which 88 vessels operated in the international market and 23 operated in the U.S. Flag market. OSG’s newbuilding program of owned and chartered-in vessels totaled 11 International and U.S. Flag vessels, bringing the Company’s total owned, operated and newbuild fleet to 122 vessels. The Company’s vessel operations are organized into strategic business units and focused on market segments: crude oil, refined petroleum products, and U.S. Flag. The International Flag Crude Tanker unit manages International Flag ultra large crude carrier (ULCC), very large crude carrier (VLCC), Suezmax, Aframax, Panamax and Lightering tankers; the International Flag Product Carrier unit principally manages LR1 and MR product carriers and the U.S. unit manages most of the Company’s U.S. Flag vessels. Through joint venture partnerships, the Company operates four LNG carriers and two Floating Storage and Offloading (FSO) service vessels. During the year ended December 31, 2010, OSG took delivery of 11 vessels. During 2010, the Company sold three owned U.S. Flag vessels, the Overseas Philadelphia, Overseas Diligence and Overseas Galena Bay, and one chartered-in International Flag Aframax, the Sabine, a chartered-in lightering vessel. As of December 31, 2010, OSG’s owned, operated and newbuild fleet aggregated 122 vessels. Of this total, 95 vessels are International Flag and 27 vessels are U.S. Flag. OSG’s customers include major independent and state-owned oil companies, oil traders, refinery operators and the United States and international government entities.

OSG’s crude oil fleet includes all major crude oil vessel classes, including a fleet of six International Flag lightering vessels that trade primarily in the United States, Gulf of Mexico. In order to enhance vessel utilization and TCE revenues, the Company has placed its ULCC, VLCC, Suexmax, Aframax tankers as well as a number of Panamax tankers into Commercial Pools that are responsible for the Commercial Management of these vessels. The pools collect revenue from customers, pay voyage-related expenses, and distribute TCE revenues to the participants, after deducting administrative fees, according to formulas based upon the relative carrying capacity, speed, and fuel consumption of each vessel. As of December 31, 2010, Tankers International had seven participants and managed a fleet of 45 modern VLCCs and ULCCs that trade throughout the world, including all 15 of the Company’s ULCC and VLCC owned and chartered-in vessels. Suezmax International is managed by the Company. As of December 31, 2010, the pool had two participants and provides the Commercial Management for a fleet of four vessels, including the Company’s two chartered-in vessels, which primarily trade in the Atlantic Basin. As of December 31, 2010, there were 13 participants in Aframax International and the pool Commercially Managed 46 vessels, including 11 (10.5 weighted by ownership) of the Company’s owned and chartered-in vessels. Aframax International’s vessels generally trade in the Atlantic Basin, North Sea and the Mediterranean. As of December 31, 2010, Panamax International managed a fleet of 24 modern Panamaxes, which includes five of the Company’s owned crude Panamaxes and three of its owned Panamax Product Carriers (LR1s), as well as three crude Panamaxes that are time chartered to one of the pool partners.

OSG is a commercial owners and operators of Jones Act vessels. The Company’s U.S. Flag Fleet consists of 25 owned, operated and newbuild Handysize Product Carriers and ATBs. The acquisition of Maritrans Inc., gave OSG a presence in all United States trading routes, such as intra United States Gulf, United States Gulf to the East Coast, United States Gulf to the West Coast, the Alaskan North Slope trades and the Delaware Bay. The Company has extension options for the lives of the chartered-in vessels. As of December 31, 2010, OSG has time charters-out for 11 of these 12 vessels. OSG has a presence in the Alaskan North Slope trade through its 37.5% equity interest in Alaska Tanker Company, LLC (ATC), a joint venture that was formed among OSG, BP plc. (BP) and Keystone Shipping Company (Keystone) to support BP’s Alaskan crude oil transportation requirements. Certain of the Company’s vessels participate in the U.S. Maritime Security Program (the Program), which ensures that militarily useful U.S. Flag vessels are available to the United States Department of Defense in the event of war or national emergency. The Company competes with Frontline Ltd., BW Shipping Managers, Mitsui OSK Lines, Ltd., Nippon Yusen Kabushiki Kaisha, Malaysian International Shipping Corporation Berhad, Maran Tankers Management, Gemini Tankers, Stena Sonagol, Blue Fin Tankers pools, Dynacom Tankers Management, Ltd., Thenamaris Ships Management, Inc., OAO Sovcomflot, Teekay Corporation, General Maritime Corporation, Sigma Tankers Inc., Star Tankers Heidmar Inc., A/S Dampskibsselskabet Torm, Jacob-Scorpio Pool Management S.A.M., Glencore International AG, Handytankers K/S, Vitol Group, Trafigura, Navig8, Dorado Tankers Pool Inc., Seacor Holdings Inc., Crowley Maritime Corporation and U.S. Shipping Corp.