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Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Overseas Shipholding Group, Inc. to



Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From
Investment in Overseas Shipholding Group, Inc. to Inquire About the Lead
Plaintiff Position in Securities Fraud Class Action Lawsuit Before the
December 26, 2012 Lead Plaintiff Deadline

STEVENSON, Md., Nov. 6, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional
Corporation announces that a class action lawsuit has been commenced in the
United States District Court for the Southern District of New York on behalf
of all persons or entities who purchased or otherwise acquired securities of
Overseas Shipholding Group, Inc. ("Overseas Shipholding" or the "Company")
(NYSE:OSG) during the period between May 4, 2009 and October 19, 2012,
inclusive (the "Class Period").

If you have suffered a net loss for all transactions in Overseas Shipholding
Group, Inc. during the Class Period, you may obtain additional information
about this lawsuit and your ability to become a lead plaintiff by contacting
Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old
Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have
combined experience litigating securities and class action cases of over 60
years.

No class has yet been certified in the above action. Members of the Class will
be represented by the lead plaintiff and counsel chosen by the lead
plaintiff. If you wish to choose counsel to represent you and the Class, you
must apply to be appointed lead plaintiff no later than December 26, 2012 and
be selected by the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a settlement
and how much of a settlement to accept for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the largest loss
from investment in the Company during the Class Period. You are not required
to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange
Act of 1934 by virtue of the Company's failure to disclose during the Class
Period that the Company lacked adequate internal and financial controls and
improperly accounted for certain tax. According to the complaint, after, on
October 3, 2012, the Company announced the resignation of a Board member due
to "a disagreement with the Board as to the process the Board is taking in
reviewing a tax issue," after, on October 16, 2012, it was reported in the
media that the Company might be facing a liquidity problems, and its Chief
Executive Officer confirmed that the Company had hired a financial adviser and
was in talks with its lenders, and, after, on October 22, 2012, the Company
disclosed that it was reviewing a tax issue arising from it being domiciled in
the United States and having substantial international operations and relating
to the interpretation of certain provisions in its loan agreements, that the
Company's Audit Committee concluded that the financial statements for at least
the three years ended December 31, 2011 and associated interim periods, and
for the quarters ended March 31 and June 30, 2012, should no longer be relied
upon and is evaluating if it will need to restate for those periods, and that
the Company was negotiating with creditors and is evaluating its strategic
options including filing for bankruptcy, the value of Overseas Shipholding
shares declined significantly.

If you choose to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your choice. You
need take no action at this time to be a member of the class.

CONTACT: Charles J. Piven
         Brower Piven, A Professional Corporation
         Stevenson, Maryland
         410/415-6616
         hoffman@browerpiven.com
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