Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Overseas Shipholding Group,

  Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the
  Class Action Lawsuit Against Overseas Shipholding Group, Inc.

Business Wire

BENSALEM, Pa. -- December 18, 2012

Law Offices of Howard G. Smith announces that investors of Overseas
Shipholding Group, Inc. (“OSG” or the “Company”) (OTC Markets:OSGIQ) have
until December 26, 2012 to move the Court to serve as lead plaintiff in the
securities fraud class action lawsuit filed in the United States District
Court for the Southern District of New York on behalf of a class (the “Class”)
comprising all purchasers of OSG securities May 4, 2009 and October 19, 2012,
inclusive (the “Class Period”).

OSG primarily engages in the transportation of crude oil and petroleum
products through a Company-owned fleet of oceangoing vessels that transport
liquid cargoes in the United States flag trades and international markets. The
Complaint alleges that throughout the Class Period the Company and certain of
its executive officers made false and/or misleading statements and/or failed
to disclose that: (1) the Company improperly accounted for certain tax
liabilities; (2) as a result, the Company’s financial results were misstated
during the Class Period; (3) the Company lacked adequate internal and
financial controls; (4) as a result, the defendants’ statements during the
Class Period were materially false and misleading; and (5) as a result of the
foregoing, the defendants’ positive statements about OSG’s financial
performance, well-being and prospects lacked a reasonable basis.

On October 22, 2012 the Company filed a Form 8-K with the Securities and
Exchange Commission disclosing that onOctober 19, 2012 “the Audit Committee
of the Board of Directors of the Company, on the recommendation of management,
concluded that the Company’s previously issued financial statements for at
least the three yearsended December 31, 2011 and associated interim periods,
and for the fiscal quarters ended March 31 and June 30, 2012, should no longer
be relied upon.”

If you are a member of the Class described above, you have certain rights, and
have until December 26, 2012 to move for lead plaintiff status. To be a member
of the class you need not take any action at this time, or may retain counsel
of your choice. If you wish to discuss this action or learn more concerning
your rights or interests with respect to these matters, please contact Howard
G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our
website at http://www.howardsmithlaw.com.

Contact:

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
(215) 638-4847
(888) 638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com