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Overseas Shipholding Group Reports First Quarter 2011 Results

Fleet Information

As of March 31, 2011, OSG’s owned and operated fleet totaled 108 International Flag and U.S. Flag vessels compared with 110 at March 31, 2010. Fifty-six percent, or 61 vessels, were owned as of March 31, 2011, with the remaining vessels bareboat or time chartered-in. OSG’s newbuild program totaled 11 vessels (9 owned and 2 chartered-in) across its crude oil, product and U.S. Flag lines of business. The Company’s fleet list excludes vessels chartered-in where the duration of the charter was one year or less at inception. A detailed fleet list and updates on vessels under construction can be found in the Fleet section on www.osg.com.

  Vessels Owned   Vessels Chartered-in   Total at Mar. 31, 2011
Vessel Type Number   Weighted byOwnership Number   Weighted byOwnership Total Vessels   VesselsWeighted byOwnership   Total Dwt
Operating Fleet              
FSO 2 1.0 2 1.0 864,046
VLCC and ULCC 9 9.0 6 6.0 15 15.0 4,727,398
Suezmax 2 2.0 2 2.0 317,000
Aframax 6 6.0 4 4.0 10 10.0 1,124,506
Panamax 9 9.0 9 9.0 626,834
Lightering 2 2.0 4 3.5 6 5.5 563,663
International Flag Crude Tankers 28 27.0 16 15.5 44 42.5 8,223,447
 
LR1 2 2.0 2 2.0 4 4.0 297,374
MR (1) 14 14.0 20 20.0 34 34.0 1,626,216
International Flag Product Carriers 16 16.0 22 22.0 38 38.0 1,923,590
Car Carrier 1 1.0 1 1.0 16,101
Total Int’l Flag Operating Fleet 45 44.0 38 37.5 83 81.5 10,163,138
               
Handysize Product Carriers (2) 2 2.0 9 9.0 11 11.0 514,808
Clean ATBs (3) 7 7.0 7 7.0 195,616
Lightering ATBs 3 3.0 3 3.0 130,066
Total U.S. Flag Operating Fleet 12 12.0 9 9.0 21 21.0 840,490
               
LNG Fleet 4 2.0 4 2.0 864,800 cbm
Total Operating Fleet 11,003,628
61 58.0 47 46.5 108 104.5 864,800 cbm
Newbuild/Conversion Fleet              
 
International Flag
VLCC 2 2.0 2 2.0 596,000
Aframax 2 2.0 2 2.0 226,000
LR1 2 2.0 2 2.0 147,000
MR 2 2.0 2 2.0 100,000
Chemical Tanker 1 1.0 1 1.0 19,900
U.S. Flag
Product Carrier 1 1.0 1 1.0 46,815
Lightering ATB 1 1.0 1 1.0 45,556
Total Newbuild Fleet 9 9.0 2 2.0 11 11.0 1,181,271
Total Operating & Newbuild Fleet 12,184,899
70 67.0 49 48.5 119 115.5 864,800 cbm

1 Includes two owned U.S. Flag product carriers that trade internationally with associated revenue included in the Product Carriers segment 2 Includes two shuttle tankers, the Overseas Cascade and the Overseas Chinook 3 Includes the OSG 214, which was in lay up at March 31, 2011



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