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Overseas Shipholding Group And Greenbrier Marine Announce Second New Barge Delivery

Overseas Shipholding Group, Inc. (NYSE: OSG) ( "OSG"), a provider of energy transportation services for crude oil and petroleum products in the U.

Overseas Shipholding Group, Inc. (OSG) - Get Overseas Shipholding Group, Inc. Class A Report ( "OSG"), a provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, announced today that it has received delivery of the OSG 205, a 204,000 barrel capacity oil and chemical tank barge for dual mode ITB service pursuant to U.S. Coast Guard NVIC 2-81, Change 1. The barge was built by Greenbrier Marine, a division of The Greenbrier Companies, Inc. (GBX) - Get Greenbrier Companies, Inc. Report, in compliance MARPOL Annex VI Regulation 13 Tier III standards regarding nitrogen oxide emissions within emission control areas. This is the second tank barge that Greenbrier Marine has delivered to OSG this year, after delivering its sister barge OSG 204 in May 2020. OSG 204 and 205 are among the largest barges Greenbrier Marine has built, at 581 feet each.

The OSG 205 has been paired with an existing tug within the OSG fleet, the OSG Courageous, and the paired unit will enter into a one year time charter with a long time customer of OSG shortly after delivery from Greenbrier Marine.

"Once again, Greenbriar Marine has demonstrated a capacity to manage a complicated construction project amidst a pandemic, delivering to OSG on-time and on-budget the second of our two contracted barges," stated Sam Norton, OSG's President and CEO. "This is no small accomplishment. OSG is gratified to have partnered with Greenbrier Marine in the building of OSG 205 and to have successfully completed this important project for both companies. The OSG 205 will, together with her sister barge, the OSG 204, serve for many years to come as a visible statement of OSG's continued commitment to supporting the U.S. Maritime industry. Our thanks go out to all involved in working tirelessly to bring the idea behind this project to an admirable finished product."

"It has been a pleasure collaborating with OSG during the construction of these vessels. This partnership complements both companies' dedication to supporting and strengthening the U.S. Jones Act fleet," said Richard Hunt, General Manager of Greenbrier Gunderson in Portland, Oregon. "We are proud to have completed this barge on schedule, despite challenges presented by the COVID-19 pandemic. The naming ceremony, while it looked different and more socially distant than those of prior years, was safely celebrated on November 20. We are grateful for our strong partnership with OSG and look forward to a future of working together."

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (OSG) - Get Overseas Shipholding Group, Inc. Class A Report is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. With the addition of this barge, OSG's 22 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also owns and operates two Marshall Islands flagged MR tankers which trade internationally. OSG is committed to setting high standards of excellence for its quality, safety and environmental programs and is recognized as one of the world's most customer-focused marine transportation companies. OSG is headquartered in Tampa, FL. More information is available at www.osg.com.

About Greenbrier

Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Greenbrier designs, builds and markets freight railcars and marine barges in North America. Greenbrier Europe is an end-to-end freight railcar manufacturing, engineering and repair business with operations in Poland, Romania and Turkey that serves customers across Europe and in other geographies as opportunities arise. Greenbrier builds freight railcars and rail castings in Brazil through two separate strategic partnerships. We are a leading provider of freight railcar wheel services, parts, repair, refurbishment and retrofitting services in North America through our wheels, repair & parts business unit. Greenbrier offers railcar management, regulatory compliance services and leasing services to railroads and related transportation industries in North America. Through unconsolidated joint ventures, we produce industrial and rail castings, and other components. Greenbrier owns a lease fleet of 8,300 railcars and performs management services for 393,000 railcars. Learn more about Greenbrier at www.gbrx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, the Company may make or approve certain forward-looking statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to our prospects, supply and demand for vessels in the markets in which we operate and the impact on market rates and vessel earnings, the expected delivery schedule of our new barge under construction and its expected participation in the Jones Act trade, the continued stability of our niche businesses, and the impact of our time charter contracts on our future financial performance. Forward-looking statements are based on our current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in our Annual Report on Form 10-K and in similar sections of other filings we make with the SEC from time to time. We do not assume any obligation to update or revise any forward-looking statements except as may be required by applicable law. Forward-looking statements and written and oral forward-looking statements attributable to us or our representatives after the date of this press release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by us with the SEC.

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