KEY SECTORS RESULTS Crude Number 1 market position in VLCC sector 2 Number 2 market position in Aframax sector 2 Number 3 market position in Panamax sector 2 67.9 percent of TCE revenues (Q308) Trades primarily in the spot market to optimize revenue  in a highly volatile market Participation in the VLCC and Aframax pools and Panamax joint  venture enhances OSG’s fleet utilization and TCE revenues Technical operations managed by OSG in Newcastle, United Kingdom Product Top 5 market position in product carrier sector 2 18.5 percent of TCE revenues (Q308) Product carriers diversify the Company’s ‘charter type’ portfolio. Greater opportunity for time charter contracts provides revenue stability and balances spot market exposure in the crude segment Technical operations managed by OSG in Athens, Greece U.S. Flag A leading owner/operator of Jones Act vessels2 OSG will bareboat 12 Jones Act product carrier newbuildings scheduled for delivery between 2007 and 2010  12.6 percent of TCE revenues (Q308) OSG is the only major global tanker company with a significant U.S. Flag fleet Long-term time charters provide stable revenue base Expanded participation in the Maritime Security Program  Technical operations managed by OSG in Tampa, FL LNG Fastest growing global shipping segment Market entrance risk minimized by securing 25 year contracts Long-term charters offset crude tanker spot market exposure Four technologically advanced newbuildings delivered and began trading in late 2007 and early 2008