Fiscal 2005 Earnings Results

Board Announces Intention to Increase Quarterly Dividend 43% to $0.25 per Quarter




  HIGHLIGHTS

  --  TCE revenues of $961.7 million up 22% year-over-year.
  --  EPS (diluted) of $11.77 up 15% year-over-year.
  --  EBITDA of $705.5 million up 8% year-over-year.
  --  Fourth quarter 2005 TCE revenues declined 2% to $271.1
      million from the same period in 2004.
  --  Fourth quarter 2005 (diluted) EPS of $2.88 includes
      gains on vessel sales and sale of securities of $0.09.
  --  Board of Directors states its intention to increase
      quarterly dividend by 43% to $0.25 per share, effective
      with the next dividend declaration.

NEW YORK, Feb. 28, 2006 (PRIMEZONE) -- Overseas Shipholding Group, Inc. (NYSE:OSG), a market leader providing energy transportation services, today reported results for the fourth quarter and fiscal year ended December 31, 2005.

For the fiscal year ended December 31, 2005, net income was $464.8 million, a 16% increase over $401.2 million in 2004. EPS was $11.77 per diluted share, a 15% increase from $10.24 per diluted share in 2004. Time Charter Equivalent (TCE) revenues were $961.7 million for the period, a 22% increase from $789.6 million in 2004. The increase in revenues was principally due to an additional 13,068 revenue days, a result of 28 net additional vessels added to the Company's fleet during the year, offset by decreases in average daily TCE rates for VLCC and Aframax tankers that trade in the spot market. The average daily TCE rates achieved for VLCCs and Aframaxes in 2005, however, remained at historically high levels. EBITDA rose 8% to $705.5 million from $655.2 million in 2004. See Appendix 3 for a reconciliation of EBITDA.

For the quarter ended December 31, 2005, net income was $113.7 million, or $2.88 per diluted share, a decrease of 46% compared with the fourth quarter of 2004. The fourth quarter of 2004 included a $77.4 million reduction in deferred tax liabilities recorded on enactment of the American Jobs Creation Act of 2004. Excluding gains on vessel sales and securities transactions, EPS in the fourth quarter of 2005 was $2.79 per diluted share compared with $5.13 per diluted share in the year earlier period (see Appendix 1). TCE revenues were $271.1 million compared with $275.7 million, a decrease of 2% year-over-year. TCE revenues during the fourth quarter of 2005 were roughly comparable to the fourth quarter of 2004 despite declines in TCE rates for the Company's VLCC and Aframax tankers of 37% and 33%, respectively (see Average TCE Rates later in this press release), from the exceptionally high levels achieved in last year's fourth quarter. Such declines were offset by growth in the Company's fleet during 2005, principally attributable to the acquisition of Stelmar Shipping, Ltd. (Stelmar). EBITDA for the fourth quarter 2005 was $170.5 million, a decline from $239.8 million in the fourth quarter of 2004. The decline in EBITDA was a result of lower TCE rates in the Company's International Flag crude tanker fleet, an increase in time and bareboat charter expenses as a result of an increase in the portion of the fleet representing chartered-in tonnage, as well as an increase in general and administrative expenses. General and administrative expenses in the fourth quarter of 2005 were $15.1 million higher than in the fourth quarter of 2004 principally as a result of a $5.6 million charge related to the termination the Company's defined benefit plan and the retirement of an executive officer, $2.1 million of expenses incurred in connection with investigations by the U.S. Department of Justice, and $5.7 million in incremental incentive compensation payments and costs related to headcount associated with the Stelmar acquisition. At year-end, the Company had 3,337 employees comprised of 3,187 sea going personnel and 250 shore side staff, compared with 1,696 employees at year end 2004, comprised of 1,530 sea going personnel and 166 shore side staff.

Morten Arntzen, President and CEO of OSG, stated, "I am pleased with our operating and financial performance during 2005. Our numerous achievements in 2005 build upon a corporate-wide strategic focus on capital efficient growth initiatives that will generate sustainable improvements and shareholder value. Our fleet expansion strategy resulted in 50% growth to 107 owned, operated and newbuild vessels. OSG's fleet diversification strategy reduced our risk exposure to any one segment of our operation as evidenced by our dependence on the crude oil segment with revenues declining to 71% of total 2005 revenue, down from 84% a year ago. The expansion of our presence in product carriers helped to increase OSG's noncancelable, future revenues from time charters to $746 million at year end up from $185 million a year ago. We successfully integrated Stelmar, which provides a stronger operational platform to achieve our long term goals. Savings realized from the integration were reinvested in expanding the leadership team, bringing on new talent to support a strategic business unit organization structure, deploying training programs for the crew and shore side staff and to upgrade technology across OSG's fleet ensuring superior service to our customers and operations of our vessels' safety in strict compliance with all environmental laws and regulations."

Arntzen continued, "I believe that our shareholders recognize that OSG's financial and operational results were achieved by actively managing how our assets are deployed to maximize profitability in the strong rate environment in 2005. The strength of our balance sheet and cash flows generated by OSG's modern fleet provides us the ability to increase our dividend level by 43%, the flexibility to invest in operations and new business opportunities to prudently expand our business segments. We remain very confident and excited about OSG's future."

As a result of OSG's exceptional financial performance in 2005 and confidence in the Company's future performance, the Board of Directors announced its intention to increase the quarterly dividend from $.175 to $0.25 per share, a 43% increase, effective with the next dividend declaration.

FOURTH QUARTER AND YEAR-END HIGHLIGHTS

Active Asset Management

To maximize return on invested capital and in support of the Company's strategy to be a market leader in each of the segments in which it operates, OSG actively manages its fleet based on market conditions, including the sale, purchase, or charter-in of tonnage. During the fourth quarter, OSG sold a number of tankers, including three of its older vessels, taking advantage of near all-time high second-hand vessel prices. This activity supported the Company's goal of owning and operating a high quality, modern fleet.



  --  As of December 31, 2005, OSG had an operating fleet of 89
      International Flag and U.S. Flag vessels. Forty-four percent, 
      or 39 vessels, were chartered-in under operating or capital 
      leases compared with 26%, or 16 vessels, as of December 31, 
      2004. The Company charters in tonnage, enabling it to expand
      its fleet without making additional capital commitments.

  --  Revenue days in 2005 totaled 30,645, an increase of 74%, or 
      13,068 days, over 2004.

  --  OSG's active asset monetization program in 2005 resulted in 
      $283.0 million in gains on vessel sales from the sale or sale 
      and leaseback of 20 vessels; $42.9 million was included in 
      other income in 2005. Thirteen sale and leaseback transactions
      were executed to capture a premium in the market for second 
      hand vessels, retain control of the assets for a fixed period
      of time, and to transfer residual risk to third parties.

  --  As previously announced, on October 13, 2005, OSG sold and 
      chartered back seven tankers in conjunction with Double Hull 
      Tankers, Inc.'s ("DHT's") initial public offering. OSG 
      received consideration, after giving effect to the exercise of
      the over-allotment option granted to the underwriters, of 
      $419.9 million in cash and 13.4 million shares in DHT, 
      representing a 44.5% equity stake. The transaction resulted in
      a $232.2 million gain, which is being amortized over the 
      initial charter terms. The Company used the proceeds from the 
      transaction to reduce its debt outstanding thus achieving its 
      goal of returning to leverage ratios and liquidity levels that 
      existed prior to the January 2005 acquisition of Stelmar. See 
      the Liquidity section later in this press release 
      for further details.

  --  The Company sold its last two U.S Flag crude tankers, the
      Overseas Washington, a 1978-built tanker on November 10, 2005, 
      and the Overseas New York, a 1977-built tanker on October 12, 
      2005, and recognized a gain of $6.0 million. Both vessels were 
      at the end of their commercial lives at the time of the sales.

  --  On December 19, 2005, a joint venture in which the Company 
      participates sold the Front Tobago, the last single hull tanker
      in the Company's fleet. The Company recognized a gain in equity
      in income from joint ventures of $2.8 million representing OSG's
      30% equity stake in the vessel.

Fleet and Charter Type Diversification

The Company significantly diversified its fleet in 2005 thus making it less dependent on any particular market sector. Furthermore, the Company believes that by balancing the mix of TCE revenues generated by voyage charters and time charters, it is able to maximize financial performance throughout the shipping cycles.



  --  As of December 31, 2005, 45% of the Company's fleet was
      operating on time charters, compared with 32% as of December
      31, 2004.

  --  In 2005, OSG added 24 product carriers and 13 panamax tankers,
      which both diversified its fleet and reduced the Company's
      overall spot rate exposure. As a result, TCE revenues derived
      from time charters increased to 31% of TCE revenues in 2005
      compared with 15% in 2004.

 Other Corporate Initiatives

  --  In the fall of 2005, OSG established an operational integrity 
      unit that reports to the Head of Shipping Operations. The group
      is responsible for auditing compliance with fleet-wide operating
      procedures, environmental regulatory requirements and safety and
      maintenance standards. The establishment of the operational
      integrity group and the creation of an operational compliance
      officer role, reporting directly to the President, underscores
      OSG's commitment to ensuring full compliance with all
      international environmental and safety standards and the 
      Company's commitment to technical excellence.

  --  During the fourth quarter, OSG announced that four of the ten
      U.S. Flag product carriers being built at Aker Philadelphia
      Shipyard had been chartered; two to Shell Trading U.S. Company
      and two to British Petroleum. Construction has commenced on
      the second tanker, which is scheduled for delivery in early 2007.

  --  On January 2, 2006, construction commenced on Hull 1605
      (Tenbek), OSG's 216,200 cbm LNG carrier being built at Samsung
      Heavy Industries Co., Ltd., in Korea. The vessel is expected to
      be delivered in late 2007.

FINANCIAL PROFILE

During the year, shareholders' equity increased by $450 million to nearly $1.9 billion and liquidity, including undrawn bank facilities, increased to more than $1.4 billion. Total long-term debt as of December 31, 2005 was $965.7 million compared with $906.2 million at December 31, 2004, before the Stelmar acquisition. By comparison, long-term debt was $1.4 billion at the end of the third quarter of 2005.

Liquidity adjusted debt to capital was 24.5% at December 31, 2005, a significant reduction from a pro forma 50.3% as of December 31, 2004, adjusted to reflect the Stelmar acquisition and the sale of five older product carriers in January 2005. In 2005, the Company used the proceeds of vessel sales to pay down debt. Additionally, OSG expanded its operating and newbuild fleet more than 50% by chartering-in tonnage, with no capital commitments.

On February 15, 2006, the Company announced it had entered into a $1.5 billion seven-year unsecured revolving credit agreement with a group of banks. Borrowings under this facility bear interest at a rate based on LIBOR. The terms, conditions and financial covenants contained therein are generally more favorable than those contained in the Company's existing long-term facilities. In connection with entering into the agreement, the Company agreed to terminate all of its unsecured revolving credit facilities (long-term of $1.285 billion and short-term of $45 million). The facility increases the Company's liquidity by $215 million to $1.6 billion.

TCE RATES ACHIEVED

The following table shows time charter equivalent revenues per day and revenue days (defined as ship operating days less lay-up, repair and drydock days) for the Company's International Flag fleet for the three and twelve month periods ended December 31, 2005 compared with the same periods of 2004.



                             Three Months Ended        Year Ended
                                 December 31,          December 31,
                             -----------------------------------------
                                2005      2004        2005       2004
 ---------------------------------------------------------------------
 VLCC

  Average TCE Rate(a,b)      $ 68,619   $109,578   $ 57,904   $ 75,436
  Number of Revenue Days        1,594      1,508      6,314      6,088

 Aframax

  Average TCE Rate(a,b)      $ 38,823   $ 57,579   $ 33,157   $ 38,848
  Number of Revenue Days        1,456      1,288      6,048      4,872

 Panamax

  Average TCE Rate(a)        $ 27,731   $ 22,663   $ 25,066   $ 18,792
  Number of Revenue Days        1,183        184      4,546        690

 Handysize Product Carrier

  Average TCE Rate(a,b)      $ 18,180   $ 18,588   $ 17,843   $ 18,192
  Number of Revenue Days        2,543        368      9,589      1,383
 ---------------------------------------------------------------------
     (a)  Includes vessels operating on voyage charters and period
          charters.
     (b)  Includes the effect of forward freight agreements.

The following table provides a breakdown of TCE rates achieved for the fourth quarter of 2005 between spot and time charter rates. The information for VLCCs, Aframaxes and Panamaxes is based, in part, on information provided by the pools or commercial joint ventures in which they participate.



                                        Three Months Ended
                                         December 31, 2005
                                  -------------------------------
                                  Spot Charter       Time Charter
 ----------------------------------------------------------------
 VLCC
  Average Rate                       $68,619                 --
  Number of Revenue Days               1,594                 --
                                                      
 Aframax                                              
  Average TCE Rate(a)                $42,906            $25,845
  Number of Revenue Days               1,108                348
                                                      
 Panamax                                              
  Average TCE Rate                   $39,675            $20,476
  Number of Revenue Days                 447                736
                                                      
 Handysize Product Carrier                            
  Average TCE Rate                   $29,559            $16,082
  Number of Revenue Days                 396              2,147
 --------------------------------------------------------------
     (a)  Spot charter TCE results include the effect of forward
          freight agreements. Excluding such effect, the average spot
          charter TCE rate for the three months ended December 31,
          2005 would have been $44,104 per day.

2006 TCE RATES

The Company has achieved the following average estimated TCE rates for the percentage of days booked for vessels operating through February 24, 2006. The information for the VLCCs, Aframaxes and Panamaxes is based, in part, on information provided by the pools or commercial joint ventures in which they participate. All numbers provided are estimates and may be adjusted for a number of reasons, including the timing of any acquisitions or disposals and the timing and length of drydocks and repairs.



                                        First Quarter Revenue Days
                       -----------------------------------------------
   Vessel Class        Average    Fixed     Open 
        and              TCE      as of     as of              % Days
   Charter Type         Rates    2/24/06   2/24/06    Total    Booked
 -------------------   -------   -------   -------   -------   -------
 VLCC - Spot           $77,500    1,455       152     1,607       91%
 Aframax - Spot        $42,500      822       189     1,011       81%
 Aframax - Time(a)     $27,000      353        --       353      100%
 Panamax - Spot(b)     $36,500      166       232       398       42%
 Panamax - Time        $20,000      720        --       720      100%
 Handysize - Spot(b)   $36,000      317       282       613       53%
 Handysize - Time      $17,500    1,798        --     1,798      100%
 -------------------   -------   -------   -------   -------   -------
     VLCC and V-Plus tankers trade in the Tankers International pool;
     Aframaxes trade in the Aframax International pool and Panamaxes
     trade in the Panamax International joint venture.
                                                   
     (a)  Includes one vessel fixed on time charter for the entire
          period outside the Aframax International pool.
     (b)  Information for Panamaxes and Handysize Product Carriers is
          as of February 8, 2006.

The following table shows average estimated time charter TCE rates and associated days booked, by quarter, for the balance of 2006.



                 Fixed Rates and Revenue Days        Open Days  
                         as of 2/24/06              as of 2/24/06
                   -------------------------    ----------------------
                    Q2-06    Q3-06    Q4-06     Q2-06    Q3-06   Q4-06
 ----------------- -------  -------  -------    -----    -----   -----
 VLCC                                          
  Average TCE                                  
   Rate                 --       --       --   
  Number of                                    
   Revenue Days         --       --       --    1,639    1,668   1,654
 Aframax                                       
  Average TCE                                  
   Rate            $29,500  $29,500  $29,500   
  Number of                                    
   Revenue Days        291      292      292    1,165    1,121   1,180
                                               
 Panamax(b)                                    
  Average TCE                                  
   Rate            $21,500  $21,000  $21,000   
  Number of                                    
   Revenue Days        626      552      549      557      644     616
                                               
 Handysize Product                             
 Carrier(b)                                    
  Average TCE                                  
   Rate            $17,000  $17,000  $17,500   
  Number of                                    
   Revenue Days      1,684    1,643    1,592      674      876   1,022
 ---------------------------------------------------------------------
     (b)  Information for Panamaxes and Handysize Product Carriers is
          as of February 8, 2006.

 FINANCIAL INFORMATION - SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
 ---------------------------------------------------------------------

 ($ in thousands except per share amounts)

                       Three Months Ended            Year Ended
                           December 31,              December 31,
                     -------------------------------------------------
                         2005         2004         2005         2004
                     -------------------------------------------------
 Shipping Revenues:
  Pool revenues      $  186,097   $  237,812   $  607,035   $  640,449
  Time and bareboat
   charter revenues      74,223       31,023      309,471      116,957
  Voyage charter
   revenues              22,989       11,695       83,797       53,429
                     -------------------------------------------------
                        283,309      280,530    1,000,303      810,835
 Voyage Expenses        (12,192)      (4,880)     (38,641)     (21,254)
                     -------------------------------------------------
 Time Charter
  Equivalent Revenues   271,117      275,650      961,662      789,581
                     -------------------------------------------------
 Ship Operating
  Expenses:
   Vessel expenses       46,411       33,906      177,349      108,170
   Time and bareboat
    charter hire
    expenses             42,075       26,043      120,301       65,550
  Depreciation and
   amortization          35,867       25,079      152,311      100,088
  General and
   administrative        34,635       19,499       79,667       51,993
                     -------------------------------------------------
 Total Ship Operating
  Expenses              158,988      104,527      529,628      325,801
                     -------------------------------------------------
 Income from Vessel
  Operations            112,129      171,123      432,034      463,780
 Equity in Income of
  Joint Ventures         11,619       26,577       43,807       45,599
                     -------------------------------------------------
 Operating Income       123,748      197,700      475,841      509,379
 Other Income            10,845       17,064       77,367       45,781
                     -------------------------------------------------
                        134,593      214,764      553,208      555,160
 Interest Expense        18,450       18,963       89,489       74,146
                     -------------------------------------------------
 Income before Federal
  Income Taxes          116,143      195,801      463,719      481,014
 Provision/(Credit)
  for Federal Income
  Taxes                   2,459      (15,322)      (1,110)      79,778
                     -------------------------------------------------
 Net Income          $  113,684   $  211,123   $  464,829   $  401,236
                     =================================================
 Weighted Average
  Number of Common
  Shares
  Outstanding:
   Basic             39,448,336   39,387,097   39,444,059   39,113,040
   Diluted           39,499,636   39,454,304   39,506,332   39,176,253
 Per Share Amounts:
  Basic net income   $     2.88   $     5.36   $    11.78   $    10.26
  Diluted net income $     2.88   $     5.35   $    11.77   $    10.24
  Cash dividends
   declared and paid $    0.175   $    0.175   $     0.70   $     0.70

 Revenue Days:
  International Flag
   Crude                  4,233        3,046       17,076       11,990
  International Flag
   Product                2,543          368        9,589        1,383
  Other                     184          197          733          781
  U.S. Flag                 660          883        3,247        3,423
                     -------------------------------------------------
                          7,620        4,494       30,645       17,577
                     =================================================

TCE REVENUE BY SEGMENT

The following chart reflects TCE revenues generated by the Company's three reportable segments for quarters and full years ended December 31, 2005 and 2004, respectively, and excludes the Company's proportionate share of TCE revenues of joint ventures.



 ($ in thousands)
                                 Three Months Ended December 31,
                         ------------------------------------------
                                      % of                    % of 
                           2005       Total       2004        Total
 ------------------------------------------------------------------
 International Flag                                        
  Crude                  $198,677      73.2     $244,645      88.8 
  Product                  46,233      17.1        6,840       2.5 
  Other                     6,653       2.5        5,589       2.0 
 U.S. Flag                 19,554       7.2       18,576       6.7 
                         ------------------------------------------
  Total TCE Revenues     $271,117     100.0     $275,650     100.0 
                         ==========================================

                                      Year Ended December 31,     
                         ------------------------------------------
                                      % of                    % of 
                           2005       Total       2004        Total
 ------------------------------------------------------------------
 International Flag  
  Crude                  $683,551      71.1     $665,645      84.3
  Product                 171,100      17.8       25,159       3.2
  Other                    25,902       2.7       25,014       3.2
 U.S. Flag                 81,109       8.4       73,763       9.3
                         -----------------------------------------
  Total TCE Revenues     $961,662     100.0     $789,581     100.0
                         ==========================================

INCOME FROM VESSEL OPERATIONS BY SEGMENT

The following chart reflects income from vessel operations accounted for by each reportable segment. Income from vessel operations is before general and administrative expenses and the Company's share of income from joint ventures.



 ($ in thousands)
                              Three Months Ended December 31,
                         -----------------------------------------
                                      % of                   % of
                            2005      Total       2004       Total
                         -----------------------------------------
 International Flag
  Crude                  $ 121,680     82.9    $ 186,814      98.0
  Product                   15,142     10.3        3,261       1.7
  Other                      2,295      1.6       (5,388)     (2.8)(a)
 U.S. Flag                   7,647      5.2        5,935       3.1
                         -----------------------------------------
  Total Income from
   Vessel Operations     $ 146,764    100.0    $ 190,622     100.0
                         =========================================


                                   Year Ended December 31,
                         -----------------------------------------
                                      % of                   % of
                            2005      Total       2004       Total
                         -----------------------------------------
 International Flag
  Crude                  $ 410,837     80.3    $ 474,198      91.9
  Product                   65,385     12.8       11,642       2.3
  Other                      4,925      0.9        2,052       0.4
 U.S. Flag                  30,554      6.0       27,881       5.4
                         -----------------------------------------
 Total Income from
  Vessel Operations      $ 511,701    100.0    $ 515,773     100.0
                         =========================================
 ---------------------------------------------------------------------
     (a)  Reflects reserves related to Department of Justice
          investigations and the settlement of certain crew benefits.

          FINANCIAL INFORMATION - CONSOLIDATED BALANCE SHEETS
          ---------------------------------------------------

 ($ in thousands )
                                                     December 31,
                                                  2005          2004
 ---------------------------------------------------------------------
 Assets
 Current Assets:
 Cash and cash equivalents                   $   188,588   $   479,181
 Voyage receivables                              157,334       144,237
 Other receivables                                22,202        12,815
 Inventories                                       1,855         1,132
 Prepaid expenses                                 14,908         8,252
                                             -------------------------
   Total Current Assets                          384,887       645,617
 Capital Construction Fund                       296,126       268,414

 Vessels and other property, less
  accumulated depreciation                     2,288,481     1,419,761
 Vessels under capital leases, less
  accumulated amortization                        36,267        34,668
 Vessel held for sale                                 --         9,744
 Deferred drydock expenditures, net               19,805        25,339
                                             -------------------------
   Total Vessels, Deferred Drydock
    and Other Property                         2,344,553     1,489,512
                                             -------------------------
 Investments in Joint Ventures                   269,657       227,701
 Other Assets                                     53,457        49,554
                                             -------------------------
   Total Assets                              $ 3,348,680   $ 2,680,798
                                             =========================

 Liabilities and Shareholders' Equity
 Current Liabilities:

 Accounts payable, sundry liabilities
  and accrued expenses                       $   105,173   $    80,047
 Federal income taxes                                 --        90,943
 Short-term debt and current
  installments of long-term debt                  20,066        25,024
 Current obligations under capital leases          6,968         4,729
                                             -------------------------
   Total Current Liabilities                     132,207       200,743
 Long-term Debt                                  923,612       863,466
 Obligations under Capital Leases                 42,043        42,717
 Deferred Gain on Sale and
  Leaseback of Vessels                           233,456         3,573
 Deferred Federal Income Taxes
  and Other Liabilities                          141,334       143,927

 Shareholders' Equity:
 Common stock                                     40,791        40,791
 Paid-in additional capital                      199,570       199,054
 Retained earnings                             1,640,742     1,203,528
 Unearned compensation, restricted stock              --        (1,360)
                                             -------------------------
                                               1,881,103     1,442,013
 Cost of treasury stock                           17,019        17,579
                                             -------------------------
                                               1,864,084     1,424,434
 Accumulated other comprehensive income           11,944         1,938
                                             -------------------------
   Total Shareholders' Equity                  1,876,028     1,426,372
                                             -------------------------
   Total Liabilities and
    Shareholders' Equity                     $ 3,348,680   $ 2,680,798
                                             =========================

 ---------------------------------------------------------------------
       2004 has been reclassified to conform with the 2005
       presentation.

    FINANCIAL INFORMATION - CONSOLIDATED STATEMENTS OF CASH FLOWS
    -------------------------------------------------------------
    ($ in thousands) 
                                                Year Ended
                                     ---------------------------------
                                                December 31,
                                        2005        2004        2003
                                     ---------------------------------
 Cash Flows from Operating
 Activities:

 Net income                          $ 464,829   $ 401,236   $ 121,309
 Items included in net income
  not affecting cash flows:
   Depreciation and amortization       152,311     100,088      90,010
   Amortization of deferred gain
    on sale and leasebacks              (9,897)       (550)     (6,888)
   Deferred compensation relating
    to restricted stock                  1,364         425          --
   Deferred compensation relating
    to stock option grants                 720          --         226

   Unrealized loss on write-down
    of marketable securities                --          --       4,756
   Provision/(credit) for deferred
    federal income taxes                   675     (53,619)     11,351
   Undistributed earnings of
    joint ventures                      (9,307)    (28,754)    (17,999)
   Other -- net                        (10,856)      3,838      (7,853)
 Items included in net income
  related to investing and financing
  activities:
 Gain on sale of securities -- net     (23,186)     (7,204)    (10,439)
 (Gain)/loss on disposal of vessels    (42,905)    (29,222)      6,809

 Changes in operating assets
  and liabilities:
   Decrease/(increase) in receivables   45,319     (84,471)     (4,534)
  Increase/(decrease) in Federal
   income taxes payable                (96,435)     76,165      13,172
  Net change in prepaid items and
   accounts payable, sundry
   liabilities and accrued expenses    (20,586)     18,893      30,830
                                     ---------------------------------
  Net cash provided by
   operating activities                452,046     396,825     230,750
                                     ---------------------------------
 Cash Flows from Investing
 Activities:

 Proceeds from sales of
  marketable securities                     --          --      34,674
 Expenditures for vessels               (5,166)    (59,439)    (87,007)
 Payments for drydockings              (16,899)    (22,354)     (5,971)
 Proceeds from disposal
  of vessels                           858,142      99,082     151,143
 Acquisitions of  interests in
  joint ventures that own VLCCs             --      (2,292)    (10,362)
 Acquisition of interest in joint
  venture that owned four V-Pluses     (69,047)         --          --
 Acquisition of Stelmar Shipping Ltd. (742,433)         --          --
 Expenditures for other property       (12,257)     (2,349)     (1,579)
 Investments in and advances to
  joint ventures                        (9,495)   (214,403)    (60,090)
 Distributions from joint ventures      20,853       1,988       6,612
 Purchases of other investments           (847)       (669)       (919)
 Proceeds from dispositions of other
  investments                           23,271      10,042      27,581
 Other -- net                             (863)       (781)     (1,744)
                                     ---------------------------------
 Net cash provided by/(used in)
  investing activities                  45,259    (191,175)     52,338
                                     ---------------------------------
 Cash Flows from Financing
 Activities:

 Issuance of common stock, net
  of issuance costs                         --     115,513          --
 Issuance of debt, net of
  issuance costs                       781,268     158,730     194,849
 Payments on debt and obligations
  under capital leases              (1,541,293)    (49,026)   (435,164)
 Cash dividends paid                   (27,615)    (27,532)    (22,686)
 Issuance of common stock upon
  exercise of stock options                218       3,716      20,259
 Other -- net                             (476)     (1,873)     (3,287)
                                     ---------------------------------
 Net cash provided by/(used in)
  financing activities                (787,898)    199,528    (246,029)
                                     ---------------------------------
 Net (decrease)/increase in cash
  and cash equivalents                (290,593)    405,178      37,059
 Cash and cash equivalents at
  beginning of year                    479,181      74,003      36,944
                                     ---------------------------------
 Cash and cash equivalents at
  end of year                        $ 188,588   $ 479,181   $  74,003
 ---------------------------------------------------------------------
          2004 and 2003 have been reclassified to conform with the
          2005 presentation

FLEET

At December 31, 2005, OSG was the second largest publicly traded oil tanker company in the world as measured by number of vessels. OSG's fleet of 107 vessels, including newbuilds, aggregates over 12.1 million deadweight tons. Adjusted for OSG's participation interest in joint ventures and chartered-in vessels, the fleet totaled 100.25 vessels. For current fleet information, which is updated on a monthly basis, refer to the Company's website at www.osg.com



                                                          Vessels
                                    Vessels Owned       Chartered-in
                                  -----------------  -----------------
                                           Weighted           Weighted
                                              by                 by
 Vessel Type                       No.    Ownership   No.    Ownership
 ----------------------------     -----   ---------  -----   ---------
 VLCC (including V-Plus)            12       12        10       6.25
 ----------------------------     -----   ---------  -----   ---------
 Aframax                             9        9         8       7.00
 ----------------------------     -----   ---------  -----   ---------
 Panamax                            11       11         2       2.00
 ----------------------------     -----   ---------  -----   ---------
 Summary International                                         
  Flag Crude Tankers                32       32        20      15.25
 ----------------------------     -----   ---------  -----   ---------
 International Flag                                            
  Handysize Product                                            
   Carriers                         12       12        13      13.00
 ----------------------------     -----   ---------  -----   ---------
 International Flag                                            
  Dry Bulk Carriers                 --       --         2       2.00
 ----------------------------     -----   ---------  -----   ---------
 Total International Flag                                      
  Operating Fleet                   44       44        35      30.25
 ----------------------------     -----   ---------  -----   ---------
 U.S. Flag Operating Fleet           6        6         4       4.00
 ----------------------------     -----   ---------  -----   ---------
 Total Operating Fleet              50       50        39      34.25
 ----------------------------     -----   ---------  -----   ---------
                                                               
 Newbuild Fleet                                                
 ----------------------------
 International Flag                                            
    Handysize Product                                          
    Carriers                        --       --         4       4.00
 ----------------------------     -----   ---------  -----   ---------
 U.S. Flag Product Carriers         --       --        10      10.00
 ----------------------------     -----   ---------  -----   ---------
 Subtotal of Crude Tankers,                                    
    Product Carriers and                                       
    Dry Bulk Carriers               50       50        53      48.25
 ----------------------------     -----   ---------  -----   ---------
 Newbuild LNG Carriers               4        2        --         --
 ----------------------------     -----   ---------  -----   ---------
 Total Operating and                                           
    Newbuild Fleet                  54       52        53      48.25
 ----------------------------     -----   ---------  -----   ---------
                                                              

                                 Total at December 31, 2005
                             ------------------------------------
                                          Vessels
                                 Total    Weighted by     Total
 Vessel Type                    Vessels    Ownership       Dwt
 --------------------------     -------   -----------  ----------
 VLCC (including V-Plus)           22        18.25      6,994,410
 --------------------------     -------   -----------  ----------
 Aframax                           17        16.00      1,758,994
 --------------------------     -------   -----------  ----------
 Panamax                           13        13.00        904,709
 --------------------------     -------   -----------  ----------
 Summary International         
  Flag Crude Tankers               52        47.25      9,658,113
 --------------------------     -------   -----------  ----------
 International Flag            
  Handysize Product            
  Carriers                         25        25.00      1,074,834
 --------------------------     -------   -----------  ----------
 International Flag Dry        
  Bulk Carriers                     2         2.00        319,843
 --------------------------     -------   -----------  ----------
 Total International Flag      
  Operating Fleet                  79        74.25     11,052,790
 --------------------------     -------   -----------  ----------
 U.S. Flag Operating Fleet         10        10.00        386,047
 --------------------------     -------   -----------  ----------
 Total Operating Fleet             89        84.25     11,438,837
 --------------------------     -------   -----------  ----------
                               
 Newbuild Fleet                
 --------------------------
 International Flag            
  Handysize Product            
  Carriers                          4         4.00        204,000
 --------------------------     -------   -----------  ----------
 U.S. Flag Product Carriers        10        10.00        460,000
 --------------------------     -------   -----------  ----------
 Subtotal of Crude Tankers,    
  Product Carriers and         
  Dry Bulk Carriers               103        98.25     12,102,837
 --------------------------     -------   -----------  ----------
                                                         864,000
 Newbuild LNG Carriers              4         2.00         cbm
 --------------------------     -------   -----------  ----------
 Total Operating and           
  Newbuild Fleet                  107       100.25             --
 --------------------------     -------   -----------  ----------

Average Age of International Flag Operating Fleet

OSG has one of the youngest International Flag fleets in the industry. The Company believes its modern, well maintained fleet is a significant competitive advantage in the global market. The table below reflects the average age of the Company's owned International Flag fleet in comparison with the world fleet.



                        Average Age of OSG's         Average Age of 
                           Owned Fleet at             World Fleet
 Vessel Class          12/31/05      12/31/04        at 12/31/05(a)
 -----------------    ----------    ----------       --------------
 VLCC (including
  V-Plus)              5.7 years      4.7 years         8.5 years
 Aframax               8.1 years      7.0 years         9.2 years
 Panamax               2.8 years     18.4 years        11.1 years
 Handysize Product
  Carrier              4.9 years     15.8 years        13.1 years
 ------------------------------------------------------------------
 (a) Source:  Clarkson database as of January 1, 2006

Drydock Schedule

In addition to regular inspections by OSG personnel, all vessels are subject to periodic drydock, special survey and other scheduled maintenance. The table below sets forth anticipated days off-hire for these events by class for the Company's owned and bareboat chartered-in vessels.



                    Q1-06              Q2-06              Q3-06        
             -----------------  ------------------  ------------------ 
             Projected          Projected           Projected          
               Days     No. of    Days      No. of    Days      No. of 
             Off-Hire  Vessels  Off-Hire   Vessels  Off-Hire   Vessels 
 ---------  ---------  -------  ---------  -------  ---------  ------- 
 VLCC           31        2         17        2         14        1    
 Aframax        55        3          0        0         54        3    
 Panamax         0        0          0        0          0        0    
 Handysize      87        1        188        5         73        2    
 U.S. Flag      99        3          0        0          0        0    
 ---------  ---------  -------  ---------  -------  ---------  ------- 
  Total        272        9        205        7        141        6    
 ---------  ---------  -------  ---------  -------  ---------  ------- 

                    Q4-06        
              ------------------ 
              Projected          
                Days        No. of 
              Off-Hire     Vessels 
 ---------    ---------    ------- 
 VLCC            14           1
 Aframax          0           0
 Panamax         31           1
 Handysize      130           4
 U.S. Flag        0           0
 ---------    ---------    ------- 
  Total         175           6
 ---------    ---------    -------

MARKET OVERVIEW

Similar to 2004, the year 2005 was characterized by significant volatility in shipping markets. Hurricanes in the Gulf of Mexico changed shipping trade flows and caused bottlenecks, while collisions, groundings and the weather caused shipping delays in the Bosporus Straits and the Dardanelles. The ongoing insurgency in Iraq reduced oil production and pipeline shipments to the Mediterranean and caused loading delays in the Arabian Gulf. Civil unrest in Nigeria continued to hamper oil production and exports, while tension between Venezuela and the U.S. increased.

World oil demand grew by a relatively modest 1.3%, or 1.1 million barrels per day ("b/d"), in 2005. The lower growth rate in 2005 resulted primarily from growth slowdowns in the U.S. and China. In the U.S., the slower growth was caused by the effects of the hurricanes during the last half of the year while high oil prices and the inability of refiners in China to recover these costs in the marketplace restrained Chinese demand.

After record growth in 2004, a year in which oil demand increased by 3.0 million b/d, further increases in demand during 2005 put additional pressure on the oil infrastructure. Middle East OPEC supplied most of the incremental barrels as net increases in non-OPEC crude oil production were immaterial. This caused a significant reduction in OPEC's spare producing capacity. At the same time worldwide refining capacity was also constrained.

Both developments were positive for shipping, as they increased ton-mile demand for both crude oil and petroleum products. As a result, although tanker rates in 2005 were highly volatile, they remained well above historical averages despite a significant increase in the world tanker fleet. The supply of new vessels entering the marketplace in 2005, however, exerted downward pressure on rates. The world tanker fleet increased to 307.9 million dwt at the end of the year, 6.2% higher than the 289.9 million dwt at the beginning of 2005. A significant volume of new tankers were delivered throughout the year, while vessel removals were limited. Continued high earnings and a generally favorable market outlook reduced the scrapping of older, single hull tonnage that had been predicted to occur by the April 5, 2005 IMO deadline.

Extreme weather had a significant impact on the tanker market in 2005. In particular, two major hurricanes in the Gulf of Mexico significantly disrupted crude oil production, refinery operations and shipping logistics in the third and fourth quarters of 2005. The effects of hurricanes Katrina and Rita will continue to be felt well into 2006. The hurricanes affected both the crude oil and refined product markets. During October 2005, over one million b/d, or 69% of crude oil production in the Gulf of Mexico, was disrupted. Additional volumes of West African crude oil were transported to the U.S. to replace lost Gulf of Mexico production. Incremental deliveries of West African crude oil are expected to continue until Gulf of Mexico production is fully restored. Initially, the direct impact on crude oil movements as a result of the lost production in the Gulf of Mexico was limited because the significant damage to U.S. Gulf Coast refineries reduced crude oil demand. At one point over four million b/d of refining capacity was affected. The refining downtime in the U.S. resulted in counter-seasonal declines in crude oil imports into the largest oil-consuming nation in the world but necessitated additional product imports to the U.S. The hurricanes also impacted seaborne trades outside the U.S. as well, enhancing overall ton-mile demand.

International Flag VLCCs

Rates for VLCCs trading out of the Arabian Gulf in 2005 averaged $53,600 per day, a decline of 42% from the 2004 average but 12% higher than the 2003 average (rates in this Market Overview section are based on charters entered into in the periods indicated and do not represent TCE earnings). The 2005 average is still one of the best annual average rates in the history of the tanker industry. Fleet expansion in excess of oil demand growth exerted downward pressure on VLCC rates throughout the year. The impact of lower oil demand growth on the VLCC market was moderated because almost all the incremental crude oil was sourced from long-haul OPEC producers. OPEC crude oil production increased by 600,000 b/d to 29.2 million b/d, the highest level since 1979.

The world VLCC fleet expanded to 477 vessels (139.4 million dwt) at December 31, 2005 from 456 vessels (132.7 million dwt) at the beginning of the year as newbuilding deliveries well exceeded the number of vessels deleted from the fleet. In 2005, a total of 37 newbuilding orders were placed (11.2 million dwt). This is a reduction compared with 2004 (43 vessels, 13.0 million dwt) and 2003 (51 vessels, 15.5 million dwt). The declining trend in orders was caused by high contract prices and long delivery lead times due to heavy ordering in other bulk shipping sectors. As of December 31, 2005, the VLCC orderbook totaled 92 vessels (27.9 million dwt), equivalent to 20.0% of the existing VLCC fleet, based on deadweight tons.

International Flag Aframaxes

Rates for Aframaxes operating in the Caribbean during 2005 averaged $33,100 per day, a decrease of 23% from the 2004 average but 6% above the 2003 average. Rates in 2005 were adversely impacted by declines in North Sea crude oil production of 446,000 b/d, as well as stagnating production in Venezuela, two key Aframax loading areas. Production in the Former Soviet Union ("FSU"), which has become an increasingly important source of Aframax employment in recent years, rose by 3.7% in 2005 to 11.6 million b/d. Similarly to VLCCs, fleet expansion in excess of oil demand growth exerted downward pressure on Aframax rates throughout the year.

The world Aframax fleet expanded significantly to 673 vessels (67.9 million dwt) as of December 31, 2005 from 627 vessels (62.5 million dwt) at December 31, 2004, as vessel deliveries far outweighed scrap sales. Rising newbuilding prices further slowed the pace of Aframax ordering to 47 vessels (5.1 million dwt) in 2005 from 66 vessels (7.3 million dwt) in 2004 and the record level of 96 vessels (10.3 million dwt) in 2003. The Aframax orderbook contracted to 153 vessels (16.7 million dwt) at December 31, 2005, equivalent to 24.6% of the existing Aframax fleet, based on deadweight tons.

International Flag Panamaxes

Rates for Panamaxes averaged $37,800 per day, 4% lower than the average in 2004 but 43% above the 2003 average. In 2005, fuel oil demand in the U.S. was largely driven by high natural gas prices that resulted in end users seeking lower cost alternatives to meet their energy requirements. The increase in fuel oil demand boosted the requirements for Panamaxes in the Caribbean, particularly for double hull tonnage, given the more stringent IMO regulations and a preference by the oil majors. The world Panamax Product Carrier fleet at December 31, 2005 increased to 326 vessels (21.6 million dwt) from 290 vessels (19.1 million dwt) as of December 31, 2004. The orderbook for Panamax tankers remains significant. At December 31, 2005, 186 vessels (12.2 million dwt), equivalent to 56.2% of the existing Panamax fleet, based on deadweight tons, were on order.

International Flag Handysize Product Carriers

Rates for Handysize Product Carriers operating in the Caribbean averaged $22,600 per day in 2005, 7% lower than the 2004 average but 41% above the 2003 average. The world Handysize fleet showed little change in 2005, expanding to 527 vessels (21.8 million dwt) at December 31, 2005 from 524 vessels (21.5 million dwt) at December 31, 2004. At December 31, 2005, the newbuilding orderbook for Handysize Product Carriers reached 200 vessels (9.1 million dwt), equivalent to 41.9% of the existing Handysize fleet, based on deadweight tons. U.S. Flag Jones Act Product Carriers Rates in the U.S. coastwise trades that equate to OSG's existing Jones Act Handysize Product Carriers averaged $41,200 in 2005, 23% higher than the rate in 2004. Robust demand for gasoline blended components on the U.S. east and west coasts, hurricane related dislocations and a decline in the number of available vessels as a result of OPA 90 regulations contributed to the strength in rates. The U.S. coastwise trade in products in the fourth quarter of 2005 continued to be impacted by the hurricane related dislocations that significantly reduced refining capacity along the U.S. Gulf Coast. The Jones Act, which limits the carriage of shipments in coastwise trades to qualifying U.S. Flag vessels, was temporarily waived from September 1 through September 19 and again from September 27 to October 24. This permitted International Flag tankers to transport oil between U.S. ports to ensure sufficient supplies of petroleum products. The effect of the temporary waivers on the market was limited. The total Jones Act Product Carrier fleet consisted of 43 vessels (1.8 million dwt) as of December 31, 2005. Approximately 60% of this fleet is not double hull and will be phased out over the next ten years as a result of OPA 90 regulations. Additional scrapping of some of the remaining 17 vessels could also occur prior to 2015 based on the age profile of these vessels. Outlook The International Energy Agency forecasts global oil demand to rise by 2.1% to 85.1 million b/d in 2006 from 83.3 million b/d in 2005. This is a higher growth rate than the 1.3% increase in 2005 relative to 2004. While the demand growth for 2006 is primarily expected to occur in the U.S. and China, production growth is expected to come predominantly from non-OPEC sources such as West Africa and the FSU. The projected increases in demand and the location of incremental production in 2006 is expected to increase ton-mile demand in 2006. On the refined product side, increases in worldwide demand are forecast to exceed increases in refining capacity in 2006. This is expected to result in additional product movements. The world tanker fleet in 2006 is projected to increase by 4.5% compared with a 6.2% growth in 2005 and a 5.1% increase in 2004, as the sizable number of newbuilding deliveries is expected to be only partially offset by rising deletions, many of which are mandated under IMO phase out regulations.

EARNINGS CONFERENCE CALL INFORMATION

The Company plans to host a conference call at 11:00 AM ET on February 28, 2006 to discuss results for the quarter. All shareholders and other interested parties are invited to call into the conference call, which may be accessed by calling +1 800 231-5571 within the United States, or +1 973-582-2952 for international participants. A live webcast of the conference call will also be available on Overseas Shipholding Group's website at http://www.osg.com in the Investor Relations Events and Webcasts section or via http://www.viavid.net. The webcast will be available for 90 days and requires Windows Media Player. An audio replay of the conference call will be available from 1:00 PM ET on Tuesday, February 28, through midnight ET on Tuesday March 7, 2006 by calling +1 877-519-4471 within the United States and +1 973-341-3080 for international callers. The password for the replay is 7011329.

ABOUT OSG

Overseas Shipholding Group, Inc. (NYSE:OSG) is one of the largest publicly traded tanker companies in the world with an owned, operated and newbuild fleet of 107 vessels, aggregating 12.1 million deadweight tons. As a market leader in global energy transportation services for crude oil and petroleum products in the U.S. and International Flag markets, the Company is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world's most customer-focused marine transportation companies, with offices in New York, Athens, London, Manila, Newcastle and Singapore. More information is available at www.osg.com.

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements regarding the Company's prospects, including the outlook for tanker markets, changing oil trading patterns, prospects for certain strategic alliances and investments, estimated TCE rates achieved for the first quarter of 2006, anticipated levels of newbuilding and scrapping, projected drydock schedule, the ability to restore refining capacity and crude oil production in the Gulf of Mexico from damage caused by hurricanes, integration of Stelmar Shipping Ltd., the projected growth of the world tanker fleet and the forecast of world economic activity and world oil demand. Factors, risks and uncertainties that could cause actual results to differ from expectations reflected in these forward-looking statements are described in the Company's Annual Report on Form 10-K.

APPENDIX 1 - GAINS ON VESSEL SALES AND SECURITIES TRANSACTIONS

The following table presents per share amounts after tax for net income adjusted for the effects of vessel sales and securities transactions:



                            Three Months Ended     Year Ended
                               December 31,       December 31,
                             ---------------    ----------------
                              2005     2004      2005      2004
                             ------   ------    ------    ------
 EPS (diluted)               $ 2.88   $ 5.35    $11.77    $10.24

 (Gain) on Vessel Sales       (0.10)   (0.23)    (1.02)     (.48)

 (Gain)/Loss on Securities
  Transactions                 0.01     0.01     (0.38)     (.14)
                             ------   ------    ------    ------
                             $ 2.79   $ 5.13    $10.37    $ 9.62
 ---------------------------------------------------------------
  Net income adjusted for the effect of vessel sales and securities
  transactions is presented to provide additional information with
  respect to the Company's ability to compare from period to period
  vessel operating revenues and expenses and general and
  administrative expenses without gains and losses from disposals
  of assets and investments. While net income adjusted for the
  effect of vessel sales and securities transactions is frequently
  used by management as a measure of the vessels operating
  performance in a particular period, it is not necessarily
  comparable to other similarly titled captions of other companies
  due to differences in methods of calculations. Net income
  adjusted for the effect of vessel sales and securities
  transactions should not be considered an alternative to net
  income or other measurements prepared in accordance with
  accounting principles generally accepted in the United States.

APPENDIX 2 - EQUITY IN INCOME OF JOINT VENTURE VESSELS

The following is a summary of the Company's interest in its joint ventures and equity method investments. Revenue days are adjusted for OSG's percentage ownership in order to state the days on a basis comparable to that of wholly-owned vessels:



 ($ in thousands)

                            Three Months Ended         Year Ended
                               December 31,            December 31,
                           --------------------    -------------------
                             2005        2004        2005       2004
 ----------------------    --------    --------    --------   --------
 Equity in Income          $ 11,619    $ 26,577    $ 43,807   $ 45,599
 Number of Revenue Days         257         252         692        631
 ----------------------    --------    --------    --------   --------

As of December 31, 2005, the only operating vessels held in companies that are accounted for by the equity method are held through DHT, all of which are on time charters, with profit sharing arrangements. Projected revenue days adjusted for OSG's percentage ownership in DHT are: 280 for Q1-06; 283 for Q2-06 and 279 for each of Q3-6 and Q4-06.

APPENDIX 3 - EBITDA RECONCILIATION

The following table shows reconciliations of net income, as reflected in the consolidated statements of operations, to EBITDA:



 ($ in thousands)
                        Three Months Ended           Year Ended
                            December 31,             December 31,
                       ---------------------    ----------------------
                          2005        2004         2005         2004
 --------------------  ---------   ---------    ---------    ---------
 Net Income            $ 113,684   $ 211,123    $ 464,829    $ 401,236
 Provision/(credit)
  for Federal Income
  Taxes                    2,459     (15,322)      (1,110)      79,778
 Interest Expense         18,450      18,963       89,489       74,146
 Depreciation and
  amortization            35,867      25,079      152,311      100,088
 --------------------  ---------   ---------    ---------    ---------
 EBITDA                $ 170,460   $ 239,843    $ 705,519    $ 655,248
 =====================================================================
 EBITDA represents operating earnings, which is before interest
 expense and income taxes, plus other income and depreciation and
 amortization expense. EBITDA should not be considered a
 substitute for net income, cash flow from operating activities
 and other operations or cash flow statement data prepared in
 accordance with accounting principles generally accepted in the
 United States or as a measure of profitability or liquidity.
 EBITDA is presented to provide additional information with
 respect to the Company's ability to satisfy debt service, capital
 expenditures and working capital requirements. While EBITDA is
 frequently used as a measure of operating results and the ability
 to meet debt service requirements, it is not necessarily
 comparable to other similarly titled captions of other companies
 due to differences in methods of calculation.

APPENDIX 4 - CAPITAL EXPENDITURES

The following table presents information with respect to OSG's capital expenditures for the three months and year end December 31, 2005, excluding the acquisition of Stelmar, compared with the same periods of 2004:



 ($ in thousands)
                               Three Months Ended       Year Ended
                                   December 31,         December 31,
                               ------------------   ------------------
                                 2005      2004       2005      2004
 ----------------------------  -------   --------   --------  --------
 Expenditures for vessels      $ 3,261   $  8,309   $  5,166  $ 59,439

 Acquisitions of interests
  in joint ventures                (98)        --     69,047     2,292

 Investments in and advances
  to joint ventures              1,056     91,190      9,495   214,403

 Payments for drydockings        6,954     11,231     16,899    22,354
 ----------------------------  -------   --------   --------  --------
                               $11,173   $110,730   $100,607  $298,488
                               =======   ========   ========  ========


            

Coordonnées