OVERSEAS SHIPHOLDING SLIDES INTO THE RED

OVERSEAS SHIPHOLDING SLIDES INTO THE RED

   Overseas Shipholding Group, Inc., the New York-based tanker shipping operator, has moved deeply into the red in the third quarter, with a net deficit of $29.7 million on revenues of $62.1 million.

   The quarterly loss compares with a net income of $11.2 million in the third quarter of 2001.

   Operating income during the latest quarter fell by 53 percent, to $9.6 million, from $20.5 million a year ago.

   In addition, Overseas Shipholding recorded a net noncash charge of $26.2 million attributable to a write-down in the value of marketable securities.

   Time-charter equivalent revenues for the third quarter decreased by 21 percent, to $62.1 million, from $78.4 million in the same quarter of 2001.

   Overseas Shipholding said that its third quarter 2002 operating results were adversely affected by the continued year-to-year decline in rates affecting all key crude and product tanker segments.