Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 8-K Overseas Shipholding Group Reports Second Quarter 2010 Results

Exhibit 99.2

Second Quarter Fiscal 2010 Earnings Conference Call

August 3, 2010

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This presentation contains forward-looking statements regarding the Company's prospects, including the outlook
for tanker and articulated tug barge markets, changing oil trading patterns, anticipated levels of newbuilding and
scrapping, prospects for certain strategic alliances and investments, estimated fixed revenue for 2010, forecasted
newbuilding delivery schedule for 2010 and 2011, projected scheduled drydock and off hire days for the third and
fourth quarters of 2010, projected locked-in charter revenue and locked-in time charter days, forecasted 2010
vessel expenses, charter hire expenses, depreciation and amortization, general and administrative expenses,
interest expense, and levels of equity income and capital expenditures, outcome of OSG negotiations concerning
the FSO Africa, the sustainability of OSG’s annual dividend, prospects of OSG’s strategy of being a market leader
in the segments in which it competes and the forecast of world economic activity and oil demand.These
statements are based on certain assumptions made by OSG management based on its experience and
perception of historical trends, current conditions, expected future developments and other factors it believes are
appropriate in the circumstances.Forward-looking statements are subject to a number of risks, uncertainties and
assumptions, many of which are beyond the control of OSG, which may cause actual results to differ materially
from those implied or expressed by the forward-looking statements.Factors, risks and uncertainties that could
cause actual results to differ from the expectations reflected in these forward-looking statements are described in
the Company’s Annual Report for 2009 on Form 10-K and those risks discussed in the other reports OSG files
with the Securities and Exchange Commission.

Forward-Looking Statements

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<Second quarter fiscal 2010 results

•TCE revenues were $232M down 7% from $248M

•Reported net loss of $37.9M or $1.26 per diluted share

•Adjusted net loss $10M

•Adjusted loss per share $0.34

<Addressing older vessels in fleet, $25M non-cash impairment charge taken

•Action puts behind us the challenge of employing single hull assets

•Reflects expectations of proposed legislation

•Assets written down close to scrap value

<Fleet modernization and expense discipline

•Vessel deliveries:converting construction in progress on the balance sheet into assets that
generate revenue

•Cost controls companywide enabled us to achieve reductions to vessel OPEX and G&A

<Strong balance sheet and manageable capital commitments

•Ample liquidity and debt capacity:$1.6B in total liquidity including $1.2B in long-term
unsecured credit availability

•$391M of future construction commitments fully funded

•Predominantly unsecured borrower:67.5% of assets are unencumbered

Financial Highlights

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Quarterly Highlights

<Four vessels delivered during the quarter

•Overseas Martinez

-A 3-year charter-out agreement - with extension options - is at higher levels than the average
rate on earlier Aker vessels

-59% of U.S. Flag fleet is chartered out as of July 1, 2010

•Three MRs expand and modernize the Products fleet

-Operating fleet totals 35 with an average age of 5.1 years

-2010-built Overseas Santorini (owned)

-2009-built Aegean Wave and Adriatic Wave (chartered-in for ~8 years)

<FSO update

•Continue active negotiations for employment of the FSO Africa

<OSG assists with U.S. GOM oil spill

•Overseas Cascade

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Integrated Bridge and Engine Room
Simulator in Manila

More stringent U.S. regulations following U.S. GOM oil spill expected;
in-house technical management will differentiate owner/operators
in a tighter regulatory market

OSG to publish a Health,
Safety &Environmental
Report

<What top-tier oil majors expect

•Strong corporate governance

•Strong safety culture

•Standardized and reported KPIs

•Transparency

<Programs and initiatives

•Quality assurance group

•Open reporting

•Comprehensive quarterly operational reviews

•Top management engaged

<Training and development

•Training Advisory Group

•Simulator equipment in Manila

•Crew conferences

•Retention >90%

<Oil spill response plan updated quarterly

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Commitments / Construction in Progress

Vessel Delivery Schedule

§Built-in growth and optionality of chartered-
in portfolio modernizes OSG’s fleet

§2H 2010 deliveries:2 MRs and 2 U.S. Flag

§2011 deliveries:2 VLCCs, 4 LR1s, 2 MRs,
2 U.S. Flag and 1 chemical carrier

§$3.0B of vessel assets as of June 30, 2010

-Includes $614M construction in progress;
capital paid but not generating revenue

§$391M shipyard contract commitments

Chartered-in

Owned

As of 7/30/10

10 of 15 newbuilds are owned

Built-in Growth Modernizes Fleet

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Oil imports into China source:ESAI; refinery additions source:OSG

Crude Oil Imports Into China

Worldwide Refining Capacity Additions

In thousands of b/d

Crude Segment Developments / Outlook

<Third quarter is typically weak, we expect
seasonal pick up in the fourth quarter

<Ton-miles increasing:VLCC trade
evolution

•Developing trend expected to continue:
W. Africa to China and Carib. (Brazil and
Venezuela) to China as front haul routes
and AG-West backhaul

•Steady queue of projects in W. Africa that
increase export capacity beginning in 2011

•Key COA contract renewal in China

<Refinery capacity increases - especially in
Asia - remain a key driver for crude oil
supply patterns

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Products Segment Development / Outlook

<Products expected to benefit from short- and long-term market developments

<Peaks and valleys of the orderbook:what a difference a year makes

•2009:witnessed excess tonnage delivered vs. contracting demand

•2010:reversal expected due to positive demand, fleet contraction and increased ton-miles

-Deliveries:less than 50 MRs have delivered YTD, well below Clarksons projections for 2010

-Storage:25 vessels storing clean products down from 118 at year-end 2009

<Worldwide demand for refined products has increased significantly in 2010

•1H 2010 demand grew 2.6%

•2010 demand levels now forecast to be slightly over 2007 levels

-Slight growth in oil demand forecast in OECD countries; 4.1% increase in demand in non-OECD

<Summer 2010

•Late start to the summer “driving season” has led to a rally into the third quarter

<2H 2010 expected to improve from 1H 2010

•Arbitrage-driven trades have returned on the back of economic recovery; moving more
than just contracted barrels

•Trans-Atlantic arbitrage opportunities between NW Europe and U.S. open in both
directions

-Gasoline imports to the USAC and US Gulf diesel exports back increase vessel utilization and ton-
miles

•Indian exports expanding into the Western markets:LRs put cargo into storage in
Bahamas with MRs distributing cargo

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<U.S. oil demand

<The competitive landscape of owners with high
quality, new ships is shrinking

<Fleet development is compelling and could be
accelerated by bankruptcies and earlier
retirement of marginal tonnage

Current Positioning

Jones Act Market Drivers

Fleet development data is sourced from OSG as of 6/30/10; twelve vessels have OPA-90 mandated retirement dates through 2015; U.S. Oil demand
source PIRA; U.S. refinery utilization source: PIRA

In million of b/d

U.S. Flag Developments / Outlook

<The U.S. Flag is integral to OSG’s
portfolio of assets

•Niche market; significant barriers to
entry

•Predominantly a contractual business:
65% of fleet is chartered-out through
2010; 55% through 2011

<High-quality customer base

<Challenges addressed

•New management in place

•Bender shipyard matters are behind us

•First of two ATBs have delivered

•Aker settlement reached

•Cost reductions in U.S. Flag fleet OPEX
and drydock costs achieved

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Financial Review

Myles Itkin, CFO

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Spot rates for MRs declined $5K/day and higher
percentage of MR fleet operated in spot market qtr-
over-qtr (70% in Q210 vs. 45% in Q209)

Redelivery of 11 older MR product carriers and $7M
reduction in profit share

$25.2M impairment charge on single-hull vessels
($12.5M U.S. and $12.7M crude lightering)

Debt maturity pushed out by issuing $300M of Notes
due 2018 which resulted in $5.5M increase in interest
expense; termination of $200M secured facility
resulted in $1M write-off of deferred finance costs;
average amount of floating rate debt increased by
$100M qtr-over-qtr

FSO Africa was not employed the entire quarter;
OSG’s share of loss was $8.1M which included
$3.9M related to interest rate swaps that are now
marked-to-market through earnings

Financial Review - Income Statement

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Raised $450M in capital market transactions Q1;
net reduction in outstanding balances under credit
facilities of $369M; vessel expenditures totaled $177M;
and $150M advanced to FSO joint venture

Includes CIP of $614M; reflects impairment of $12.5M

Principally OverseasPhiladelphia sold July 1st

Funding conversion of FSOs and FSO Africa operating
costs ($77M); cash collateral required by FSO JV banking
facility ($72M); offset by net operating losses and ATC
incentive hire distribution

Reflects impairment on crude lightering operations

Includes $42.2M of secured term loans prepaid on July 1

Financial Review - Balance Sheet

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2010 Guidance

<Estimated vessel expenses (updated from $280M to $300M due to change in assumptions on single hull U.S. Flag vessels)

•$275M to $290M

<Time and bareboat charter hire expenses (updated from $345M to $370M due to additional charters-in)

•$365M to $380M

<Depreciation and Amortization

•$170M to $190M

<G&A

•$100M to $115M

<Equity income of affiliated companies (updated from $10M to $15M due to change in assumptions on the FSO Africa)

•$3M to $8M

<Interest expense

•Interest expense approx. $65M to $75M

<Capital expenditures

•$23M in full year drydock costs (2H detail:Q3 $7M and Q4 $7M on 11 vessels)

•$397M in full year newbuild progress payments, vessel improvements and capitalized interest (2H
detail:Q3 $35M and Q4 $185M)

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Wrap-up

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•$20K/day Panamax

•$15K/day MR

Takeaways

<Strong balance sheet and financial position

•Conservative, consistent financial management

•Liquidity position is strong

•Annual dividend is sustainable

•Well within all covenant limitations

<Built-in growth:15-ship newbuild program delivers over next two years

<Commercial pools and cargo systems create scale and ability to enhance
utilization

<Active asset management generates cash, creates optionality and results
in competitive vessel ownership costs

<Third quarter spot bookings-to-date

•$40K/day VLCC

•$26.5K/day Suezmax

•$20.5K/day Aframax

<Leveraged to rebound with OPEC production increases, spot rate
improvement and start-up of export refineries in Asia

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Appendix

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Set forth below are significant items of income and expense that affected the Company’s results for the three and six months ended June 30,
2010 and 2009, all of which are typically excluded by securities analysts in their published estimates of the Company’s financial results

Special Items Affecting Net Income/(Loss)

Reconciling Items

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EBITDA represents operating earnings excluding net income / (loss) attributable to the noncontrolling interest, which is before interest expense and
income taxes, plus other income and depreciation and amortization expense. EBITDA is presented to provide investors with meaningful additional
information that management uses to monitor ongoing operating results and evaluate trends over comparative periods.EBITDA should not be
considered a substitute for net income / (loss) attributable to the Company or cash flow from operating activities prepared in accordance with
accounting principles generally accepted in the United States or as a measure of profitability or liquidity.While EBITDA is frequently used as a
measure of operating results and performance, it is not necessarily comparable to other similarly titled captions of other companies due to
differences in methods of calculation.

EBITDA

Consistent with general practice in the shipping industry, the Company uses time charter equivalent revenues, which represents shipping revenues
less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter.Time charter
equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly
comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in
evaluating their financial performance.

TCE Revenues

Reconciling Items

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	Owned	Chartered-in	Total	Newbuild	Total
VLCC	9	6	15	2	17
FSO	2	-	2	-	2
Suezmax	-	2	2	-	2
Aframax	6	7	13	-	13
Panamax	9	-	9	-	9
Lightering	2	5	7	-	7
Total Crude	28	20	48	2	50
LR2	-	1	1	-	1
LR1	2	2	4	4	8
MR*	14	17	31	5	36
Total Products	16	20	36	9	45
Handysize	4	8	12	3	15
ATB	7	-	7	-	7
Lightering	4	-	4	1	5
Total U.S. Flag	15	8	23	4	27
Total Gas	4	-	4	-	4
TOTAL	63	48	111	15	126

*Operating fleet Includes 2 owned U.S. Flag product carriers that trade internationally and a car carrier; newbuild fleet includes chemical tanker

Fleet Composition - As of 7/30/10

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Off Hire and Scheduled Drydock

In addition to regular inspections by OSG personnel, all vessels are subject to periodic drydock, special survey and other
scheduled or known maintenance and repairs.The table below sets forth actual days off hire for the second quarter of
2010 and anticipated days off hire for the above-mentioned events by vessel class for the third and fourth quarters of
2010.

Off Hire Schedule

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For the Quarter Ended June 30, 2010

Note:Vessels chartered-in for less than one year are not on the Company’s fleet list.During the second quarter, the Gas segment chartered in an LPG
carrier for less than one year.

Charter Hire Expense by Segment

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Locked-in Time Charter
Days by Segment

Locked-in Time Charter
Revenue by Segment

Locked-in
Charter Revenue

Locked-in time charter days for 2010 are as of 6/30/10 and will differ from a more currentdate used in Appendices 3 and 4 in the quarterly earnings
press release

Future Revenue $/Days by Segment - As of 6/30/10

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