Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 8-K Other Events

                                                                                                                                                                       & #160;                                                                       Exhibit 99.2

Investor DaySupplement - OSG’s Net Asset Value

December 15, 2010

page 2

OSG’s Net Asset Value

$57/share

Cash & Equivalent and Debt estimates as of12/31/2010; Steel Value as of 11/1/10; JV Value is PV of estimated dividends.

Crude

Product

US Flag

CIP

2,811

page 3

Steel Value

As of December 31, 2010, OSG
estimates the steel value of its
owned fleet to be $2.8 billion

OSG Net Asset Value

page 4

Charters-In

The value contribution of OSG’s charter-in fleet is the present value of the
difference between charter-out revenue and the charter-in cost.For
bareboat charters-in, charter-in cost includes operating expenses as they are
paid by the charterer.The following table shows the average nominal
spread between revenue and charter-in cost per revenue day.No value is
ascribed to the portion of charters-in extending beyond end-2020.

Cash and Cash Equivalents / Debt

Cash and Cash Equivalents and Total Debt are forecasted as of December 31, 2010 based on (a) forecasted 4Q2010
cash flows; (b) Cash of $351 million (unchanged from September 30, 2010); and (c) 4Q2010 revolver borrowings required
to maintain such Cash balance.

Joint Ventures

Each joint venture is valued as the present value of OSG’s share of the joint venture’s expected dividends and capital
distributions. The FSO joint venture valuation assumes that the time charters on the two FSOs are renewed at rates
similar to the average rate currently being earned on both vessels.

OSG Net Asset Value