Overseas Shipholding Group, Inc. - Ordinary Shares (OSG) 8-K Overseas Shipholding Group, Inc. Announces Management Changes

Exhibit 99.2

February 11, 2013

Overseas Shipholding Group, Inc.

666 Third Avenue

New York, New York 10017

Ladies and Gentlemen,

Effective as of the date hereof, I hereby resign as the President and Chief Executive Officer of Overseas Shipholding Group, Inc. (the "Company"). In connection with such resignation, effective as of the date hereof, I also hereby resign from my position as a director of the Company and all other positions that I currently hold in connection with my employment with the Company or any of its affiliates, including any joint ventures. I reserve all rights I may have under the Employment Agreement between myself and the Company, dated October 12, 2011, with respect to any compensation to which I may be entitled.

Sincerely,

/s/ Morten Arntzen

Morten Arntzen