Overseas Shipholding Group, Inc. (OSG) is a bulk shipping company engaged primarily in the ocean transportation of crude oil and petroleum products. During the year ended December 31, 2008, the Company owned or operated a fleet of 122 vessels (aggregating 12.5 million deadweight tons and 864,800 cubic meters), of which 101 vessels operated in the international market and 21 operated in the United States Flag market. OSG's newbuilding program of owned and chartered-in vessels totaled 32 international and United States Flag vessels, bringing the Company's total operating and newbuild fleet to 154 vessels. OSG's vessel operations are organized into business units and focused on market segments each serve: crude oil, refined petroleum products, United States Flag vessels and gas. In August 2008, the Company announced the sale of subsidiaries that time chartered-in two non-core assets, the Matilde and Chrismir, both 1997-built dry bulk carriers.