-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B3NR3V+5iZ/noYRalbXG8sbGnlKhGdwWbI6lRAeiL8xDPZEPhiAI9L7GeO3d84pU bvAXCvvp5y4fY+Rbe1sfpQ== 0000950123-04-002091.txt : 20040219 0000950123-04-002091.hdr.sgml : 20040219 20040219170346 ACCESSION NUMBER: 0000950123-04-002091 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20040219 GROUP MEMBERS: ARIEL RECANATI GROUP MEMBERS: DANIEL PEARSON AS TRUSTEE OF THE MICHAEL RECANATI TRUST GROUP MEMBERS: DIANE RECANATI GROUP MEMBERS: LEON RECANATI GROUP MEMBERS: MICHAEL RECANATI AS TRUSTEE OF THE MICHAEL RECANATI TRUST GROUP MEMBERS: THE MICHAEL RECANATI TRUST GROUP MEMBERS: YUDITH YOVEL RECANATI SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: OVERSEAS SHIPHOLDING GROUP INC CENTRAL INDEX KEY: 0000075208 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 132637623 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-30797 FILM NUMBER: 04616772 BUSINESS ADDRESS: STREET 1: 511 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2122511153 MAIL ADDRESS: STREET 1: 511 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: RECANATI OUDI CENTRAL INDEX KEY: 0001112429 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 9A CHEMIN DE LA PERRIERE STREET 2: 1233, COLOGNY CITY: GENEVA STATE: V8 BUSINESS PHONE: 2122511153 MAIL ADDRESS: STREET 1: 9A CHEMIN DE LA PERRIERE STREET 2: 1233, COLOGNY CITY: GENEVA STATE: V8 SC 13D/A 1 y94274sc13dza.txt AMENDMENT NO. 10 TO SCHEDULE 13D OMB APPROVAL ----------------------------- OMB Number: 3235-0145 Expires: October 31, 1997 Estimated Average Burden hours per response..... 14.90 ----------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------------------- SCHEDULE 13D UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 10) OVERSEAS SHIPHOLDING GROUP, INC. - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK, PAR VALUE $1 PER SHARE - -------------------------------------------------------------------------------- (Title of Class of Securities) 690368 105 - -------------------------------------------------------------------------------- (CUSIP Number) HOWARD S. KELBERG, ESQ., MILBANK, TWEED, HADLEY & MCCLOY LLP 1 CHASE MANHATTAN PLAZA, NEW YORK NEW YORK 10005 (212) 530-5000 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) JANUARY 30, 2004 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ] Check the following box if a fee is being paid with this statement [ ]. (A fee is not required only if the filing person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7.) Page 1 of 12 SCHEDULE 13D - ------------------------- ------------------------ CUSIP NO. 690368 10 5 PAGE 2 OF 12 PAGES - ------------------------- ------------------------ - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Oudi Recanati S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* NA - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Israel - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 10,500** ---------------------------------------------------- 8 SHARED VOTING POWER 4,379,484 ---------------------------------------------------- NUMBER OF 9 SOLE DISPOSITIVE POWER SHARES BENEFICIALLY 10,500** OWNED BY ---------------------------------------------------- EACH 10 SHARED DISPOSITIVE POWER REPORTING PERSON WITH 4,379,484 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON 4,389,984 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. - ---------------------------- ** Relates solely to options held by the reporting person. Page 2 of 12 SCHEDULE 13D - ------------------------- ------------------------ CUSIP NO. 690368 10 5 PAGE 3 OF 12 PAGES - ------------------------- ------------------------ - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Diane Recanati S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* NA - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United Kingdom - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ---------------------------------------------------- 8 SHARED VOTING POWER NUMBER OF 4,379,484 SHARES ---------------------------------------------------- BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0 OWNED BY ---------------------------------------------------- EACH 10 SHARED DISPOSITIVE POWER REPORTING PERSON WITH 4,379,484 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON 4,379,484 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. Page 3 of 12 SCHEDULE 13D - ------------------------- ------------------------ CUSIP NO. 690368 10 5 PAGE 4 OF 12 PAGES - ------------------------- ------------------------ - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Ariel Recanati S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* NA - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ---------------------------------------------------- 8 SHARED VOTING POWER NUMBER OF 4,379,484 SHARES ---------------------------------------------------- BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0 OWNED BY ---------------------------------------------------- EACH 10 SHARED DISPOSITIVE POWER REPORTING PERSON WITH 3,862,955 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON 4,379,484 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. Page 4 of 12 SCHEDULE 13D - ------------------------- ------------------------ CUSIP NO. 690368 10 5 PAGE 5 OF 12 PAGES - ------------------------- ------------------------ - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Leon Recanati S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* NA - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Israel - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ---------------------------------------------------- 8 SHARED VOTING POWER NUMBER OF 4,379,484 SHARES ---------------------------------------------------- BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0 OWNED BY ---------------------------------------------------- EACH 10 SHARED DISPOSITIVE POWER REPORTING PERSON WITH 3,862,955 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON 4,379,484 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. Page 5 of 12 SCHEDULE 13D - ------------------------- ------------------------ CUSIP NO. 690368 10 5 PAGE 6 OF 12 PAGES - ------------------------- ------------------------ - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Yudith Yovel Recanati S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* NA - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Israel - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ---------------------------------------------------- 8 SHARED VOTING POWER NUMBER OF 4,379,484 SHARES ---------------------------------------------------- BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0 OWNED BY ---------------------------------------------------- EACH 10 SHARED DISPOSITIVE POWER REPORTING PERSON WITH 3,862,955 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON 4,379,484 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. Page 6 of 12 SCHEDULE 13D - ------------------------- ------------------------ CUSIP NO. 690368 10 5 PAGE 7 OF 12 PAGES - ------------------------- ------------------------ - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS The Michael Recanati Trust S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* NA - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Alaska - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ---------------------------------------------------- 8 SHARED VOTING POWER NUMBER OF 4,278,477 SHARES ---------------------------------------------------- BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0 OWNED BY ---------------------------------------------------- EACH 10 SHARED DISPOSITIVE POWER REPORTING PERSON WITH 4,278,477 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON 4,278,477 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 10.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - Trust - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. Page 7 of 12 SCHEDULE 13D - ------------------------- ------------------------ CUSIP NO. 690368 10 5 PAGE 8 OF 12 PAGES - ------------------------- ------------------------ - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Michael Recanati, as trustee of The Michael Recanati Trust S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* NA - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ---------------------------------------------------- 8 SHARED VOTING POWER NUMBER OF 4,379,484 SHARES ---------------------------------------------------- BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0 OWNED BY ---------------------------------------------------- EACH 10 SHARED DISPOSITIVE POWER REPORTING PERSON WITH 4,379,484 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON 4,379,484 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.2% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. Page 8 of 12 SCHEDULE 13D - ------------------------- ------------------------ CUSIP NO. 690368 10 5 PAGE 9 OF 12 PAGES - ------------------------- ------------------------ - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS Daniel Pearson, as trustee of The Michael Recanati Trust S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* NA - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 ---------------------------------------------------- 8 SHARED VOTING POWER NUMBER OF 4,278,477 SHARES ---------------------------------------------------- BENEFICIALLY 9 SOLE DISPOSITIVE POWER 0 OWNED BY ---------------------------------------------------- EACH 10 SHARED DISPOSITIVE POWER REPORTING PERSON WITH 4,278,477 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORT PERSON 4,278,477 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 10.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION. Page 9 of 12 Item 5 of the Statement on Schedule 13D, as amended from time to time, initially filed by Raphael Recanati, is amended by adding the following paragraphs: On January 30, 2004, certain members of the Recanati family and entities owned by or for the benefit of Recanati family members sold 499,950 shares to the public in an offering registered under the Securities Act of 1933, as amended. The sale of the 499,950 shares was completed pursuant to the public offering as follows:
Name Amount of Securities Price Per Share (1) Date - ---- -------------------- ------------------- ---- Eagle Corporation 79,302 $36.60 1/30/04 Ariel Recanati 19,264 $36.60 1/30/04 Diane Recanati 60,940 $36.60 1/30/04 Lenny Recanati 19,264 $36.60 1/30/04 Leon Recanati 119,791 $36.60 1/30/04 The Michael Recanati Trust 23,788 $36.60 1/30/04 Yudith Yovel Recanati 119,810 $36.60 1/30/04 Seaview Trust 57,791 $36.60 1/30/04 TOTAL: 499,950
Accordingly, under the Stockholders Agreement, each of Diane Recanati, Oudi Recanati, Ariel Recanati, Leon Recanati, Yudith Yovel Recanati and The Michael Recanati Trust may now be deemed to share the power to vote and (subject to the exception for 516,529 shares held by Diane Recanati) dispose of 4,278,477 shares. Under a separate Stockholders Agreement, by and among Diane Recanati, Oudi Recanati and The Michael Recanati Trust, dated as of September 10, 2003, Diane Recanati, Oudi Recanati and The Michael Recanati Trust may now be deemed to share the power to dispose of the 516,529 shares held by Diane Recanati. - -------------------------- (1) Price includes underwriting discounts and commissions of $.47 per share. Page 10 of 12 On January 8, 2004, the Recanati Foundation made a contribution of 296 shares of common stock. Accordingly, Diane Recanati, Oudi Recanati, Ariel Recanati, Leon Recanati, Yudith Yovel Recanati and Michael Recanati, by virtue of their positions as directors and officers of the Recanati Foundation, may be deemed to share the power to vote and dispose of 101,007 shares of common stock through the Recanati Foundation. Diane Recanati, Ariel Recanati, Leon Recanati, Yudith Yovel Recanati and Michael Recanati (as trustee of The Michael Recanati Trust) each beneficially own 4,379,484 shares, representing 11.2% of the outstanding common stock of Overseas Shipholding Group, Inc. Oudi Recanati beneficially owns 4,389,984 shares, representing 11.2% of the outstanding common stock of Overseas Shipholding Group, Inc. The Michael Recanati Trust and Daniel Pearson (as trustee of The Michael Recanati Trust) each beneficially own 4,278,477 shares, representing 10.9% of the outstanding common stock of Overseas Shipholding Group, Inc. OSG Holdings, a partnership in which Diane Recanati and Oudi Recanati each have a 12.5% interest, also sold shares pursuant to the public offering. As a result, Diane Recanati now holds 335,055 shares and Oudi Recanati now holds 335,056 shares indirectly through OSG Holdings. Diane Recanati and Oudi Recanati disclaim beneficial ownership of the 2,680,444 shares held by OSG Holdings, including the foregoing shares. After reasonable inquiry and to the best knowledge and belief of the undersigned, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Page 11 of 12 February 18, 2004 /s/ Diane Recanati - ----------------- ------------------ Date Signature Diane Recanati February 18, 2004 /s/ Oudi Recanati - ----------------- ----------------- Date Signature Oudi Recanati February 18, 2004 /s/ Leon Recanati - ----------------- ----------------- Date Signature Leon Recanati February 18, 2004 /s/ Yudith Yovel Recanati - ----------------- ------------------------- Date Signature Yudith Yovel Recanati February 18, 2004 /s/ Ariel Recanati - ----------------- ------------------- Date Signature Ariel Recanati The Michael Recanati Trust February 18, 2004 /s/ Daniel Pearson - ----------------- ------------------ Date Signature Daniel Pearson, Investment Trustee /s/ Michael Recanati -------------------- Signature Michael Recanati, Investment Trustee February 18, 2004 /s/ Michael Recanati - ----------------- -------------------- Date Signature Michael Recanati, as Investment Trustee of The Michael Recanati Trust February 18, 2004 /s/ Daniel Pearson - ----------------- ------------------ Date Signature Daniel Pearson, as Investment Trustee of The Michael Recanati Trust Page 12 of 12 -----END PRIVACY-ENHANCED MESSAGE-----