SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

HYMAN MORTON P

(Last)

(First)

(Middle)

511 FIFTH AVENUE

(Street)

NEW YORK

10017

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
OVERSEAS SHIPHOLDING GROUP INC [ OSG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chairman, President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $1.00 per share	09/10/2003		M		76,100	A	$12.5	80,027	D
Common Stock, par value $1.00 per share	09/10/2003		J		18,000⁽¹⁾	D	$24.75	62,027	D
Common Stock, par value $1.00 per share	09/10/2003		J		1,400⁽¹⁾	D	$24.76	60,627	D
Common Stock, par value $1.00 per share	09/10/2003		J		400⁽¹⁾	D	$24.77	60,227	D
Common Stock, par value $1.00 per share	09/10/2003		J		3,100⁽¹⁾	D	$24.78	57,127	D
Common Stock, par value $1.00 per share	09/10/2003		J		2,100⁽¹⁾	D	$24.79	55,027	D
Common Stock, par value $1.00 per share	09/10/2003		J		10,500⁽¹⁾	D	$24.8	44,527	D
Common Stock, par value $1.00 per share	09/10/2003		J		2,900⁽¹⁾	D	$24.81	41,627	D
Common Stock, par value $1.00 per share	09/10/2003		J		2,500⁽¹⁾	D	$24.82	39,127	D
Common Stock, par value $1.00 per share	09/10/2003		J		100⁽¹⁾	D	$24.83	39,027	D
Common Stock, par value $1.00 per share	09/10/2003		J		200⁽¹⁾	D	$24.84	38,827	D
Common Stock, par value $1.00 per share	09/10/2003		J		9,500⁽¹⁾	D	$24.85	29,327	D
Common Stock, par value $1.00 per share	09/10/2003		J		100⁽¹⁾	D	$24.87	29,227	D
Common Stock, par value $1.00 per share	09/10/2003		J		1,700⁽¹⁾	D	$24.88	27,527	D
Common Stock, par value $1.00 per share	09/10/2003		J		300⁽¹⁾	D	$24.89	27,227	D
Common Stock, par value $1.00 per share	09/10/2003		J		1,100⁽¹⁾	D	$24.9	26,127	D
Common Stock, par value $1.00 per share	09/10/2003		J		1,200⁽¹⁾	D	$24.91	24,927	D
Common Stock, par value $1.00 per share	09/10/2003		J		1,600⁽¹⁾	D	$24.92	23,327	D
Common Stock, par value $1.00 per share	09/10/2003		J		2,500⁽¹⁾	D	$24.93	20,827	D
Common Stock, par value $1.00 per share	09/10/2003		J		100⁽¹⁾	D	$24.94	20,727	D
Common Stock, par value $1.00 per share	09/10/2003		J		7,500⁽¹⁾	D	$24.95	13,227	D
Common Stock, par value $1.00 per share	09/10/2003		J		600⁽¹⁾	D	$24.96	12,627	D
Common Stock, par value $1.00 per share	09/10/2003		J		4,700⁽¹⁾	D	$25	7,927	D
Common Stock, par value $1.00 per share	09/10/2003		J		500⁽¹⁾	D	$25.01	7,427	D
Common Stock, par value $1.00 per share	09/10/2003		J		1,600⁽¹⁾	D	$25.02	5,827	D
Common Stock, par value $1.00 per share	09/10/2003		J		1,000⁽¹⁾	D	$25.03	4,827	D
Common Stock, par value $1.00 per share	09/10/2003		J		200⁽¹⁾	D	$25.04	4,627	D
Common Stock, par value $1.00 per share	09/10/2003		J		100⁽¹⁾	D	$25.08	4,527	D
Common Stock, par value $1.00 per share	09/10/2003		J		100⁽¹⁾	D	$25.09	4,427	D
Common Stock, par value $1.00 per share	09/10/2003		J		300⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾⁽⁵⁾⁽⁶⁾	D	$25.1	4,127	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$12.5	09/10/2003		M		76,100		06/08/2002	01/04/2005	Common Stock	76,100	$0	44,900	D

Explanation of Responses:

1. Sold pursuant to a trading plan adopted pursuant to Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

2. The reporting person also directly owns 6,788 shares of common stock in an individual retirement account.

3. Table I continued: 1. Common Stock, par value $1.00 per share 2. 9/10/03 3. J 4. 200(1) D $25.15 5. 3,927 6. D

4. Table I continued 5. 3,724(5) 6. I 5. 405(5) 6. I 5. 12,073(5) 6. I 5. 280(6) 6. I 5. 2,000(6) 6. I 5. 2,000(6) 6. I

5. The reporting person indirectly owns the following shares of common stock: (a) 3,724 shares which were purchased by the reporting person pursuant to the Overseas Shipholding Group, Inc. 2000 Employee Stock Purchase Plan. (b) 405 Shares which were purchased by the reporting person pursuant to the OSG Ship Management, Inc. Savings Plan. (c) 12,073 shares which represent the reporting person's .40427% partnership interest in OSG Holdings, a New York Partnership.

6. The reporting person indirectly also owns the following shares of common stock: (a) 280 shares owned by the reporting person's wife. The reporting person disclaims beneficial ownership of these shares. (b) 2,000 shares owned by the reporting person's wife as custodian for the reporting person's son under the New York State Uniform Gifts to Minors Act. The reporting person disclaims beneficial ownership of these shares. (c) 2000 shares owned by the reporting person's wife as custodian for the reporting person's daughter under the New York State Uniform Gifts to Minors Act. The reporting person disclaims beneficial ownership of these shares.

	/s/Robert N. Cowen, Attorney-in-Fact pursuant to power of attorney previously filed	09/11/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.