EXHIBIT 21

AS OF 3/10/00

SUBSIDIARIES OF OVERSEAS SHIPHOLDING GROUP, INC.

The following table lists all subsidiaries of the registrant and all companies in which the registrant directly or indirectly owns at least a 49% interest, except for certain companies which, if considered in the aggregate as a single entity, would not constitute a significant entity. All the entities named below are corporations, unless otherwise noted.

 


Name

Where Incorporated
    or Organized    

Ambrit Holdings, Inc.

Delaware

American Shipholding Group, Inc.

New York

Amerikanis Company Limited

Liberia

Amity Products Carriers, Inc.

Delaware

Ania Tanker Corporation

Marshall Islands

Antilles Bulk Holdings N.V.

Netherlands Antilles

Atlantia Tanker Corporation

Marshall Islands

Aurora Shipping Corporation

Panama

Baywatch Marine Inc.

Liberia

Britamer Holding Company Limited

Liberia

Britanis Company Limited

Liberia

Cambridge Tankers, Inc.

New York

Caribbean Tanker Corporation

Marshall Islands

Community Ocean Services, Inc.

New York

Concert Tanker Corporation

Liberia

Concord Tanker S.A.

Panama

Delphina Tanker Corporation

Delaware

Diane Tanker Corporation

Marshall Islands

Dorado Tanker Corporation

Panama

East Coast Gaugings Limited

England

Eighth Aframax Tanker Corporation

Marshall Islands

ERN Holdings Inc.

Panama

Fifth Aframax Tanker Corporation

Marshall Islands

First Pacific Corporation.

Marshall Islands

First Products Tankers, Inc.

Marshall Islands

First Shipco Inc.

Liberia

First Union Tanker Corporation

Marshall Islands

First United Shipping Corporation

Liberia

400 Equity Corporation

Delaware

401 Equity Corporation

Delaware

Fourth Aframax Tanker Corporation

Marshall Islands

Fourth Products Tankers, Inc.

Marshall Islands

Fourth Spirit Holding N.V.

Netherlands Antilles

Friendship Marine Inc.

Liberia

General Guaranty Corporation

Delaware

Hyperion Shipping Corporation

Liberia

Imperial Tankers Corporation

Marshall Islands

Intercontinental Bulktank Corporation

New York

Intercontinental Coal Transport Inc.

Delaware

Intercontinental Coal Transport Limited

Bermuda

International Seaways, Inc.

Liberia

Interocean Tanker Corporation

Marshall Islands

Island Tanker S.A.

Panama

ITI Shipping S.A.

Panama

Juneau Tanker Corporation

New York

Majestic Tankers Corporation

Marshall Islands

Mansfield Marine Corporation

Marshall Islands

Marina Tanker Corporation

Marshall Islands

Moran Maritime Associates (partnership)

Delaware

New Orleans Tanker Corporation

Delaware

Northanger Shipping Corporation

Marshall Islands

Northwestern Tanker Corporation

Marshall Islands

Ocean Bulk Ships, Inc.

Delaware

Oleron Tanker S.A.

Panama

Olympia Tanker Corporation

Marshall Islands

OSG Bulk Ships, Inc.

New York

OSG Car Carriers, Inc.

New York

OSG Financial Corp.

Delaware

OSG Foundation

New York

OSG Group Purchasing Limited

England

OSG International Partners (partnership)

Liberia

OSG International, Inc.

Marshall Islands

OSG Ship Management (London) Limited

England

OSG Ship Management Asia Pacific Pte Ltd.

Singapore

OSG Ship Management, Inc.

Delaware

OSGSM Pool, Inc.

Marshall Islands

Overseas Airship Corporation

Delaware

Overseas Bulktank Corporation

New York

Overseas Coal Transport Inc.

Delaware

Overseas Coal Transport Limited

Bermuda

Overseas Cruiseship Inc.

Cayman Islands

Overseas Petroleum Carriers, Inc.

Delaware

Philadelphia Tanker Corporation

Delaware

Regency Tankers Corporation

Marshall Islands

Reliance Shipping B.V.

Netherlands

Rex Shipholdings Inc.

Liberia

Rio Grande Bulk Carriers, Inc.

Marshall Islands

Royal Tankers Corporation

Marshall Islands

Ruby Tanker Corporation

Marshall Islands

Sapphire Tanker Corporation

Marshall Islands

Sargasso Tanker Corporation

Marshall Islands

Second Pacific Corporation

Marshall Islands

Second Products Tankers, Inc.

Marshall Islands

Second Union Tanker Corporation

Marshall Islands

Second United Shipping Corporation

Marshall Islands

Seventh Aframax Tanker Corporation

Marshall Islands

Ship Paying Corporation No. 1

Delaware

Ship Paying Corporation No. 2

Delaware

Ship Paying Corporation No. 3

Liberia

Sixth Aframax Tanker Corporation

Marshall Islands

Souter Shipping (Bermuda) Ltd.

Bermuda

Souter Shipping Limited

England

Spirit Shipping B.V.

Netherlands

Taunton Shipping Co. Ltd.

Cyprus

Third Aframax Tanker Corporation

Marshall Islands

Third Products Tankers, Inc.

Marshall Islands

Third Shipco Inc.

Delaware

Third United Shipping Corporation

Liberia

1320 Tanker Corporation

Marshall Islands

1321 Tanker Corporation

Marshall Islands

398 Equity Corporation

Delaware

399 Equity Corporation

Delaware

Timor Navigation Ltd.

Marshall Islands

Trader Shipping Corporation.

Liberia

Transbulk Carriers, Inc.

Delaware

Tropical United Shipping Corporation

Liberia

Tubarao Bulk Carriers, Inc.

Marshall Islands

U.S. Shipholding Group, Inc.

New York

Union Shipping Corporation

Japan

United Partners (partnership)

Liberia

United Steamship Corporation

Panama

Valdez Tankships Corporation

New York

Vega Tanker Corporation

Delaware

Venus Tanker Corporation

Marshall Islands

Vivian Tankships Corporation

New York

Western Ship Agencies Limited

England

Wolcon Corp.

Delaware