8-K

United States
Securities and Exchange Commission
Washington, D.C. 20549
                                                                          

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934                            October 7, 2005                        
Date of Report (Date of earliest event reported)

Overseas Shipholding Group, Inc.(Exact Name of Registrant as Specified in Charter)

             1-6479-1              

Commission File Number

                            Delaware                               
         (State or other jurisdiction of incorporation)                          13-2637623                   
(I.R.S. Employer Identification Number)   

666 Third Avenue
                    New York, New York 10017                      
(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code (212) 953-4100

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]          Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]          Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]          Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]          Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

Section 8 - Other Events.

Item 8.01 - Other Events

On October 7, 2005, Overseas Shipholding Group, Inc. issued a press release announcing that it agreed to time charter four product carriers for a period of ten years from affiliates of Parakou Shipping Ltd. A copy of such press release is attached hereto as Exhibit 99 and is incorporated herein by reference.

Exhibit No.	Description
99	Press Release dated October 7, 2005

SIGNATURES

                   Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	OVERSEAS SHIPHOLDING GROUP, INC.                     (Registrant)
Date: October 12, 2005	By:             /s/Myles R. Itkin
	Name:   Myles R. Itkin      Title:     Senior Vice President, Chief                    Financial Officer and Treasurer

EX-99

EXHIBIT 99

OSGNews Release

Overseas Shipholding Group, Inc.

For Immediate Release

OVERSEAS SHIPHOLDING GROUP SIGNS COMMITMENT
TO TIME CHARTER FOUR PRODUCT CARRIERS FROM PARAKOU SHIPPING

- - Fleet Expansion Positions OSG as the Second Largest Player in the Market -

New York, NY - October 7, 2005 - Overseas Shipholding Group, Inc. (NYSE:  OSG) announced today that it has signed an agreement with Parakou Shipping Ltd., an international shipping company based in Hong Kong, to time charter four product carriers for a period of ten years each. The vessels, two of which are already under construction, will be built by STX Shipbuilding Co., Ltd. in Korea and are scheduled for delivery to OSG in September and October 2006 and April and June 2007.

The product carriers, all sister ships with a capacity of 51,000 deadweight tons and six segregations, will be able to transport petroleum products, vegetable oils and IMO III chemicals. Delivery of the vessels will increase the number of International and U.S. Flag product carriers in OSG's fleet to 50.

Morten Arntzen, President and CEO of OSG, remarked, "This transaction represents another step in OSG becoming a market leader in the product carrier segment while establishing a long term partnership with Parakou Shipping, one of the leading shipowners in Asia."

Overseas Shipholding Group hosted a contract signing ceremony yesterday at the Company's new corporate headquarters in New York City. Attending from Parakou Shipping were Messrs. C.C. Liu, Chairman, President and CEO, Frank Ko, Chief Business Officer and Kenneth Chan, Senior Manager.

About OSG
Overseas Shipholding Group, Inc. (OSG) is a market leader in global energy transportation services. The Company owns and operates International Flag and U.S. Flag fleets that transport crude oil, petroleum products and dry bulk commodities throughout the world. The Company's modern fleet is comprised of 92 vessels aggregating 11.9 million deadweight tons. Organized in 1969 and headquartered in New York, New York, OSG also has offices in Athens, London, Manila, Newcastle and Singapore. More information about OSG is available at the Company's web site at http://www.osg.com.

CONTACT
Jennifer L. Schlueter
Vice President
Corporate Communications and Investor Relations
OSG Ship Management, Inc.
+1 212 578 1699

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