Exhibit 15

To the Shareholders
Overseas Shipholding Group, Inc.

We are aware of the incorporation by reference in the Registration Statements
(Form S-8 No. 33-44013, Form S-8 No. 333-88581, Form S-8 No. 333-95029 and Form
S-8 No. 333-40204) of Overseas Shipholding Group, Inc. of our report dated
August 12, 2002 relating to the unaudited condensed consolidated interim
financial statements of Overseas Shipholding Group, Inc. which are included in
its Form 10-Q for the quarter ended June 30, 2002.

Pursuant to Rule 436(c) of the Securities Act of 1933, our report is not part of
a registration statement prepared or certified by accountants within the meaning
of Section 7 or 11 of the Securities Act of 1933.

                                                               ERNST & YOUNG LLP


New York, New York
August 12, 2002