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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 W1kScEAE/jpHLysOMsy5Uw==

<SEC-DOCUMENT>0001239715-08-000001.txt : 20080612
<SEC-HEADER>0001239715-08-000001.hdr.sgml : 20080612
<ACCEPTANCE-DATETIME>20080612132405
ACCESSION NUMBER:		0001239715-08-000001
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080610
FILED AS OF DATE:		20080612
DATE AS OF CHANGE:		20080612

ISSUER:		

	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

	BUSINESS ADDRESS:	
		STREET 1:		666 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2122511153

	MAIL ADDRESS:	
		STREET 1:		666 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FRIBOURG CHARLES
		CENTRAL INDEX KEY:			0001239715

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06479
		FILM NUMBER:		08895003

	BUSINESS ADDRESS:	
		STREET 1:		OVERSEAS SHIPHOLDING GROUP INC
		STREET 2:		511 FIFTH AVE.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-207-5100

	MAIL ADDRESS:	
		STREET 1:		277 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10172
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4cf_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-06-10</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000075208</issuerCik>
        <issuerName>OVERSEAS SHIPHOLDING GROUP INC</issuerName>
        <issuerTradingSymbol>OSG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001239715</rptOwnerCik>
            <rptOwnerName>FRIBOURG CHARLES</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>277 PARK AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10172</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-06-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1269</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1269</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1269</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to the Issuer's 2004 Stock Incentive Plan, as amended and restated as of June 10, 2008 (the &quot;Plan&quot;), the Reporting
 Person was granted restricted stock units for service as a non-employee director of the Issuer.  Each restricted stock unit
 represents a contingent right to receive one share of Common Stock of the Issuer upon the Reporting Person's termination of
 service as a Board member of the Issuer.  The Reporting Person becomes vested in one fourth of such restricted units on each
 of (i) the earlier of (a) June 10, 2009 and (b) the 2009 annual meeting of stockholders of the Issuer, and (ii) the second,
 third and fourth anniversaries of the date of grant provided that if the Reporting Person ceases to be a director of the
 Issuer on or after the date referred to in clause (i) for any reason other than Cause as defined in the Plan the Reporting
 Person shall automatically become vested in all such restricted stock units.</footnote>
        <footnote id="F2">The restricted stock units have no voting rights, may not be transferred or otherwise disposed while the Reporting Person is
 a director of the Issuer and pay dividends in the form of additional restricted stock units at the same time dividends are
 paid on the Common Stock in an amount equal to the result obtained by dividing (i) the product of (x) the amount of units
 owned by the Reporting Person on the record date for the dividend on the Common Stock times (y) the dividend per share on
 the Common Stock by (ii) the closing price of a share of Common Stock on the payment date of the dividend on the Common
 Stock, which restricted stock units vest immediately upon payment.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>James I. Edelson, Attorney-in-Fact pursuant to a power of attorney previously filed</signatureName>
        <signatureDate>2008-06-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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