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<TITLE>As filed with the Securities and Exchange Commission on December ___, 1999</TITLE>
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<FONT SIZE=3><P ALIGN="CENTER">As filed with the Securities and Exchange Commission on January 20, 2000</P>
<P ALIGN="RIGHT">Registration No. 33-_______</P>
<P ALIGN="CENTER"></P>
</FONT><P ALIGN="CENTER"></P>
<B><FONT SIZE=5><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
</B></FONT><P ALIGN="CENTER">WASHINGTON, D.C. 20549</P>
<U><FONT SIZE=3><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P ALIGN="JUSTIFY"></P>
</FONT><B><FONT SIZE=5><P ALIGN="CENTER">FORM S-8</P>
</B></FONT><P ALIGN="CENTER"><B><FONT SIZE=3>REGISTRATION STATEMENT</P>
<P ALIGN="CENTER">UNDER</P>
<P ALIGN="CENTER">THE SECURITIES ACT OF 1933</P>
</B><U><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P ALIGN="CENTER"></P>
</FONT><B><FONT SIZE=5><P ALIGN="CENTER">OVERSEAS SHIPHOLDING GROUP, INC. </B> </P>
</FONT><FONT SIZE=3><P ALIGN="CENTER">(Exact name of issuer as specified in its charter)</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER=0 CELLSPACING=0 BORDERCOLOR="#ffffff" WIDTH=780>
<TR><TD WIDTH="50%" VALIGN="TOP" HEIGHT=84>
<FONT SIZE=3>
</FONT><B><U><P ALIGN="CENTER">&#9;&#9;Delaware&#9;&#9;&#9;</P>
</B></U><FONT SIZE=1><P ALIGN="CENTER">(State or other jurisdiction of incorporation or organization)</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=84>
<FONT SIZE=3>
</FONT><B><U><P ALIGN="CENTER">&#9;&#9;13-2637623&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</B></U><FONT SIZE=1><P ALIGN="CENTER">(I.R.S. Employer Identification Number)</P>
</FONT><FONT SIZE=3><P ALIGN="CENTER"></FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<U><P ALIGN="CENTER">&#9;&#9;&#9;<B>511 Fifth Avenue, New York, New York 10017&#9;&#9;&#9;</P>
</B></U><FONT SIZE=1><P ALIGN="CENTER"> (Address of principal executive offices) &#9;(Zip code)</P>
</FONT><FONT SIZE=3><P ALIGN="CENTER"></P>
</FONT><B><U><FONT SIZE=4><P ALIGN="CENTER">OSG SHIP MANAGEMENT, INC. SAVINGS PLAN</P>
</B></U></FONT><FONT SIZE=1><P ALIGN="CENTER">(Full title of the plan)</P>
<P ALIGN="CENTER"></P>
</FONT><FONT SIZE=3><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Michael S. Sirkin, Esq.</P>
<P ALIGN="CENTER">1585 Broadway</P>
<P ALIGN="CENTER">New York, New York 10036-8299</P>
<P ALIGN="CENTER">(212) 969-3840</P>
<P ALIGN="CENTER">(Name, address, including zip code, and telephone number, including area code, of agent for service)</P>
<P ALIGN="CENTER"></P>
</FONT><B><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">CALCULATION OF REGISTRATION FEE</P>
</B><P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><CENTER><TABLE BORDER=0 CELLSPACING=0 BORDERCOLOR="#ffffff" CELLPADDING=0 WIDTH=807>
<TR><TD WIDTH="19%" VALIGN="TOP">
<P ALIGN="CENTER">Title of securities to be registered</TD>
<TD WIDTH="22%" VALIGN="TOP">
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">Amount to be registered</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P ALIGN="CENTER">Proposed maximum offering price per share</TD>
<TD WIDTH="20%" VALIGN="TOP">
<P ALIGN="CENTER">Proposed maximum aggregate offering price</TD>
<TD WIDTH="17%" VALIGN="TOP">
<P ALIGN="CENTER">Amount of registration fee</TD>
</TR>
<TR><TD WIDTH="19%" VALIGN="TOP">
<P>&nbsp;</P>

<P>Common Stock, par value $1.00 per share</TD>
<TD WIDTH="22%" VALIGN="BOTTOM">

<P>&nbsp;</P>
<P>150,000 shares(1)(2)</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">$15.25 (3)</TD>
<TD WIDTH="20%" VALIGN="BOTTOM">
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="JUSTIFY">$2,287,500</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">$635.93</TD>
</TR>
</TABLE>
</CENTER></P>

<P ALIGN="JUSTIFY"></P>
<U><FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P ALIGN="JUSTIFY"></P><DIR>
<DIR>

</FONT><FONT SIZE=2><P ALIGN="JUSTIFY">(1)&#9;Represents the maximum number of shares which are available for purchase by participants under the OSG Ship Management, Inc. Savings Plan.  In addition, pursuant to Rule 416 promulgated under the Securities
Act of 1933, as amended, this Registration Statement also registers such additional indeterminate number of shares as may be required to cover possible adjustments under the OSG Ship Management, Inc. Savings Plan.  In addition, pursuant to Rule 416(c)
under the Securities Act of 1933, this Registration Statement also covers an indeterminate amount of interests to be offered or sold pursuant to the OSG Ship Management, Inc. Savings Plan.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(2)&#9;Also includes 150,000 rights issuable pursuant to the Rights Agreement, dated as of October 20, 1998, between the Company and ChaseMellon Shareholder Services, L.L.C.</P>

<P ALIGN="JUSTIFY">(3)&#9;Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) and (c).  Calculated on the basis of the high and low sale prices of the Common Stock as reported on the New York Stock Exchange on
January 18, 2000.</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

</FONT><B><P ALIGN="CENTER">PART II</P>
<P ALIGN="CENTER"></P>
</B><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="CENTER">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">This Registration Statement on Form S-8 (the "Registration Statement") of Overseas Shipholding Group, Inc., a Delaware corporation (the "Company") covers up to 150,000 shares of the Company's common stock, par value $1.00 per share (the
"Common Stock") which are issuable pursuant to the OSG Ship Management, Inc. Savings Plan (the "Plan" and together with the Company, the "Registrants") and the interests and rights under the Plan.</P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Item 3</U>.  <U>Incorporation of Documents By Reference</U>.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The following documents previously filed by the Company with the Securities and Exchange Commission (the "Commission") pursuant to the Securities Act of 1933, as amended (the "Securities Act") or the Securities Exchange Act of 1934, as
amended (the "Exchange Act") are incorporated herein by reference:</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY">(1)&#9;the Company's  Annual  Report  on  Form 10-K  for  the fiscal year ended December 31, 1998;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(2)&#9;the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 1999, June 30, 1999, and September 30, 1999;</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(3)&#9;the Company's Current Report on Form 8-K dated October 20, 1998; </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(4)&#9;the description of the Common Stock of the Company contained in the Company's Current Report on Form 8-K as filed with the Commission pursuant to the Exchange Act on October 20, 1998, including any amendment or report filed for
the purpose of updating such description; and</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">(5)&#9;the Plan's Annual Report on Form 11-K for the fiscal year ended December 31, 1998.</P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY">All documents filed by the Company and/or by the Plan pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the filing of this Registration Statement and prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part thereof from the date of filing
such document.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Any statement in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the extent that a statement contained herein or in
any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement.  Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute
a part of this Registration Statement.</P>
<U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Item 4</U>.  <U>Description of Securities</U>.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Not applicable.</P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Item 5</U>.  <U>Interest of Named Experts and Counsel</U>.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Not applicable.</P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Item 6</U>.  <U>Indemnification of Directors and Officers</U>.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The Company is incorporated in Delaware.  Under Section 145 of the General Corporation Law of the State of Delaware, a Delaware corporation has the power, under specified circumstances, to indemnify its directors, officers, employees
and agents in connection with actions, suits or proceedings brought against them by a third party or in the right of the corporation, by reason of the fact that they were or are such directors, officers, employees or agents, against expenses incurred in
any action, suit or proceeding.  Article Sixth of the Company's Amended Certificate of Incorporation contains such a provision, permitting the indemnification to the fullest extent permitted by the General Corporation Law of the State of Delaware any
person made, or threatened to be made, a party to any action, suit or proceeding (whether civil, criminal or investigative) by reason of the fact that such person, his testator or intestate is or was a director or officer of the Company or serves or
served any other enterprise at the request of the Company.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Section 102(b)(7) of the General Corporation Law of the State of Delaware provides that a certificate of incorporation may contain a provision eliminating or limiting the personal liability of a director to the corporation or its
stockholders for monetary damages for breach of fiduciary duty as a director provided that such provision shall not eliminate or limit the liability of a director (i) for any breach of the director's duty of loyalty to the corporation or its stockholders,
(ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 (relating to liability for unauthorized acquisitions or redemptions of, or dividends on, capital stock) of the
General Corporation Law of the State of Delaware, or (iv)&nbsp;for any transaction from which the director derived an improper personal benefit.  Article Tenth of the Company's Amended Certificate of Incorporation provides that a director of the Company
shall not be personally liable to the Company or its stockholders for any monetary damages for breach of fiduciary duty as a director except to the extent not permitted under the General Corporation Law of the State of Delaware as it exists or may
subsequently be amended, and provides further that any repeal or modification of Article Tenth by the stockholders of the Company shall not adversely affect any right or protection of a director of the Company existing at the time of such repeal or
modification.</P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Item 7</U>.  <U>Exemption from Registration Claimed</U>.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Not applicable.</P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Item 8</U>.  Exhibits.</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY">4.1&#9;Amended Certificate of Incorporation of the Company (incorporated by reference to Exhibit&nbsp;3(i) to the Company's Form 10-K for the fiscal year ended December 31, 1998).</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">4.2&#9;Amended By-laws of the Company (incorporated by reference to Exhibit&nbsp;3(ii) to the Company's Form 10-K for the fiscal year ended December 31, 1993). </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">4.3&#9;Rights Agreement, dated as of October 20, 1998, between the Company and ChaseMellon Shareholder Services, L.L.C., with the form of Right Certificate attached as Exhibit A thereto and the Summary of Rights to Purchase Shares
attached as Exhibit B thereto (incorporated by reference to Exhibit 4.1 to the Company's Form 8-A filed with the Securities and Exchange Commission via Edgar on November 9, 1998). </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">*4.4&#9;The OSG Ship Management, Inc. Savings Plan, as amended and restated as of January 1, 1997 (with certain amendments effective as of subsequent dates) (Prior to October 30, 1998, the Maritime Overseas Corporation Savings Plan). </P>

<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Registrants hereby undertake to have the Plan and any amendments submitted to the Internal Revenue Service ("IRS") in a timely manner and will cause the sponsor of the Plan to make all changes required by the IRS in order to qualify the
Plan under Sections 401(a) and 401(k) of the Internal Revenue Code, as amended. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">*5.1 &#9;Opinion of Proskauer Rose LLP.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">*23.1&#9;Consent of Margolin, Winer &amp; Evens LLP.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">*23.2&#9;Consent of Ernst &amp; Young LLP.</P>
<B><P ALIGN="JUSTIFY"></P>
</B><P ALIGN="JUSTIFY">*23.3&#9;Consent of Proskauer Rose LLP (included in Exhibit 5.1).</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">*24.1&#9;Power of Attorney (included on signature page).</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">* Filed herewith.</P>
<U><P ALIGN="JUSTIFY"></P>

<U><P ALIGN="JUSTIFY">Item 9</U>.  <U>Undertakings</U>.</P>
<P ALIGN="JUSTIFY"></U></P>
<P ALIGN="JUSTIFY">&#9;(a)&#9;The undersigned Registrants hereby undertake:</P>
<P ALIGN="JUSTIFY"></P>

<P ALIGN="JUSTIFY">&#9;(1)&#9;To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: (i) to include any prospectus required by Section 10(a)(3) of the Securities Act; (ii) to reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement.  Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the "calculation of registration fee" table in the effective registration statement; (iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement; provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form S-3, Form S-8 or Form F-3, and the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrants pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by
reference in the registration statement. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;(2)&#9;That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at the time shall be deemed to be the initial bona fide offering thereof. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;(3)&#9;To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </P>
<P ALIGN="JUSTIFY"></P></DIR>
</DIR>

<P ALIGN="JUSTIFY">(b)&#9;The undersigned Registrants hereby undertake that, for purposes of determining any liability under the Securities Act each filing of  the Company's annual report pursuant to section 13(a) or section 15(d) of the Exchange Act (and
each filing of the Plan's Annual Report pursuant to section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;(c)&#9;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrants pursuant to the foregoing provisions, or otherwise, the
Registrants have been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrants of expenses incurred or paid by a director, officer or controlling person of the Registrants in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrants will, unless in the opinion of their counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by them is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">SIGNATURES</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Act, each of the Registrants certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on January 20, 2000.</P>
<P ALIGN="JUSTIFY"></P><DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>

<P ALIGN="JUSTIFY">OVERSEAS SHIPHOLDING GROUP, INC.</P>
<P ALIGN="JUSTIFY">By:<U>S/Myles R. Itkin</U></P>
<P ALIGN="JUSTIFY">&nbsp;Myles R. Itkin</P><P ALIGN="JUSTIFY">Senior Vice President,</P>
<P ALIGN="JUSTIFY">&#9;Chief Financial Officer</P>
<P ALIGN="JUSTIFY">&#9;and Treasurer</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">OSG SHIP MANAGEMENT, INC.</P>
<P ALIGN="JUSTIFY">SAVINGS PLAN</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">By: <U>&#9;S/Myles R. Itkin</P>
</U><P ALIGN="JUSTIFY">Myles R. Itkin</P>
<P ALIGN="JUSTIFY">Member of Savings Plan Committee</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="CENTER">POWER OF ATTORNEY</P>
</B><P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">&#9;KNOW ALL MEN BY THESE PRESENTS</B> that each person whose signature appears below constitutes and appoints Morton P. Hyman and Myles R. Itkin, his or her true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, to act, for him or her and in his or her name, place, and stead, in any and all capacities, to sign a Registration Statement on Form S-8 of Overseas Shipholding Group, Inc. and any or all amendments (including post-effective
amendments) thereto, relating to the registration, under the Securities Act of 1933, as amended, of shares of Common Stock to be issued pursuant to the Plan, and to file the same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as full to all intents and
purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.</P>
<FONT SIZE=3></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=847>
<TR><TD WIDTH="30%" VALIGN="TOP">
<B><P>&#9;<U>Signature</B></U></TD>
<TD WIDTH="4%" VALIGN="TOP">
<B>
</B><P>&nbsp;</TD>
<TD WIDTH="42%" VALIGN="TOP">
<P>&#9;<B><U>Title</B></U></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">
<P>     <B><U>Date</B></U></TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<B>
</B>
<P>&nbsp;</P>
<U><P>&nbsp;S/Morton P. Hyman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P>Morton P. Hyman</TD>
<TD WIDTH="4%" VALIGN="TOP">

<P>&nbsp;</TD>
<TD WIDTH="42%" VALIGN="TOP">
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>President, Chief Executive Officer and Director (Principal Executive Officer)</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">

<P>&nbsp;</P>
<P>January 18,  2000</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<B><P>&nbsp;</P>

</B><U><P>&nbsp;S/Myles R. Itkin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P>Myles R. Itkin</TD>
<TD WIDTH="4%" VALIGN="TOP">

<P>&nbsp;</TD>
<TD WIDTH="42%" VALIGN="TOP">
<P>&nbsp;</P>
<P>Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">

<P>&nbsp;</P>
<P>&nbsp;</P>
<P>January 18,  2000</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">

<B><P>&nbsp;</P>
</B><U><P>&nbsp;&nbsp;S/Robert N. Cowen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P>Robert N. Cowen</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="42%" VALIGN="TOP">

<P>&nbsp;</P>
<P>Senior Vice President, Chief Operating Officer, Secretary and Director</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">

<P>&nbsp;</P>
<P>&nbsp;</P>
<P>January 18,  2000</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">

<B><P>&nbsp;</P>
</B><U><P>&nbsp;&nbsp;S/Ariel Recanati&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P>Ariel Recanati</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="42%" VALIGN="TOP">

<P>&nbsp;</P>
<P>Senior Vice President, Chief Strategic and Planning Officer and Director</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">

<P>&nbsp;</P>
<P>&nbsp;</P>
<P>January 18,  2000</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">

<B><P>&nbsp;</P>
</B><U><P>&nbsp;&nbsp;S/William L. Frost&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P>William L. Frost</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="42%" VALIGN="TOP">

<P>&nbsp;</P>
<P>Director</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">

<P>&nbsp;</P>
<P>January 18,  2000</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<B>
<P>&nbsp;</P>
</B><U><P>&nbsp;S/Michel Fribourg&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P>Michel Fribourg</TD>
<TD WIDTH="4%" VALIGN="TOP">

<P>&nbsp;</TD>
<TD WIDTH="42%" VALIGN="TOP">
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>Director</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">

<P>&nbsp;</P>
<P>January 18,  2000</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">

<P>&nbsp;</P>
<U><P>&nbsp;&nbsp;S/Solomon N. Merkin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P>Solomon N. Merkin</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="42%" VALIGN="TOP">

<P>&nbsp;</P>
<P>Director</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">

<P>&nbsp;</P>
<P>January 18,  2000</TD>
</TR>
<TR><TD WIDTH="30%" VALIGN="TOP">
<B>
<P>&nbsp;</P>
</B><U><P>&nbsp;&nbsp;S/Joel I. Picket&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</U><P>Joel  I. Picket</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="42%" VALIGN="TOP">

<P>&nbsp;</P>
<P>Director</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP">

<P>&nbsp;</P>
<P>January 18,  2000</TD>
</TR>
</TABLE>


<P>&nbsp;</P>
<P>&nbsp;</P>
<P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Act, the trustees (or other persons who administer the Plan) have duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of New York, State of New York, on January 20, 2000.</P>

<P ALIGN="JUSTIFY">OSG SHIP MANAGEMENT, INC.</P>
<P ALIGN="JUSTIFY">SAVINGS PLAN</P>

<P ALIGN="JUSTIFY">By   <U>S/Myles R. Itkin&#9;</P>
</U><P ALIGN="JUSTIFY">       Myles R. Itkin</P>
<P ALIGN="JUSTIFY">&#9;Member of Savings Plan Committee</P>
<P ALIGN="JUSTIFY"></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<B><P ALIGN="CENTER">Exhibit Index</P>
</B><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<U><P ALIGN="JUSTIFY">Exhibit No.</U> &#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Document</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">4.1&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amended Certificate of Incorporation of the Company.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">4.2&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amended By Laws of the Company.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">4.3&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights Agreement, dated as of October 20, 1998, between the Company and Chase Mellon Shareholder Services, L.L.C.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">4.4&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSG Ship Management, Inc. Savings Plan, as amended and restated as of January 1, 1997 (with certain amendments effective as of subsequent dates).</P>
<P ALIGN="JUSTIFY">5.1&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opinion of Proskauer Rose LLP.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">23.1&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent of<B> </B>Margolin<B> </B>Winer &amp; Evens LLP.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">23.2&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent of Ernst &amp; Young LLP.</P>
<B><P ALIGN="JUSTIFY"></P>
</B><P ALIGN="JUSTIFY">23.3&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent of Proskauer Rose LLP  (included in Exhibit 5.1).</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">24.1&#9; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power of Attorney (included on signature page).</P>
<P ALIGN="RIGHT"></P></BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "secsgml_size_bytes": 28125}]
{"company-data": {"conformed-name": "OVERSEAS SHIPHOLDING GROUP INC", "cik": "0000075208", "assigned-sic": "4412", "irs-number": "132637623", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-95029", "film-number": "510285"}, "business-address": {"street1": "1114 AVE OF THE AMERICAS", "city": "NEW YORK", "state": "NY", "zip": "10036", "phone": "2128691222"}}
As filed with the Securities and Exchange Commission on December ___, 1999
As filed with the Securities and Exchange Commission on January 20, 2000
Registration No. 33-_______
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
OVERSEAS SHIPHOLDING GROUP, INC.
(Exact name of issuer as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
13-2637623
(I.R.S. Employer Identification Number)
511 Fifth Avenue, New York, New York 10017
(Address of principal executive offices) 	(Zip code)
OSG SHIP MANAGEMENT, INC. SAVINGS PLAN
(Full title of the plan)
Michael S. Sirkin, Esq.
1585 Broadway
New York, New York 10036-8299
(212) 969-3840
(Name, address, including zip code, and telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Title of securities to be registered
Amount to be registered
Proposed maximum offering price per share
Proposed maximum aggregate offering price
Amount of registration fee
Common Stock, par value $1.00 per share
150,000 shares(1)(2)
$15.25 (3)
$2,287,500
$635.93
(1)	Represents the maximum number of shares which are available for purchase by participants under the OSG Ship Management, Inc. Savings Plan.  In addition, pursuant to Rule 416 promulgated under the Securities
Act of 1933, as amended, this Registration Statement also registers such additional indeterminate number of shares as may be required to cover possible adjustments under the OSG Ship Management, Inc. Savings Plan.  In addition, pursuant to Rule 416(c)
under the Securities Act of 1933, this Registration Statement also covers an indeterminate amount of interests to be offered or sold pursuant to the OSG Ship Management, Inc. Savings Plan.
(2)	Also includes 150,000 rights issuable pursuant to the Rights Agreement, dated as of October 20, 1998, between the Company and ChaseMellon Shareholder Services, L.L.C.
(3)	Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(h) and (c).  Calculated on the basis of the high and low sale prices of the Common Stock as reported on the New York Stock Exchange on
January 18, 2000.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
This Registration Statement on Form S-8 (the "Registration Statement") of Overseas Shipholding Group, Inc., a Delaware corporation (the "Company") covers up to 150,000 shares of the Company's common stock, par value $1.00 per share (the
"Common Stock") which are issuable pursuant to the OSG Ship Management, Inc. Savings Plan (the "Plan" and together with the Company, the "Registrants") and the interests and rights under the Plan.
Item 3
.
Incorporation of Documents By Reference
.
The following documents previously filed by the Company with the Securities and Exchange Commission (the "Commission") pursuant to the Securities Act of 1933, as amended (the "Securities Act") or the Securities Exchange Act of 1934, as
amended (the "Exchange Act") are incorporated herein by reference:
(1)	the Company's  Annual  Report  on  Form 10-K  for  the fiscal year ended December 31, 1998;
(2)	the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 1999, June 30, 1999, and September 30, 1999;
(3)	the Company's Current Report on Form 8-K dated October 20, 1998;
(4)	the description of the Common Stock of the Company contained in the Company's Current Report on Form 8-K as filed with the Commission pursuant to the Exchange Act on October 20, 1998, including any amendment or report filed for
the purpose of updating such description; and
(5)	the Plan's Annual Report on Form 11-K for the fiscal year ended December 31, 1998.
All documents filed by the Company and/or by the Plan pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the filing of this Registration Statement and prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part thereof from the date of filing
such document.
Any statement in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the extent that a statement contained herein or in
any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement.  Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute
a part of this Registration Statement.
Item 4
.
Description of Securities
.
Not applicable.
Item 5
.
Interest of Named Experts and Counsel
.
Not applicable.
Item 6
.
Indemnification of Directors and Officers
.
The Company is incorporated in Delaware.  Under Section 145 of the General Corporation Law of the State of Delaware, a Delaware corporation has the power, under specified circumstances, to indemnify its directors, officers, employees
and agents in connection with actions, suits or proceedings brought against them by a third party or in the right of the corporation, by reason of the fact that they were or are such directors, officers, employees or agents, against expenses incurred in
any action, suit or proceeding.  Article Sixth of the Company's Amended Certificate of Incorporation contains such a provision, permitting the indemnification to the fullest extent permitted by the General Corporation Law of the State of Delaware any
person made, or threatened to be made, a party to any action, suit or proceeding (whether civil, criminal or investigative) by reason of the fact that such person, his testator or intestate is or was a director or officer of the Company or serves or
served any other enterprise at the request of the Company.
Section 102(b)(7) of the General Corporation Law of the State of Delaware provides that a certificate of incorporation may contain a provision eliminating or limiting the personal liability of a director to the corporation or its
stockholders for monetary damages for breach of fiduciary duty as a director provided that such provision shall not eliminate or limit the liability of a director (i) for any breach of the director's duty of loyalty to the corporation or its stockholders,
(ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 (relating to liability for unauthorized acquisitions or redemptions of, or dividends on, capital stock) of the
General Corporation Law of the State of Delaware, or (iv) for any transaction from which the director derived an improper personal benefit.  Article Tenth of the Company's Amended Certificate of Incorporation provides that a director of the Company
shall not be personally liable to the Company or its stockholders for any monetary damages for breach of fiduciary duty as a director except to the extent not permitted under the General Corporation Law of the State of Delaware as it exists or may
subsequently be amended, and provides further that any repeal or modification of Article Tenth by the stockholders of the Company shall not adversely affect any right or protection of a director of the Company existing at the time of such repeal or
modification.
Item 7
.
Exemption from Registration Claimed
.
Not applicable.
Item 8
.  Exhibits.
4.1	Amended Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3(i) to the Company's Form 10-K for the fiscal year ended December 31, 1998).
4.2	Amended By-laws of the Company (incorporated by reference to Exhibit 3(ii) to the Company's Form 10-K for the fiscal year ended December 31, 1993).
4.3	Rights Agreement, dated as of October 20, 1998, between the Company and ChaseMellon Shareholder Services, L.L.C., with the form of Right Certificate attached as Exhibit A thereto and the Summary of Rights to Purchase Shares
attached as Exhibit B thereto (incorporated by reference to Exhibit 4.1 to the Company's Form 8-A filed with the Securities and Exchange Commission via Edgar on November 9, 1998).
*4.4	The OSG Ship Management, Inc. Savings Plan, as amended and restated as of January 1, 1997 (with certain amendments effective as of subsequent dates) (Prior to October 30, 1998, the Maritime Overseas Corporation Savings Plan).
Registrants hereby undertake to have the Plan and any amendments submitted to the Internal Revenue Service ("IRS") in a timely manner and will cause the sponsor of the Plan to make all changes required by the IRS in order to qualify the
Plan under Sections 401(a) and 401(k) of the Internal Revenue Code, as amended.
*5.1 	Opinion of Proskauer Rose LLP.
*23.1	Consent of Margolin, Winer & Evens LLP.
*23.2	Consent of Ernst & Young LLP.
*23.3	Consent of Proskauer Rose LLP (included in Exhibit 5.1).
*24.1	Power of Attorney (included on signature page).
* Filed herewith.
Item 9
.
Undertakings
.
(a)	The undersigned Registrants hereby undertake:
(1)	To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: (i) to include any prospectus required by Section 10(a)(3) of the Securities Act; (ii) to reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement.  Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the "calculation of registration fee" table in the effective registration statement; (iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement; provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form S-3, Form S-8 or Form F-3, and the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrants pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by
reference in the registration statement.
(2)	That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at the time shall be deemed to be the initial bona fide offering thereof.
(3)	To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b)	The undersigned Registrants hereby undertake that, for purposes of determining any liability under the Securities Act each filing of  the Company's annual report pursuant to section 13(a) or section 15(d) of the Exchange Act (and
each filing of the Plan's Annual Report pursuant to section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)	Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrants pursuant to the foregoing provisions, or otherwise, the
Registrants have been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrants of expenses incurred or paid by a director, officer or controlling person of the Registrants in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrants will, unless in the opinion of their counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by them is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act, each of the Registrants certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on January 20, 2000.
OVERSEAS SHIPHOLDING GROUP, INC.
By:
S/Myles R. Itkin
Myles R. Itkin
Senior Vice President,
Chief Financial Officer
and Treasurer
OSG SHIP MANAGEMENT, INC.
SAVINGS PLAN
By:
S/Myles R. Itkin
Myles R. Itkin
Member of Savings Plan Committee
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS
that each person whose signature appears below constitutes and appoints Morton P. Hyman and Myles R. Itkin, his or her true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, to act, for him or her and in his or her name, place, and stead, in any and all capacities, to sign a Registration Statement on Form S-8 of Overseas Shipholding Group, Inc. and any or all amendments (including post-effective
amendments) thereto, relating to the registration, under the Securities Act of 1933, as amended, of shares of Common Stock to be issued pursuant to the Plan, and to file the same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as full to all intents and
purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
S/Morton P. Hyman
Morton P. Hyman
President, Chief Executive Officer and Director (Principal Executive Officer)
January 18,  2000
S/Myles R. Itkin
Myles R. Itkin
Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)
January 18,  2000
S/Robert N. Cowen
Robert N. Cowen
Senior Vice President, Chief Operating Officer, Secretary and Director
January 18,  2000
S/Ariel Recanati
Ariel Recanati
Senior Vice President, Chief Strategic and Planning Officer and Director
January 18,  2000
S/William L. Frost
William L. Frost
Director
January 18,  2000
S/Michel Fribourg
Michel Fribourg
Director
January 18,  2000
S/Solomon N. Merkin
Solomon N. Merkin
Director
January 18,  2000
S/Joel I. Picket
Joel  I. Picket
Director
January 18,  2000
Pursuant to the requirements of the Securities Act, the trustees (or other persons who administer the Plan) have duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of New York, State of New York, on January 20, 2000.
OSG SHIP MANAGEMENT, INC.
SAVINGS PLAN
By
S/Myles R. Itkin
Myles R. Itkin
Member of Savings Plan Committee
Exhibit Index
Exhibit No.
Document
4.1	      Amended Certificate of Incorporation of the Company.
4.2	      Amended By Laws of the Company.
4.3	      Rights Agreement, dated as of October 20, 1998, between the Company and Chase Mellon Shareholder Services, L.L.C.
4.4	      OSG Ship Management, Inc. Savings Plan, as amended and restated as of January 1, 1997 (with certain amendments effective as of subsequent dates).
5.1	      Opinion of Proskauer Rose LLP.
23.1	      Consent of
Margolin
Winer & Evens LLP.
23.2	      Consent of Ernst & Young LLP.
23.3	      Consent of Proskauer Rose LLP  (included in Exhibit 5.1).
24.1	      Power of Attorney (included on signature page).