UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                  SCHEDULE 13D
                    Under the Securities Exchange Act of 1934

                                 AMENDMENT NO. 2


                        Overseas Shipholding Group, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)


                                  Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    690368105
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                                 (CUSIP Number)


                                 Frontline Ltd.
                          Par-La-Ville Place, 4th Floor
                              14 Par-La-Ville Road
                                 Hamilton HM 08
                                     Bermuda
                                  (441)295-6935

                                 With a copy to:
                               Gary J. Wolfe, Esq.
                               Seward & Kissel LLP
                             One Battery Park Plaza
                            New York, New York 10004
                                 (212) 574-1200
--------------------------------------------------------------------------------
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)


                                  May 13, 2008
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             (Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or
Rule 13d-1(g), check the following box [ ].

*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).



CUSIP NO. 690368105            SCHEDULE 13D

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 1.  NAME OF REPORTING PERSON                                   Frontline Ltd.

     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
 2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                  (a) [x]
                                                                       (b) [ ]
--------------------------------------------------------------------------------
 3.  SEC USE ONLY

--------------------------------------------------------------------------------
 4.  SOURCE OF FUNDS*                                                       AF

--------------------------------------------------------------------------------
 5.  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) or 2(e)                                        [ ]
--------------------------------------------------------------------------------
 6.  CITIZENSHIP OR PLACE OF ORGANIZATION                              Bermuda

--------------------------------------------------------------------------------
                    7.  SOLE VOTING POWER                                  -0-

   NUMBER OF       -------------------------------------------------------------
   SHARES           8.  SHARED VOTING POWER                          1,550,000
   BENEFICIALLY
   OWNED BY EACH   -------------------------------------------------------------
   PERSON WITH      9.  SOLE DISPOSITIVE POWER                             -0-

                   -------------------------------------------------------------
                   10.  SHARED DISPOSITIVE POWER                     1,550,000

--------------------------------------------------------------------------------
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    1,550,000

--------------------------------------------------------------------------------
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
     CERTAIN SHARES                                                        [ ]
--------------------------------------------------------------------------------
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                   5.0%

--------------------------------------------------------------------------------
14.  TYPE OF REPORTING PERSON                                               CO

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CUSIP NO. 690368105            SCHEDULE 13D

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 1.  NAME OF REPORTING PERSON                            Hemen Holding Limited

     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
 2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                 (a) [x]
                                                                       (b) [ ]
--------------------------------------------------------------------------------
 3.  SEC USE ONLY

--------------------------------------------------------------------------------
 4.  SOURCE OF FUNDS*                                                       AF

--------------------------------------------------------------------------------
 5.  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) or 2(e)                                        [ ]
--------------------------------------------------------------------------------
 6.  CITIZENSHIP OR PLACE OF ORGANIZATION                               Cyprus

--------------------------------------------------------------------------------
                    7.  SOLE VOTING POWER                                  -0-

   NUMBER OF       -------------------------------------------------------------
   SHARES           8.  SHARED VOTING POWER                          1,550,000
   BENEFICIALLY
   OWNED BY EACH   -------------------------------------------------------------
   PERSON WITH      9.  SOLE DISPOSITIVE POWER                             -0-

                   -------------------------------------------------------------
                   10.  SHARED DISPOSITIVE POWER                     1,550,000

--------------------------------------------------------------------------------
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    1,550,000

--------------------------------------------------------------------------------
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
     CERTAIN SHARES                                                        [ ]
--------------------------------------------------------------------------------
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                   5.0%

--------------------------------------------------------------------------------
14.  TYPE OF REPORTING PERSON                                               CO

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CUSIP NO. 690368105            SCHEDULE 13D

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 1.  NAME OF REPORTING PERSON                          Bandama Investment Ltd.

     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
 2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                  (a) [x]
                                                                       (b) [ ]
--------------------------------------------------------------------------------
 3.  SEC USE ONLY

--------------------------------------------------------------------------------
 4.  SOURCE OF FUNDS*                                                       WC

--------------------------------------------------------------------------------
 5.  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) or 2(e)                                        [ ]
--------------------------------------------------------------------------------
 6.  CITIZENSHIP OR PLACE OF ORGANIZATION                  Republic of Liberia

--------------------------------------------------------------------------------
                    7.  SOLE VOTING POWER                                  -0-

   NUMBER OF       -------------------------------------------------------------
   SHARES           8.  SHARED VOTING POWER                            183,400
   BENEFICIALLY
   OWNED BY EACH   -------------------------------------------------------------
   PERSON WITH      9.  SOLE DISPOSITIVE POWER                             -0-

                   -------------------------------------------------------------
                   10.  SHARED DISPOSITIVE POWER                       183,400

--------------------------------------------------------------------------------
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON      183,400

--------------------------------------------------------------------------------
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
     CERTAIN SHARES                                                        [ ]
--------------------------------------------------------------------------------
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                   0.6%

--------------------------------------------------------------------------------
14.  TYPE OF REPORTING PERSON                                               CO

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CUSIP NO. 690368105            SCHEDULE 13D

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 1.  NAME OF REPORTING PERSON                            Geveran Holdings S.A.

     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
 2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                 (a) [X]
                                                                       (b) [ ]
--------------------------------------------------------------------------------
 3.  SEC USE ONLY

--------------------------------------------------------------------------------
 4.  SOURCE OF FUNDS*                                                       AF

--------------------------------------------------------------------------------
 5.  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) or 2(e)                                        [ ]
--------------------------------------------------------------------------------
 6.  CITIZENSHIP OR PLACE OF ORGANIZATION                  Republic of Liberia

--------------------------------------------------------------------------------
                    7.  SOLE VOTING POWER                                  -0-

   NUMBER OF       -------------------------------------------------------------
   SHARES           8.  SHARED VOTING POWER                            744,900
   BENEFICIALLY
   OWNED BY EACH   -------------------------------------------------------------
   PERSON WITH      9.  SOLE DISPOSITIVE POWER                             -0-

                   -------------------------------------------------------------
                   10.  SHARED DISPOSITIVE POWER                       744,900

--------------------------------------------------------------------------------
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON      744,900

--------------------------------------------------------------------------------
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
     CERTAIN SHARES                                                        [ ]
--------------------------------------------------------------------------------
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                   2.4%

--------------------------------------------------------------------------------
14.  TYPE OF REPORTING PERSON                                               CO

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CUSIP NO. 690368105            SCHEDULE 13D

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 1.  NAME OF REPORTING PERSON                        Monteray Enterprises Ltd.

     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
 2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                 (a) [X]
                                                                       (b) [ ]
--------------------------------------------------------------------------------
 3.  SEC USE ONLY

--------------------------------------------------------------------------------
 4.  SOURCE OF FUNDS*                                                       WC

--------------------------------------------------------------------------------
 5.  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) or 2(e)                                        [ ]
--------------------------------------------------------------------------------
 6.  CITIZENSHIP OR PLACE OF ORGANIZATION                               Cyprus

--------------------------------------------------------------------------------
                    7.  SOLE VOTING POWER                                  -0-

   NUMBER OF       -------------------------------------------------------------
   SHARES           8.  SHARED VOTING POWER                            744,900
   BENEFICIALLY
   OWNED BY EACH   -------------------------------------------------------------
   PERSON WITH      9.  SOLE DISPOSITIVE POWER                             -0-

                   -------------------------------------------------------------
                   10.  SHARED DISPOSITIVE POWER                       744,900

--------------------------------------------------------------------------------
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON      744,900

--------------------------------------------------------------------------------
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
     CERTAIN SHARES                                                        [ ]
--------------------------------------------------------------------------------
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                   2.4%

--------------------------------------------------------------------------------
14.  TYPE OF REPORTING PERSON                                               CO

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CUSIP NO. 690368105            SCHEDULE 13D

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 1.  NAME OF REPORTING PERSON                                  John Fredriksen

     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
--------------------------------------------------------------------------------
 2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                 (a) [x]
                                                                       (b) [ ]
--------------------------------------------------------------------------------
 3.  SEC USE ONLY

--------------------------------------------------------------------------------
 4.  SOURCE OF FUNDS*                                                      OO

--------------------------------------------------------------------------------
 5.  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) or 2(e)                                        [ ]
--------------------------------------------------------------------------------
 6.  CITIZENSHIP OR PLACE OF ORGANIZATION                               Cyprus

--------------------------------------------------------------------------------
                    7.  SOLE VOTING POWER                                  -0-

   NUMBER OF       -------------------------------------------------------------
   SHARES           8.  SHARED VOTING POWER                          2,294,900
   BENEFICIALLY
   OWNED BY EACH   -------------------------------------------------------------
   PERSON WITH      9.  SOLE DISPOSITIVE POWER                             -0-

                   -------------------------------------------------------------
                   10.  SHARED DISPOSITIVE POWER                     2,294,900

--------------------------------------------------------------------------------
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    2,294,900

--------------------------------------------------------------------------------
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
     CERTAIN SHARES                                                        [ ]
--------------------------------------------------------------------------------
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                   7.4%

--------------------------------------------------------------------------------
14.  TYPE OF REPORTING PERSON                                               IN

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CUSIP NO. 690368105            SCHEDULE 13D

The purpose of this Amendment No. 2 to the Schedule 13D is to report a reduction
in beneficial ownership by certain Reporting Persons, including Geveran Holdings
S.A. ("Geveran"), Monteray Enterprises Ltd. ("Monteray") and John Fredriksen, of
700,000 shares of Overseas Shipholding Group, Inc. (the "Issuer").

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Item 1.  Security and Issuer

     NO MATERIAL CHANGE FROM THE SCHEDULE 13D FILED ON MARCH 20, 2008.

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Item 2.  Identity and Background

     NO MATERIAL CHANGE FROM THE SCHEDULE 13D FILED ON MARCH 20, 2008.

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Item 3.  Source and Amount of Funds or Other Consideration

     NO MATERIAL CHANGE FROM AMENDMENT NO. 1 of SCHEDULE 13D FILED ON MARCH 31,
2008.

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Item 4.  Purpose of Transaction

     NO MATERIAL CHANGE FROM THE SCHEDULE 13D FILED ON MARCH 20, 2008.

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Item 5.  Interest in Securities of the Issuer

(a), (b) According to the Issuer's  most recent Report on Form 10-Q,  there were
30,793,238  shares of common stock issued and  outstanding  as of April 29, 2008
("Common  Stock").  Based on such  information,  after  taking into  account the
transactions  described  in Exhibit B attached  hereto,  the  Reporting  Persons
report beneficial ownership of the following shares of Common Stock:

Frontline Ltd.  ("Frontline") may be deemed to beneficially own 1,550,000 shares
of Common Stock,  representing  approximately  5.0% of the outstanding shares of
Common  Stock of the  Issuer.  Frontline  has the sole power to vote 0 shares of
Common  Stock and the shared  power to vote  1,550,000  shares of Common  Stock.
Frontline  has the sole  power to  dispose  of 0 shares of Common  Stock and the
shared power to dispose of 1,550,000 shares of Common Stock.

Bandama  Investment Ltd.  ("Bandama") may be deemed to beneficially  own 183,400
shares of  Common  Stock,  representing  approximately  0.6% of the  outstanding
shares of  Common  Stock of the  Issuer.  Bandama  has the sole  power to vote 0
shares of Common  Stock and the shared  power to vote  183,400  shares of Common
Stock. Bandama has the sole power to dispose of 0 shares of Common Stock and the
shared power to dispose of 183,400 shares of Common Stock.

Hemen  Holding  Limited  ("Hemen") may be deemed to  beneficially  own 1,550,000
shares of  Common  Stock,  representing  approximately  5.0% of the  outstanding
shares of Common Stock of the Issuer.  Hemen has the sole power to vote 0 shares
of Common Stock and the shared power to vote  1,550,000  shares of Common Stock.
Hemen has the sole power to  dispose of 0 shares of Common  Stock and the shared
power to dispose of 1,550,000 shares of Common Stock.

Monteray  may be deemed to  beneficially  own  744,900  shares of Common  Stock,
representing approximately 2.4% of the outstanding shares of Common Stock of the
Issuer.  Monterey  has the sole  power to vote 0 shares of Common  Stock and the
shared power to vote 744,900 shares of Common Stock. Monteray has the sole power
to  dispose  of 0 shares of Common  Stock and the  shared  power to  dispose  of
744,900 shares of Common Stock.

Geveran  may be deemed  to  beneficially  own  744,900  shares of Common  Stock,
representing approximately 2.4% of the outstanding shares of Common Stock of the
Issuer.  Geveran  has the sole  power to vote 0 shares of  Common  Stock and the
shared power to vote 744,900 shares of Common Stock.  Geveran has the sole power
to  dispose  of 0 shares of Common  Stock and the  shared  power to  dispose  of
744,900 shares of Common Stock.

Mr.  Fredriksen  may be deemed to  beneficially  own 2,294,900  shares of Common
Stock, representing approximately 7.4% of the outstanding shares of Common Stock
of the  Issuer.  Mr.  Fredriksen  has the sole  power to vote 0 shares of Common
Stock  and the  shared  power to vote  2,294,900  shares of  Common  Stock.  Mr.
Fredriksen  has the sole power to  dispose  of 0 shares of Common  Stock and the
shared power to dispose of 2,294,900 shares of Common Stock.

None of the other  persons  named in  response  to Item 2 have the sole power to
vote or to direct  the vote,  the shared  power to vote or direct the vote,  the
sole power to dispose or to direct the disposition of the shares of Common Stock
that are the subject of this Statement.

(c)  Exhibit B annexed  hereto  lists all  transactions  in the shares of Common
Stock  during  the  past  sixty  days  by the  Reporting  Persons.  All of  such
transactions were effected through authorized  brokers by Geveran,  Monteray and
Bandama.  None of the other Reporting Persons,  and to the best of the Reporting
Persons' knowledge,  none of the other persons named in response to Item 2, were
involved in any  transactions  in shares of Common  Stock  during the past sixty
days.

(d) No other person is known to have the right to receive or the power to direct
the receipt of  dividends  from,  or the  proceeds  from the sale of, any of the
Issuer's Common Stock beneficially owned by the Reporting Persons.

(e)  Not applicable.

--------------------------------------------------------------------------------
Item 6.  Contracts, Arrangements, Understandings or Relationships with
         Respect to Securities of the Issuer

     NO MATERIAL CHANGE FROM AMENDMENT NO. 1 of SCHEDULE 13D FILED ON MARCH 31,
2008.

--------------------------------------------------------------------------------

Item 7.  Material to be Filed as Exhibits

Exhibit A - Joint Filing Undertaking.



                                  SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.


Dated:  May 19, 2008

FRONTLINE LTD.

By: /s/ Bjorn Sjaastad
    ------------------------
Name:   Bjorn Sjastad
Title:  Principal Executive Officer

BANDAMA INVESTMENT LTD.

By: /s/ Inger M. Klemp
    ------------------------
Name:   Inger M. Klemp
Title:  President and Director

HEMEN HOLDING LIMITED

By: /s/ Eva Agathangelou
    ------------------------
Name:   Eva Agathangelou
Title:  Director

MONTEREY ENTERPRISES LTD.

By: /s/ Marios Saveriades
    ------------------------
Name:   Marios Saveriades
Title:  Director

GEVERAN HOLDINGS S.A.

By: /s/ Marios Saveriades
    ------------------------
Name:   Marios Saveriades
Title:  President and Director

JOHN FREDRIKSEN

By: /s/ John Fredriksen
    -------------------
Name:   John Fredriksen




                                    Exhibit A
                            JOINT FILING UNDERTAKING

The undersigned, being duly authorized thereunto, hereby executes this agreement
as an exhibit to this Schedule 13D with respect to the shares of Common Stock of
Overseas  Shipholding  Group,  Inc. to evidence the agreement of the below-named
parties,  in accordance  with the rules  promulgated  pursuant to the Securities
Exchange Act of 1934, as amended, to file this Schedule 13D jointly on behalf of
each such party.

Dated: May 19, 2008


FRONTLINE LTD.

By: /s/ Bjorn Sjaastad
    ------------------------
Name:   Bjorn Sjastad
Title:  Principal Executive Officer

BANDAMA INVESTMENT LTD.

By: /s/ Inger M. Klemp
    ------------------------
Name:   Inger M. Klemp
Title:  President and Director

HEMEN HOLDING LIMITED

By: /s/ Eva Agathangelou
    ------------------------
Name:   Eva Agathangelou
Title:  Director

MONTEREY ENTERPRISES LTD.

By: /s/ Marios Saveriades
    ------------------------
Name:   Marios Saveriades
Title:  Director

GEVERAN HOLDINGS S.A.

By: /s/ Marios Saveriades
    ------------------------
Name:   Marios Saveriades
Title:  President and Director

JOHN FREDRIKSEN

By: /s/ John Fredriksen
   -------------------
Name:   John Fredriksen




                                    Exhibit B

          TRANSACTIONS IN THE COMMON STOCK BY MONTERAY ENTERPRISES LTD
                              AND GEVERAN HOLDINGS

      Date of                      Number of Shares
    Transaction                    Purchased/(Sold)        Price per Share
    -----------                    ---------------         ---------------

       5/12/2008                      (200,000)                 $80.60

       5/13/2008                      (200,000)                 $81.38

       5/14/2008                      (100,000)                 $82.33

       5/16/2008                      (200,000)                 $81.82




SK 02089 0009 884501