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.
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(Name of Issuer)
Common Stock
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(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
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(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
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Bermuda
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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-
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10. SHARED DISPOSITIVE POWER 1,550,000
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,550,000
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.0%
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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
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Cyprus
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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
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,550,000
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.0%
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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
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Republic of Liberia
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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
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 183,400
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0.6%
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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
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Republic of Liberia
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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
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 744,900
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.4%
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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
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* WC
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Cyprus
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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
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 744,900
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.4%
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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
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* OO
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION Cyprus
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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
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,294,900
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.4%
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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.
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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.
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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