UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 1
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)
July 10, 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 1,508,868
BENEFICIALLY
OWNED BY EACH -------------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
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10. SHARED DISPOSITIVE POWER 1,508,868
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,508,868
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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) 4.9%
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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 142,268
BENEFICIALLY
OWNED BY EACH -------------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
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10. SHARED DISPOSITIVE POWER 142,268
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 142,268
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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) 0.5%
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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 1,508,868
BENEFICIALLY
OWNED BY EACH -------------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER 1,508,868
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,508,868
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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) 4.9%
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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 1,508,868
BENEFICIALLY
OWNED BY EACH -------------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER 1,508,868
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,508,868
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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) 4.9%
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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. 1 to the Schedule 13D is to report a
reduction in beneficial ownership by the reporting persons, including Frontline
Ltd. ("Frontline"), Bandama Investment Ltd. ("Bandama"), Hemen Holding Limited
("Hemen") and John Fredriksen (collectively, the "Reporting Person"), of 41,132
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 JULY 10, 2008.
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Item 2. Identity and Background
NO MATERIAL CHANGE FROM THE SCHEDULE 13D FILED ON JULY 10, 2008.
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Item 3. Source and Amount of Funds or Other Consideration
NO MATERIAL CHANGE FROM THE SCHEDULE 13D FILED ON JULY 10, 2008.
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Item 4. Purpose of Transaction
NO MATERIAL CHANGE FROM THE SCHEDULE 13D FILED ON JULY 10, 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 issued and outstanding common stock of the Issuer
("Common Stock"), as of April 29, 2008. Based on such information, the Reporting
Person reports beneficial ownership of the following shares of Common Stock:
Frontline may be deemed to beneficially own 1,508,868 shares of Common
Stock, representing approximately 4.9% 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 1,508,868 shares of Common Stock. Frontline has the
sole power to dispose of 0 shares of Common Stock and the shared power to
dispose of 1,508,868 shares of Common Stock.
Bandama may be deemed to beneficially own 142,268 shares of Common Stock,
representing approximately 0.5% 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 142,268 shares of Common Stock. Bandama has the sole power
to dispose of 0 shares of Common Stock and the shared power to dispose of
142,268 shares of Common Stock.
Hemen may be deemed to beneficially own 1,508,868 shares of Common Stock,
representing approximately 4.9% 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 1,508,868 shares of Common Stock. Hemen has the sole power to
dispose of 0 shares of Common Stock and the shared power to dispose of 1,508,868
shares of Common Stock.
Mr. Fredriksen may be deemed to beneficially own 1,508,868 shares of Common
Stock, representing approximately 4.9% 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 1,508,868 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 1,508,868 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 C annexed hereto lists all transactions not previously reported
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
Bandama. None of the other Reporting Persons, and to the best of the Reporting
Person's 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 Person.
(e) On July 10, 2008, the Reporting Person, ceased to be the beneficial
owners of more than five percent of the Issuer's Common Stock.
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Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
NO MATERIAL CHANGE FROM THE SCHEDULE 13D FILED ON JULY 10, 2008.
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Item 7. Material to be Filed as Exhibits
Exhibit A - Joint Filing Undertaking.
Exhibit B - Lloyd's List Press Article dated June 25, 2008.*
Exhibit C - Transactions in the Common Stock by Bandama Investment Ltd.
* Previously filed.
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: July 10, 2008
FRONTLINE LTD.
By: /s/ Jens Martin Jensen
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Name: Jens Martin Jensen
Title: Acting Principal Executive Officer
BANDAMA INVESTMENT LTD.
By: /s/ Inger M. Klemp
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Name: Inger M. Klemp
Title: President and Director
HEMEN HOLDING LIMITED
By: /s/ Dimitris Hannas
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Name: Dimitris Hannas
Title: Director
JOHN FREDRIKSEN
By: /s/ John Fredriksen
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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: July 10, 2008
FRONTLINE LTD.
By: /s/ Jens Martin Jensen
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Name: Jens Martin Jensen
Title: Acting Principal Executive Officer
BANDAMA INVESTMENT LTD.
By: /s/ Inger M. Klemp
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Name: Inger M. Klemp
Title: President and Director
HEMEN HOLDING LIMITED
By: /s/ Dimitris Hannas
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Name: Dimitris Hannas
Title: Director
JOHN FREDRIKSEN
By: /s/ John Fredriksen
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Name: John Fredriksen
Exhibit C
TRANSACTIONS IN THE COMMON STOCK BY BANDAMA INVESTMENT LTD.
Date of Number of Shares
Transaction Purchased/(Sold) Price per Share
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7/10/2008 (41,132) $74.59
SK 02089 0009 897851 v2