Sec Form 4 Filing - COWEN ROBERT N @ OVERSEAS SHIPHOLDING GROUP INC - 2003-12-01

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person COWEN ROBERT N 2. Issuer Name and Ticker or Trading Symbol OVERSEAS SHIPHOLDING GROUP INC [ OSG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Senior V.P., COO and Secretary (Last) (First) (Middle) 511 FIFTH AVENUE 3. Date of Earliest Transaction (MM/DD/YY) 12/01/2003 (Street) NEW YORK, NY10017 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, par value $1.00 per share 12/01/2003 M 7,500 A $ 14.625 13,000 D Common Stock, par value $1.00 per share 12/01/2003 J 559 ( 1 ) D $ 27.5 12,441 D Common Stock, par value $1.00 per share 12/01/2003 J 56 ( 1 ) D $ 27.6 12,385 D Common Stock, par value $1.00 per share 12/01/2003 J 11 ( 1 ) D $ 27.69 12,374 D Common Stock, par value $1.00 per share 12/01/2003 J 101 ( 1 ) D $ 27.7 12,273 D Common Stock, par value $1.00 per share 12/01/2003 J 55 ( 1 ) D $ 27.73 12,218 D Common Stock, par value $1.00 per share 12/01/2003 J 11 ( 1 ) D $ 27.75 12,207 D Common Stock, par value $1.00 per share 12/01/2003 J 22 ( 1 ) D $ 27.78 12,185 D Common Stock, par value $1.00 per share 12/01/2003 J 11 ( 1 ) D $ 27.8 12,174 D Common Stock, par value $1.00 per share 12/01/2003 J 45 ( 1 ) D $ 27.85 12,129 D Common Stock, par value $1.00 per share 12/01/2003 J 224 ( 1 ) D $ 27.9 11,905 D Common Stock, par value $1.00 per share 12/01/2003 J 34 ( 1 ) D $ 27.91 11,871 D Common Stock, par value $1.00 per share 12/01/2003 J 101 ( 1 ) D $ 27.92 11,770 D Common Stock, par value $1.00 per share 12/01/2003 J 34 ( 1 ) D $ 27.93 11,736 D Common Stock, par value $1.00 per share 12/01/2003 J 279 ( 1 ) D $ 27.94 11,457 D Common Stock, par value $1.00 per share 12/01/2003 J 89 ( 1 ) D $ 27.95 11,368 D Common Stock, par value $1.00 per share 12/01/2003 J 257 ( 1 ) D $ 27.96 11,111 D Common Stock, par value $1.00 per share 12/01/2003 J 179 ( 1 ) D $ 27.97 10,932 D Common Stock, par value $1.00 per share 12/01/2003 J 45 ( 1 ) D $ 27.98 10,887 D Common Stock, par value $1.00 per share 12/01/2003 J 380 ( 1 ) D $ 27.99 10,507 D Common Stock, par value $1.00 per share 12/01/2003 J 536 ( 1 ) D $ 28 9,971 D Common Stock, par value $1.00 per share 12/01/2003 J 257 ( 1 ) D $ 28.01 9,714 D Common Stock, par value $1.00 per share 12/01/2003 J 782 ( 1 ) D $ 28.02 8,932 D Common Stock, par value $1.00 per share 12/01/2003 J 1,262 ( 1 ) D $ 28.03 7,670 D Common Stock, par value $1.00 per share 12/01/2003 J 45 ( 1 ) D $ 28.04 7,625 D Common Stock, par value $1.00 per share 12/01/2003 J 112 ( 1 ) D $ 28.05 7,513 D Common Stock, par value $1.00 per share 12/01/2003 J 358 ( 1 ) D $ 28.06 7,155 D Common Stock, par value $1.00 per share 12/01/2003 J 168 ( 1 ) D $ 28.07 6,987 D Common Stock, par value $1.00 per share 12/01/2003 J 45 ( 1 ) D $ 28.08 6,942 D Common Stock, par value $1.00 per share 12/01/2003 J 23 ( 1 ) D $ 28.09 6,919 ( 2 ) D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option (right to buy) $ 14.625 12/01/2003 M 7,500 02/01/2003 02/01/2010 Common Stock 7,500 $ 0 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other COWEN ROBERT N 511 FIFTH AVENUE NEW YORK, NY10017 X Senior V.P., COO and Secretary Signatures /s/James I. Edelson, Attorney-in-Fact, pursuant to a power of attorney previously filed 12/02/2003 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Sold pursuant to a trading plan adopted pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. ( 2 )Table I continued:1. Common Stock, par value $1.00 per share 2. 12/1/2003 3. J 4. 849(1) D $28.10 5. 6,070 6. D1. Common Stock, par value $1.00 per share 2. 12/1/2003 3. J 4. 34(1) D $28.11 5. 6,036 6. D1. Common Stock, par value $1.00 per share 2. 12/1/2003 3. J 4. 78(1) D $28.12 5. 5,958 6. D1. Common Stock, par value $1.00 per share 2. 12/1/2003 3. J 4. 89(1) D $28.13 5. 5,869 6. D1. Common Stock, par value $1.00 per share 2. 12/1/2003 3. J 4. 145(1) D $28.14 5. 5,724 6. D1. Common Stock, par value $1.00 per share 2. 12/1/2003 3. J 4. 224(1) D $28.15 5. 5,500 6. D

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