Edgar Filing: MICHAEL RECANATI TRUST

Ownership Submission

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 OF SECURITIES

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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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

MICHAEL RECANATI TRUST

2. Issuer Name and Ticker or Trading Symbol
OVERSEAS SHIPHOLDING GROUP INC [OSG]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

590 FIFTH AVENUE, 19TH FLOOR

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2006

(Street)

NEW YORK, NY 10036

4. If Amendment, Date Original Filed(Month/Day/Year)

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 (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $1.00 per share	06/26/2006		S		6,414 ⁽¹⁾	D	$ 58	163,367	D
Common Stock, par value $1.00 per share	06/26/2006		S		151 ⁽¹⁾	D	$ 58.01	163,216	D
Common Stock, par value $1.00 per share	06/26/2006		S		461 ⁽¹⁾	D	$ 58.02	162,755	D
Common Stock, par value $1.00 per share	06/26/2006		S		346 ⁽¹⁾	D	$ 58.03	162,409	D
Common Stock, par value $1.00 per share	06/26/2006		S		246 ⁽¹⁾	D	$ 58.04	162,163	D
Common Stock, par value $1.00 per share	06/26/2006		S		257 ⁽¹⁾	D	$ 58.05	161,906	D
Common Stock, par value $1.00 per share	06/26/2006		S		63 ⁽¹⁾	D	$ 58.06	161,843	D
Common Stock, par value $1.00 per share	06/26/2006		S		26 ⁽¹⁾	D	$ 58.07	161,817	D
Common Stock, par value $1.00 per share	06/26/2006		S		383 ⁽¹⁾	D	$ 58.08	161,434	D
Common Stock, par value $1.00 per share	06/26/2006		S		215 ⁽¹⁾	D	$ 58.09	161,219	D
Common Stock, par value $1.00 per share	06/26/2006		S		225 ⁽¹⁾	D	$ 58.1	160,994	D
Common Stock, par value $1.00 per share	06/26/2006		S		10 ⁽¹⁾	D	$ 58.11	160,984	D
Common Stock, par value $1.00 per share	06/26/2006		S		105 ⁽¹⁾	D	$ 58.12	160,879	D
Common Stock, par value $1.00 per share	06/26/2006		S		10 ⁽¹⁾	D	$ 58.13	160,869	D
Common Stock, par value $1.00 per share	06/26/2006		S		16 ⁽¹⁾	D	$ 58.18	160,853	D
Common Stock, par value $1.00 per share	06/26/2006		S		26 ⁽¹⁾	D	$ 58.25	160,827 ⁽²⁾	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

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
(Month/Day/Year)

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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
MICHAEL RECANATI TRUST 590 FIFTH AVENUE 19TH FLOOR NEW YORK, NY 10036		X

Signatures

/s/Daniel Pearson, Attorney-in-Fact pursuant to a power of attorney previously filed for Michael Recanati, Investment Trustee on behalf of The Michael Recanati Trust /s/Daniel Pearson, Investment Trustee on behalf of The Michael Recanati Trust		06/27/2006
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Sold pursuant to a trading plan adopted pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
(2)	As a result of the sale of shares of common stock of the Issuer, the Reporting Person no longer may be deemed to beneficially own at least 10% of the common stock of the Issuer.

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