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
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

BlueMountain Capital Management, LLC
2. Issuer Name and Ticker or Trading Symbol

OVERSEAS SHIPHOLDING GROUP INC [ OV6:GR ]
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)

280 PARK AVENUE, 12TH FLOOR
3. Date of Earliest Transaction (MM/DD/YYYY)

3/16/2017
(Street)

NEW YORK, NY 10017
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    45000   D $4.30   9944186   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    45000   D $4.30   9944186   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    45000   D $4.30   9944186   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    45000   D $4.30   9944186   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    45000   D $4.30   9944186   D    
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    300   D $4.31   9943886   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    300   D $4.31   9943886   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    300   D $4.31   9943886   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    300   D $4.31   9943886   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    300   D $4.31   9943886   D    
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    70760   D $4.35   9873126   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    70760   D $4.35   9873126   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    70760   D $4.35   9873126   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    70760   D $4.35   9873126   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (4) (6) 3/16/2017     S    70760   D $4.35   9873126   D    
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    50000   D $4.35   9823126   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    50000   D $4.35   9823126   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    50000   D $4.35   9823126   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    50000   D $4.35   9823126   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    50000   D $4.35   9823126   D    
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    21584   D $4.36   9801542   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    21584   D $4.36   9801542   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    21584   D $4.36   9801542   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    21584   D $4.36   9801542   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    21584   D $4.36   9801542   D    
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    108909   D $4.38   9692633   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    108909   D $4.38   9692633   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    108909   D $4.38   9692633   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    108909   D $4.38   9692633   I   Footnotes   (1) (2) (3)
Class A Common Stock   (1) (2) (3) (5) (6) 3/17/2017     S    108909   D $4.38   9692633   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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

Explanation of Responses:
( 1)  The filing of this Form 4 shall not be construed as an admission that BlueMountain Capital Management, LLC ("BMCM"), GP Holdings or the General Partner (each as defined in Footnote 3 below) is or was for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise the beneficial owner of any of the shares of Class A Common Stock, par value $0.01 per share (the "Common Stock"), of Overseas Shipholding Group, Inc. (the "Issuer"). Pursuant to Rule 16a-1(a)(4) of the Exchange Act, BMCM, GP Holdings and the General Partner disclaim such beneficial ownership, except to the extent of their respective pecuniary interest.
( 2)  BMCM is the non-member manager of BlueMountain Nautical LLC ("Nautical"), which is the direct beneficial owner of 9,692,633 shares of Common Stock, and is the investment manager of BlueMountain Guadalupe Peak Fund L.P. ("Guadalupe"), which holds 100% of the membership interests of Nautical, and thus is an indirect beneficial owner of the Common Stock held by Nautical.
( 3)  BMCM, although it directs the voting and disposition of the Common Stock held by Nautical, only receives an asset-based fee relating to the shares of Common Stock held by Nautical. BlueMountain Long/Short Credit GP, LLC (the "General Partner") is the general partner of Guadalupe and has an indirect profits interest in the Common Stock beneficially owned by Guadalupe. BlueMountain GP Holdings, LLC ("GP Holdings") is the sole owner of the General Partner, and thus has an indirect profits interest in the Common Stock beneficially owned by Guadalupe.
( 4)  On March 16, 2017, Nautical sold 45,000, 300 and 70,760 shares of Common Stock for $4.30, $4.31 and $4.35 per share.
( 5)  On March 17, 2017, Nautical sold 50,000, 21,584 and 108,909 shares of Common Stock for $4.35, $4.36 and $4.38 per share.
( 6)  The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16(a)-3(j) under the Exchange Act.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
BlueMountain Capital Management, LLC
280 PARK AVENUE, 12TH FLOOR
NEW YORK, NY 10017

X

BlueMountain GP Holdings, LLC
280 PARK AVENUE, 12TH FLOOR
NEW YORK, NY 10017

X

BlueMountain Long/Short Credit GP, LLC
280 PARK AVENUE, 12TH FLOOR
NEW YORK, NY 10017

X

BlueMountain Guadalupe Peak Fund L.P.
280 PARK AVENUE, 12TH FLOOR
NEW YORK, NY 10017

X

BLUEMOUNTAIN NAUTICAL LLC
280 PARK AVENUE, 12TH FLOOR
NEW YORK, NY 10017

X


Signatures
BlueMountain Capital Management, LLC, By: /s/ Eric M. Albert, Chief Compliance Officer 3/20/2017
** Signature of Reporting Person Date

BlueMountain GP Holdings, LLC, By: /s/ Eric M. Albert, Chief Compliance Officer 3/20/2017
** Signature of Reporting Person Date

BlueMountain Long/Short Credit GP, LLC, By: BlueMountain GP Holdings, LLC, By: /s/ Eric M. Albert, Chief Compliance Officer 3/20/2017
** Signature of Reporting Person Date

BlueMountain Guadalupe Peak Fund L.P., By: BlueMountain Long/Short Credit GP, LLC, By: BlueMountain GP Holdings, LLC, By: /s/ Eric M. Albert, Chief Compliance Officer 3/20/2017
** Signature of Reporting Person Date

BlueMountain Nautical LLC, By: BlueMountain Capital Management, LLC, By: /s/ Eric M. Albert, Chief Compliance Officer 3/20/2017
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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