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                                                                 EXHIBIT 4(e)(2)

               RESOLVED, that the Corporation hereby authorizes the
          issuance and sale of up to $200,000,000 principal amount of
          senior notes (the "Notes") on the terms and in the manner
          set forth in the Indenture and the Purchase Agreement, and
          as determined by the Pricing Committee (each as hereinafter
          defined).

               RESOLVED, that a Pricing Committee of the Board of
          Directors is hereby established to be comprised of
          Morton P. Hyman and Robert N. Cowen, which shall have
          authority to determine all matters relating to the pricing,
          issuance, sale and terms of the Notes, including without
          limitation, (i) the term, maturity and interest rate of the
          Notes, (indications are that the maturity of the Notes will
          be for seven years or ten years and that the interest rate
          will be between 8.625% and 8.875% per annum but these
          indications shall not limit the authority of Pricing
          Committee), the subordination provisions of the Notes and
          the redemption rights and obligations of the Corporation
          with respect to the Notes and (ii) the offering price of the
          Notes to qualified institutional buyers in reliance on
          Rule 144A under the Securities Act of 1933, as amended (the
          "Securities Act"), and to non-U.S. persons outside the U.S.
          in reliance on Regulation S under the Securities Act, the
          discount and other fees payable to the initial purchaser of
          the Notes (the "Initial Purchaser"), the issue price of the
          Notes to the Initial Purchaser, and the aggregate principal
          amount of Notes to be sold pursuant to the Purchase
          Agreement.

               RESOLVED, that the Chairman of the Board and any Senior
          Vice President (the "Authorized Officers") hereby are, and
          each of them acting without the others hereby is,
          authorized, in the name and on behalf of the Corporation, to
          negotiate, execute and deliver a purchase agreement between
          the Corporation and the Initial Purchaser (the "Purchase
          Agreement") in such form and containing such terms and
          provisions (not inconsistent with the terms and provisions
          thereof approved by the Pricing Committee) as the Authorized
          Officers or Officer executing the same shall approve,
          relating to the sale of the Notes, the execution and
          delivery of the Purchase Agreement by such Authorized
          Officers or Officer being conclusive evidence of their or
          his approval thereof.

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               RESOLVED, that the Authorized Officers of the
          Corporation hereby are, and each of them with full authority
          to act without the others hereby is, authorized, in the name
          and on behalf of the Corporation, to prepare and deliver to
          the Initial Purchaser an Offering Circular relating to the
          sale of the Notes in reliance on Rule 144A under the
          Securities Act and Regulation S under the Securities Act.

               RESOLVED, that the Authorized Officers of the
          Corporation hereby are, and each of them with full authority
          to act without the others hereby is, authorized, in the name
          and on behalf of the Corporation, to negotiate, execute and
          deliver an exchange and registration rights agreement
          between the Corporation and the Initial Purchaser (the
          "Registration Rights Agreement"), in such form and
          containing such terms and provisions as the Authorized
          Officers or Officer executing the same shall approve,
          relating to the Corporation filing under the Securities Act
          (i) a registration statement concerning an offer to exchange
          any or all of the Notes for a like principal amount of notes
          issued by the Corporation which are substantially identical
          to the Notes except that they have been registered under the
          Securities Act and (ii) under certain circumstances, a
          "shelf" registration statement providing for the
          registration of, and the sale of, the Notes on a continuous
          or delayed basis by the holders of the Notes pursuant to
          Rule 415 or any similar rule under the Securities Act, the
          execution and delivery of the Registration Rights Agreement
          by such Authorized Officer or Officer being conclusive
          evidence of their or his approval thereof.

               RESOLVED, that the Authorized Officers of the
          Corporation hereby are, and each of them with full authority
          to act without the others hereby is, authorized, in the name
          and on behalf of the Corporation, to execute a registration
          statement in accordance with the Registration Rights
          Agreement on the appropriate form (the "Note Registration
          Statement") covering the registration under the Securities
          Act of the Notes and the qualification of the Indenture
          under the Trust Indenture Act of 1939, to procure all
          necessary signatures thereon and to file the Registration
          Statement (together with appropriate exhibits thereto) and
          any amendments thereto with the Securities and Exchange
          Commission.

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               RESOLVED, that, in connection with the filing of the
          Note Registration Statement with the Securities and Exchange
          Commission, the signature of any officer required to be
          affixed to the Note Registration Statement or any amendments
          thereto may be so affixed pursuant to a power of attorney
          granted by such officer to any other officer of the
          Corporation.

               RESOLVED, that a financial institution to be selected
          by the Pricing Committee hereby is appointed paying agent in
          respect of the Notes and Wilmington Trust Company or another
          financial institution to be selected by the Pricing
          Committee hereby is appointed trustee under the Indenture,
          on the terms and conditions set forth in the final form of
          the Indenture, and that the Authorized Officers hereby are,
          and each of them with full authority to act without the
          others hereby is, authorized to appoint such additional
          paying agents as the Authorized Officers or Officer shall
          deem necessary or desirable, and the Authorized Officers
          hereby are, and each of them with full authority to act
          without the others hereby is, authorized, in the name and on
          behalf of the Corporation, to prepare, execute and deliver
          any documents as they or he may deem necessary or desirable
          to complete such appointments, the execution and delivery of
          any such document by such Authorized Officers or Officer to
          be conclusive evidence that they or he deemed such document
          to be necessary or desirable.

               RESOLVED, that the form of any other resolution in
          connection with the appointment of any paying agent or
          trustee as described in the preceding resolution is hereby
          adopted, provided that any Authorized Officer considers the
          adoption of such resolution necessary or desirable; in which
          case the Secretary or Assistant Secretary of the Corporation
          hereby is directed to insert as an appendix to the minutes
          of this meeting a copy of such resolution, which shall
          thereupon be deemed to have been adopted by this Board of
          Directors at this meeting with the same force and effect as
          if presented verbatim to this meeting.

               RESOLVED, that the Authorized Officers hereby are, and
          each of them with full authority to act without the others
          hereby is, authorized, in the name and on behalf of the
          Corporation, to negotiate, execute and deliver the
          Indenture, including the form of Notes (both temporary
          global and definitive Notes), containing such terms and
          provisions (not inconsistent with the terms and provisions
          thereof approved by the Pricing Committee) as the Authorized
          Officers or Officer executing the same shall approve, the
          execution and delivery of

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          the Indenture by such Authorized Officers or Officer being
          conclusive evidence of their or his approval thereof.

               RESOLVED, that the Notes (both temporary global and
          definitive Notes) shall be substantially in the form
          (including the form of the Trustee's certificate of
          authentication) to be determined by any Authorized Officer,
          with such changes therein authorized by the Indenture as are
          approved by such Authorized Officer delivering the Notes;
          that the Notes shall bear the manual or facsimile signatures
          of the present or any future Authorized Officer and the
          corporate seal, which may be in the form of a facsimile
          thereof, all of which facsimile signatures and seal hereby
          are adopted for that purpose with the same effect as if such
          facsimile signatures and seal were manually written or
          impressed thereon, and the Corporation may use the facsimile
          signature of any person who shall have been such Authorized
          Officer notwithstanding the fact that at the time when the
          Notes shall be authenticated and delivered or disposed of he
          shall have ceased to be such Authorized Officer of the
          Corporation; and that the Notes when so signed shall be
          delivered to the Trustee for authentication and delivery.

               RESOLVED, that any Authorized Officer is authorized and
          directed to deliver the Notes to the Trustee under the
          Indenture for authentication and that any Authorized Officer
          is authorized to sign one or more written orders to the
          Trustee called for by the Indenture.

               RESOLVED, that the Trustee under the Indenture, unless
          otherwise specifically instructed in writing by an
          Authorized Officer, may use any Note certificate that may be
          on hand from time to time bearing the signatures or
          facsimile signatures of persons heretofore or hereafter duly
          authorized to sign any Note certificate on behalf of the
          Corporation even if such persons, or any of them, shall no
          longer be duly authorized to sign on behalf of the
          Corporation; and any such Note certificate may be
          authenticated and registered by the Trustee with the same
          effect and validity as if such persons who originally signed
          on behalf of the Corporation were still authorized to sign
          on behalf of the Corporation.

               RESOLVED, that it is desirable and in the best interest
          of the Corporation that the Notes be qualified or registered
          for sale, or that an exemption from such registration or
          qualification be perfected, in various jurisdictions; that
          the Authorized Officers hereby are, and each of them with
          full authority to act without the others hereby is,
          authorized to

                                   4
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          determine the jurisdictions in which appropriate action
          shall be taken to qualify or register for sale or exemption
          all or such part of the Notes as they or he may deem
          advisable; that the Authorized Officers hereby are, and each
          of them with full authority to act without the others hereby
          is, authorized to perform on behalf of the Corporation any
          and all such acts as they or he may deem necessary or
          advisable in order to comply with the applicable laws of any
          such jurisdictions, and in connection therewith to execute
          and file all requisite papers and documents, including, but
          not limited to, applications, reports, surety bonds,
          irrevocable consents and appointments of attorneys for
          service of process; and the execution by any of such
          Authorized Officers of any such paper or document or the
          doing by him or them of any act in connection with the
          foregoing matters shall conclusively establish their or his
          authority therefor from the Corporation and the approval and
          ratification by the Corporation of the papers and documents
          so executed and the action so taken.

               RESOLVED, that the form of any other resolution in
          connection with such qualification or registration or
          exemption in any jurisdiction is hereby adopted, provided
          that any Authorized Officer, with the advice of counsel,
          considers the adoption of such resolution necessary or
          desirable, in which case the Secretary or Assistant
          Secretary of the Corporation hereby is directed to insert as
          an appendix to the minutes of this meeting a copy of such
          resolution, which shall thereupon be deemed to have been
          adopted by this Board of Directors at this meeting with the
          same force and effect as if presented verbatim to this
          meeting.

               RESOLVED, that the Authorized Officers hereby are, and
          each of them with full authority to act without the others
          hereby is, authorized to take all such further action and to
          execute and deliver all such further instruments and
          documents, in the name and on behalf of the Corporation and
          under its corporate seal or otherwise, and to pay such fees
          and expenses as in their or his judgment shall be necessary,
          proper or advisable in order fully to carry out the intent
          and to accomplish the purposes of the foregoing resolutions,
          and the execution by any of such Authorized Officers of any
          of such instruments or documents, or the doing by any of
          them of any act in connection with the foregoing matters,
          shall conclusively establish their or his authority therefor
          from the Corporation and the approval and ratification by
          the Corporation of the instruments and documents so executed
          and the actions so taken.

                                   5<Page>

                                                                 EXHIBIT 4(e)(3)

     [THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN
THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS
SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO
A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]
     [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO., OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.]

                                                          CUSIP No.: 690368 AF 2

                        OVERSEAS SHIPHOLDING GROUP, INC.

                          8.250% Senior Notes due 2013

No. ___                                                           $_____________

     Overseas Shipholding Group, Inc., a corporation duly organized and existing
under the laws of Delaware (herein called the "Company", which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to _____________________________________, as
nominee for The Depository Trust Company (the "Holder"), or to its registered
assigns, the principal sum of ___________________ Dollars on March 15, 2013, and
to pay interest thereon from March 7, 2003 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually
on March 15 and September 15 in each year, commencing September 15, 2003, at the
rate of 8.250% per annum, until the principal hereof is paid or made available
for payment. The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be March 1 or September 1 (whether or not a Business Day),
as the case may be, next

                                       F-1
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preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture.

     Payment of the principal of (and premium, if any) and interest on this
Security will be made at the office or agency of the Company maintained for that
purpose in The City of New York, in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts.

     Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

     In Witness Whereof, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated as of March 7, 2003

                                        Overseas Shipholding Group, Inc.

                                        By:
                                           ---------------------------
                                        Name:
                                        Title:

Attest:

--------------------
         , Secretary

     This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

                                        Wilmington Trust Company,
                                        as Trustee

                                        By:
                                           --------------------
                                           Authorized Officer

                                       F-2
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     This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an Indenture, dated as of March 7, 2003 (herein called the
"Indenture," which term shall have the meaning assigned to it in such
instrument), between the Company and Wilmington Trust Company, as Trustee
(herein called the "Trustee," which term includes any successor trustee under
the Indenture), and reference is hereby made to the Indenture for a statement of
the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Securities and of the terms
upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, limited in
aggregate principal amount to $200,000,000.

     The Company shall not be entitled to redeem the Securities prior to March
15, 2008. On and after March 15, 2008, the Securities of this series are subject
to redemption upon not less than 30 nor more than 60 days' notice by mail, as a
whole or in part, at the election of the Company, at the following Redemption
Prices (expressed as percentages of the principal amount): If redeemed during
the 12-month period beginning on March 15 of the years indicated,

<Table>
<Caption>
                                        Redemption
                            Year          Price
                        ------------    ----------
                        <S>             <C>
                        2008            104.125%
                        2009            102.750%
                        2010            101.375%
                        2011            100.000%
</Table>

and thereafter at a Redemption Price equal to 100% of the principal amount,
together in the case of any such redemption with accrued interest to the
Redemption Date, but interest installments whose Stated Maturity is on or prior
to such Redemption Date will be payable to the Holders of such Securities, or
one or more Predecessor Securities, of record at the close of business on the
relevant Record Dates referred to on the face hereof, as all provided in the
Indenture.

     If a Change of Control shall occur, Holders of the Securities will have the
right to require the Company to redeem such Holder's Securities, in whole or in
part, in integral multiples of $1,000, at a Redemption Price equal to 101.000%
of the principal amount thereof and unpaid interest, if any, to the Redemption
Date, all as provided in the Indenture.

     In the event of redemption of this Security in part only, a new Security or
Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof.

     The Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain
conditions set forth in the Indenture.

                                       R-1
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     If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of 66-2/3% in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for
any other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in principal amount
of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect to such Event of
Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee
shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60
days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the
endorsement of any payment of principal hereof or any premium or interest hereon
on or after the respective due dates expressed herein.

     No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest
on this Security at the times, place and rate, and in the coin or currency,
herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or
agency of the Company in any place where the principal of and any premium and
interest on this Security are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

                                       R-2
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     The Securities of this series are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized
denomination, as request by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     All terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

                                      R-3

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