OMI Corporation announced that it has sold the Soyang, one of its Suezmax tankers, to Jacob Tankschiffahrtsgesellschaft GmbH & Co. KG and agreed to time charter the vessel back for a period of five years. The company has options to extend the time charter and to repurchase the vessel at the end of the time charter. The transaction results in a gain of approximately $5 million dollars, which will be realized over the term charter. The transaction has increased the company’s cash by approximately $20 million after repayment of the debt allocable to the vessel. Craig H. Stevenson, chairman, chief executive and president OMI commented that “in potentially prolonged weak markets, it is especially important to have cash on hand both to withstand the lower cash flow and take advantages of opportunities. This transaction is an important step in increasing the company’s liquidity.”
OMI Corporation of Stamford, Connecticut announced that it had agreed to sell the SETTEBELLO, its 1986 built single hull ultra large crude carrier to an affiliate of Petrobras S.A. for use in an offshore project. The Company will recognize a gain of approximately $3.2 million at the time it delivers the vessel, expected to be during the fourth quarter of 2004. The sale leaves the Company with all double hull vessels except for one single hull product carrier and two double sided handysize
OMI Corporation announced that Robert Bugbee has been elected president and Chief Operating Officer. Previously, he served as executive vice president and chief operating officer. Craig H. Stevenson, Jr., chairman of the board of directors and chief executive officer said, “I am pleased for Robert both personally and professionally. He has demonstrated great leadership, ability, energy and commercial acumen and we expect even more from him as a leader of our management team in further
Teekay Corporation and A/S Dampskibsselskabet TORM announced the completion of the tender offer by their jointly owned subsidiary, Omaha, Inc., for the outstanding shares of common stock of OMI Corporation (OMI) at $29.25 net per share in cash. The depositary for the offer has advised Teekay and TORM, that, as of the expiration of the subsequent offering period, approximately 3,248,506 additional shares of OMI common stock, representing approximately 5
OMI Corporation announced that it had taken delivery of the Ohio, a new 37,000 dwt product/chemical tanker. The vessel has entered into a previously announced three year time charter. Craig H. Stevenson, chairman, CEO and president of OMI commented that “we are pleased that the company’s fleet and its secure revenues continue to grow. This brings to fourteen the number of vessel on long term time charter, with three more new product tankers to be added during the first quarter of 2002
OMI Corporation of Stamford, Ct., announced that on February 26, 2004 it had taken delivery of the LOIRE, the first of seven 37,000 dwt product carriers designated as ice-class 1A, being built for it by Hyundai Mipo Dockyard Co. in Ulsan, Korea. The vessel has commenced a five year time charter party with a major oil company at a base rate with profit sharing in excess of the base rate. Craig H. Stevenson, Jr., Chairman and Chief Executive Officer said "we continue our strategy of growth
Nordic American Tanker Shipping Ltd. has taken delivery of the suezmax vessel that it agreed to acquire in September 2005, thereby increasing the fleet from seven to eight suezmax vessels. The 1998 built suezmax has been named Nordic Saturn and was taken over today November 7, 2005. As from takeover today the vessel is employed as a member vessel in the Gemini Tankers Pool, comprising 18 double-hulled suezmax tankers, operated by OMI Corporation (the seller of the ship)
The U.S. Department of Justice announced that OMI Corporation pleaded guilty to preparing false documents in an effort to cover up the illegal dumping of thousands of gallons of waste oil and sludge at sea. OMI also agreed to pay a $4.2 million fine and serve three years probation. U.S. District Judge Katharine S. Hayden accepted the guilty plea. Sentencing has been scheduled for May 3. A ship captain and chief engineer previously pled guilty in connection with the case.
OMI Corporation announced a net loss of $7,119,000 for the quarter ended Sept. 30. The net loss for the nine months ended Sept. 30 was $37,555,000 after income from the cumulative effect of change in accounting principle of $2,729,000. Net loss for the nine months ended Sept. 30 includes a $23,574,000 loss on disposal/write down of vessels, $6,229,000 provision for loss on lease obligation and $1,114,000 loss on the disposal/write down of two joint ventures
OMI Corporation of Stamford, Ct. has exercised an option to have a sixth 37,000 dwt ice class 1A product carrier constructed for it by Hyundai Mipo Dockyard Co., Ltd in Ulsan, Korea; (2) it has entered into time charters for the fifth and sixth of the 37,000 dwt product carriers with the Handytankers KS pool operated by an affiliate of A.P. Moller of Copenhagen for five years from the deliveries in 2005; both of the charters have a base rate and profit sharing on earnings above the base rate
Three ships were involved in a collision on the lower Mississippi River near Convent, Louisiana, Monday when a bulk carrier broke free from its mooring and drifted into a moored towing vessel and then an offloading tank ship. The U.S. Coast Guard is responding.
Heidmar announced that Olivier Faurisson will join the company as Managing Director of Chartering and Marketing in the product sector. Faurisson has experience in product chartering and pool building. He rose to the title of General Manager, Products Division
Long tracks of elevated nitrogen dioxide (NO2) levels show up along certain shipping routes when viewed from NASA's Aura satellite. For more than a decade, scientists have observed “ship tracks” in natural-color satellite imagery of the ocean
Carnival Corporation to sell existing shares over time in the London stock market. Carnival Corporation and Carnival Investments Limited, a wholly owned subsidiary of Carnival Corporation, intend to sell existing Carnival plc ordinary shares that they hold in the UK market.
Ocean Hotels Plc. (OSLO: OCEA) announced an update on Davie Yards, and management and board of directors reorganization: On 25 February 2010, Davie Yards announced it has filed for creditor protection under the Companies' Creditors Arrangement Act (CCAA) with the Québec Superior Court
At its annual general meeting in in May, Jeanne M. Grasso was elected President of the Women’s International Shipping and Trading Association (WISTA) . As President of WISTA USA, Ms. Grasso will serve as a member of the six-person elected board
Crowley Maritime Corporation announced today that Capt. Bill Taylor has been promoted to vice president of bulk petroleum and chemical transportation and will manage the commercial activities of the company's petroleum tankers and barges. He will remain domiciled in Jacksonville and report to
Teekay Corporation A/S Dampskibsselskabet TORM and OMI Corporation announced the completion of Teekay and TORM's acquisition of OMI through their jointly owned subsidiary, Omaha, Inc. (Omaha). As a result of the acquisition, all the remaining outstanding OMI shares (other than shares owned by
Teekay Corporation (Teekay) and A/S Dampskibsselskabet TORM (TORM) informed shareholders of OMI Corporation (OMI) (NYSE: OMM) who have not tendered their shares of common stock pursuant to Teekay's and TORM's previously announced tender offer through its jointly owned subsidiary, Omaha, Inc
Teekay Corporation, A/S Dampskibsselskabet TORM and OMI Corporation said that Omaha, Inc., a jointly owned subsidiary of Teekay and TORM, paid for the 49.8 million tendered shares (including shares tendered pursuant to guaranteed delivery procedures) pursuant to Omaha's previously announced
Teekay Shipping Corporation (Teekay) and A/S Dampskibsselskabet TORM (TORM) announced that the waiting period for response from the Norwegian Competition Authority for approval under the Norwegian Competition Act of March 2004 (No. 12), and the Regulation on Notification of Concentrations of
Christopher J. Wiernicki was elected to the ABS Board of Directors by the ABS Council following the Annual Meeting of the members of the international classification society. Wiernicki was appointed President and Chief Operating Officer of ABS on January 1
OMI Corporation (OMI), Teekay Shipping Corporation (Teekay) (NYSE: TK) and A/S Dampskibsselskabet TORM (TORM) announced that Teekay and TORM have entered into a definitive agreement to acquire OMI. The agreement was unanimously approved by OMI's Board of Directors.
According to Reuters, Bank of America Securities cut its near-term industry outlook on oil tankers to neutral from overweight, citing a reduction in crude throughput by refiners to ease a global refined product glut. Shipping rates could underperform fourth-quarter expectations by 20 percent
Frontline Ltd., the world's second- biggest oil tanker company, said second-quarter profit slumped a greater-than-expected 46 percent as earnings declined for its older 1 million-barrel tankers. Net income dropped to $68.6 million, or 92 cents a share, from $127.5 million, or $1