OMI Announces Delivery New Vessel

Thursday, January 10, 2002
OMI Corporation today announced that it had taken delivery of the Amazon, a new 47,000 dwt product tanker, the first of a series of four sisterships being constructed for the Company by Onomichi Dockyard Co., Ltd. pursuant to contracts between the Company and Sumitomo Corporation. The vessel has entered into a previously announced three-year time charter. Craig H. Stevenson, Chairman, Chief Executive Officer and President of OMI commented that "This brings to fifteen the number of vessels on long term time charter, with two more new product tankers to be added during the first quarter of this year. We now have twenty handysize and handymax product tankers, making us the largest owner in the world in this size category. Further, twelve of the vessels were built in 1999 or later making it a very young fleet and four more are to be delivered to us over the next fourteen months, all of which are time chartered from delivery." OMI has on order at shipyards two Suezmaxes and six product carriers.

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