OMI Announces Delivery of Acquired Vessel

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. We continue to grow stronger, as evidenced by the recently arranged financing for this vessel and one of the vessels being delivered to us in the first quarter next year having a slightly lower interest rate margin than our other borrowings.”