OMI Corporation Announces First Quarter Results

Wednesday, May 08, 2002
OMI Corporation a major international tanker owner and operator today announced its financial results for the first quarter ended March 31, 2002. OMI reported net income of $377,000 or $0.01 basic and diluted earnings per share ("EPS") for the first quarter 2002 compared to net income of $28,378,000 or $0.46 basic and $0.45 diluted EPS for the first quarter 2001 Craig H. Stevenson, Jr., Chairman and Chief Executive Officer of the Company commented that "We are pleased to record a profit for the first quarter in view of the weakest rate environment for larger crude carriers since the mid - 1980's. While we expected a weak first quarter, substantially warmer than normal weather in the northern hemisphere as well as low natural gas prices, and thus lack of natural gas for oil substitution, resulted in an additional reduction of about 0.9 million barrels per day (b/d) in oil demand compared to the same period a year ago. Scrapping activity has recently picked up and is presently at a 30,000,000 deadweight metric tons ("dwt"), annualized rate. This increase is due to two factors: regulations, and weak tanker markets. We believe scrapping will continue at a high rate which would result in zero tanker fleet growth and possibly a reduction in the tanker fleet for this year. We are optimistic that beginning in the second half of this year and through 2003 the freight markets will be better, as we expect tanker demand to improve and scrappings to continue, due to age regulations, resulting in little or no growth in the tanker fleet.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Skandi Paraty Delivered and On-hire

Skandi Paraty, owned by Norskan Offshore Ltda, has been delivered from the yard and went on-hire on a four years contract with Petrobras.   Skandi Paraty is an AHTS,

Diana Containerships, MSC Enter Time Charter Deal

Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with MSC-Mediterranean Shipping Co.

Baltic Dry Bulk Index Dips on Weak Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued to dip on Wednesday due to sluggish demand across vessel segments.

Finance

Transocean Posts Quarterly Profit on Cost Cutting

Offshore rig contractor Transocean Ltd posted a quarterly profit, compared with a year-earlier loss, as cost cutting helped counter a slump in crude oil prices.

Oil Turns Lower after US Crude Build

A bigger-than-expected build in U.S. crude inventories to fresh record highs pushed oil markets lower on Wednesday after an early rally over concerns about production

Elandra Yachts Expands, Launches Finishing Department

Elandra Yachts has added another layer of craftsmanship to its boat-building operation with the launch of a new in-house paint department at the Gold Coast plant,

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0791 sec (13 req/sec)