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Craig H Stevenson News

15 Feb 2012

ABS Recognized for 150 Years of Service

ABS celebrated its 150th anniversary in Washington, DC on 31 January and was recognized by Members of Congress for the classification society’s proud history and unwavering commitment to the American and international maritime community. “I ask my colleagues to join with me in congratulating ABS on its 150th anniversary and in recognizing ABS’ significant service to the American marine and offshore industries and our sea services,” stated Congressman Frank LoBiondo (R-NJ), Chairman of the Subcommittee on Coast Guard and Maritime Transportation, in remarks entered into the Congressional Record. Congressman LoBiondo was joined by Congressman Rick Larsen (D-WA)…

14 Oct 2011

Diamond S Shipping Completes 30-Tanker Acquisition

Diamond S Shipping announced today that it has completed the acquisition of 30 medium-range product tankers and related charters from Cido Shipping of Hong Kong. The product tankers, built between 2007 and 2010, are under long-term charters with a number of global shipping companies, including A.P. Moeller, d'Amico, Hyundai Merchant Marine, Overseas Shipholding Group and ST Shipping. The tankers are being added to Diamond S' fleet of ten new buildings now under construction, with the first delivery scheduled for January 2012. A group of institutional investors led by WL Ross & Co. and First Reserve Corporation, and including China Investment Corporation…

20 Nov 2008

ABS Council Adds Members

At the recent ABS Council meeting, 31 prominent members of the shipping and offshore industries were elected as new members of the prominent international classification society. The ABS Council also elected seven new members to the society’s Technical Committee. “Our strength as a classification society is the breadth of experience and depth of wisdom of our membership,” said ABS Chairman & CEO Robert D. Somerville. Zamil A. Thomas J. Angiolino, Senior Vice President, Willis of New York, Inc. Commodore R. Balasubrmaniam, IN (Retd.), Director, Rajapur Shipyard Pvt. Ltd. Dong-Su Choi, President & CEO, SLS Shipbuilding Co., Ltd. Robert G. George A. Cupstid, Senior Vice President and General Manager, LeTourneau Technologies, Inc. Tim E. Steven Durrell, President, Irving Shipbuilding Inc.

08 Sep 2003

OMI Corporation Orders Vessel

OMI Corporation of Stamford, Connecticut has ordered one 37,000 dwt ice-class 1A product carrier to be built by Hyundai Mipo Dockyard Co., Ltd., Ulsan, Korea. The vessel is scheduled to be delivered in June of 2005. Craig H. Stevenson, Jr., Chairman and Chief Executive Officer, said "we continue to grow our core business of double hull product carriers and Suezmaxes; this is the fifth sister product carrier on order, three of which will commence five year time charters upon their deliveries in 2004. We maintain our optimistic outlook for both time charter and spot market business."

29 Sep 2003

OMI Sells Two Vessels

OMI Corporation of Stamford, Connecticut has agreed to sell the RACER and the RAIN, single hull product carriers built in 1989 and 1990, respectively. A loss on the sale of approximately $8.0 million will be recognized in the third quarter. Craig H. Stevenson, Jr., Chairman and Chief Executive Officer said "we continue our policy of shedding older assets as opportunities arise."

13 Oct 2003

OMI Announces Construction of Additional Vessel and Time Charters

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. Five of the six vessels now on order have five year time charters with a base rate and profit sharing; (3) the time charters on the vessels RHONE and SEINE with a subsidiary of Total…

03 Mar 2004

OMI Takes Delivery of New Vessel

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 with secure revenue. This vessel and four of the six sisters to follow are time chartered for five years from delivery, adding to our secured growth, improving our age profile and putting us in a leading position in ice-class product carriers."

09 Jun 2004

OMI Withdraws Offer to Merge with Stelmar

OMI Corporation said that it has withdrawn its previously announced offer to merge with Stelmar Shipping following Stelmar's rejection of its merger proposal and its decision to refrain from entering into discussions with OMI. The company intends to file an amended 13D with the Securities and Exchange Commission. Craig H. Stevenson, Chairman and CEO of OMI said, "Based on the actions of the Stelmar Board, specifically their complete unwillingness to discuss our offer with us and their deliberate decision to thwart shareholders' rights by purporting to amend the Company's bylaws, we have decided to withdraw our offer. Since we made our offer, we have received overwhelming support from Stelmar shareholders.

19 Dec 2001

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.”

18 Dec 2001

OMI Corporation Announces Vessel Sale

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…

10 Jan 2002

OMI Announces Delivery New Vessel

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. OMI has on order at shipyards two Suezmaxes and six product carriers.

21 Jan 2002

OMI Delivers New Vessel

OMI Corporation has delivered the Amazon, a 47,000 dwt product tanker, which is the first of a series of four sisterships being constructed for 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, CEO and president of OMI said, “ This brings to 15 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.

25 Jan 2002

Robert Bugbee Promoted to President of OMI

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 growing our business and improving our financial strength.”

11 Apr 2002

OMI Elects Shapiro as a Director

OMI Corporation said that Philip J. Shapiro has been elected a director of OMI. Mr. Shapiro is President and CEO of Liberty Maritime Corporation, the largest privately held independent operator of U.S. flag dry bulk vessels. He is also a director of the Steamship Mutual Protection and Indemnity Club and an elected member of the American Bureau of Shipping. Craig H. Stevenson, Chairman, Chief Executive Officer and President of OMI commented that "Philip is well known in shipping for his business acumen and ability to make things happen. OMI is fortunate to add his experience and keen judgment to that of our other Board members."

08 May 2002

OMI Corporation Announces First Quarter Results

OMI Corporation a major international tanker owner and operator today announced its financial results for the first quarter ended March 31, 2002. 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.

10 Jul 2002

OMI Announces Time Charters

OMI Corporation of Stamford, Ct. announced that it had entered into five year time charters with BP Shipping for two new Panamax tankers which are scheduled to be delivered by their shipbuilder in April and July 2003. Craig H. Stevenson, Jr., Chairman of the Board of Directors and Chief Executive Officer commented that "we are excited about this transaction for several reasons. First, these are our first time charters with BP since our spin-off in 1998 and we appreciate their confidence in concluding this long term business with OMI. Second, the charters add approximately $11 million per year to our secure revenue for their terms and will enhance our profitability."

24 Apr 2007

ABS Elects Wiernicki to Board

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. He is also an elected Corporate Officer of the society. Prior to his current appointment, Wiernicki served as President and COO of ABS Europe Ltd, the Division of the society responsible for activities throughout Europe, the Middle East and Africa. Wiernicki has also served as Executive Vice President and Chief Technology Officer for ABS and as President and Chief Operating Officer of ABSG Consulting Inc., an affiliate of ABS and the principal operating subsidiary of ABS Group of Companies, Inc.

28 Jul 2003

OMI Takes Delivery of Tamar

OMI Corporation of Stamford, Conn., has taken delivery of the vessel TAMAR, a 70,100 dwt product carrier built by Daewoo Shipbuilding & Marine Engineering Co., Ltd. Upon delivery the vessel commenced a five year time charter to a subsidiary of BP. Craig H. Stevenson, Jr., Chairman and Chief Executive Officer commented that, "we are pleased to strengthen our relationship with BP, which also chartered the OTTAWA, a sister ship in May of this year for a 5 year period."