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. Net income for the quarter and nine months ended Sept. 30, 1998 was $8,043,000 and $47,582,000, respectively, which includes a gain on the disposal of a vessel of $6,625,000 and a reversal of deferred income taxes in the amount of $38,887,000. During 1999, OMI changed its method of accounting for freight on voyage charters.