OMI Withdraws Offer to Merge with Stelmar

June 9, 2004

OMI Corporation said that it has withdrawn its previously announced offer to merge with Stelmar Shipping following Stelmar's rejection of its merger proposal and its decision to refrain from entering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. However, given the Stelmar Board's position and our desire to avoid a costly and protracted process, we have determined that withdrawing our offer is the best course of action. "If the Stelmar Board were to express a willingness to engage in discussions with us, we would be prepared to participate. In the meantime, we will continue to evaluate other options as we seek to maintain our track record of delivering superior value for OMI shareholders."

OMI Withdraws Offer to Merge with Stelmar

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