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Omi Corporation

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, it is especially important to have cash on hand both to withstand the lower cash flow and take advantages of opportunities. This transaction is an important step in increasing the company’s liquidity.”


OMI Sells Single Hull Vessel

OMI Corporation of Stamford, Connecticut announced that it had agreed to sell the SETTEBELLO, its 1986 built single hull ultra large crude carrier to an affiliate of Petrobras S.A. for use in an offshore project. The Company will recognize a gain of approximately $3.2 million at the time it delivers the vessel, expected to be during the fourth quarter of 2004. The sale leaves the Company with all double hull vessels except for one single hull product carrier and two double sided handysize


Teekay and Torm Complete Tender Offer for Shares of OMI

Teekay Corporation and A/S Dampskibsselskabet TORM announced the completion of the tender offer by their jointly owned subsidiary, Omaha, Inc., for the outstanding shares of common stock of OMI Corporation (OMI) at $29.25 net per share in cash. The depositary for the offer has advised Teekay and TORM, that, as of the expiration of the subsequent offering period, approximately 3,248,506 additional shares of OMI common stock, representing approximately 5


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


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


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


OMI Reports Q3 Loss of $7M

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


NAT Takes Delivery of Vessel

Nordic American Tanker Shipping Ltd. has taken delivery of the suezmax vessel that it agreed to acquire in September 2005, thereby increasing the fleet from seven to eight suezmax vessels. The 1998 built suezmax has been named Nordic Saturn and was taken over today November 7, 2005. As from takeover today the vessel is employed as a member vessel in the Gemini Tankers Pool, comprising 18 double-hulled suezmax tankers, operated by OMI Corporation (the seller of the ship)


GUILTY: OMI to Pay $4.2M Fine for Illegal Dumping

The U.S. Department of Justice announced that OMI Corporation pleaded guilty to preparing false documents in an effort to cover up the illegal dumping of thousands of gallons of waste oil and sludge at sea. OMI also agreed to pay a $4.2 million fine and serve three years probation. U.S. District Judge Katharine S. Hayden accepted the guilty plea. Sentencing has been scheduled for May 3. A ship captain and chief engineer previously pled guilty in connection with the case.


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


Market Growth to Bring More Carnival Ships to China

Rendering of Princess Cruises’ new China-based cruise ship, Majestic Princess. (Image: Princess Cruises)

Eying a rapidly growing cruise market, Carnival Corporation announces plans to sail more ships from China The Chinese cruise market, expected to become the world’s largest based on surging demand for cruise vacations by Chinese travelers


Carnival Corp. Appoints Chairman in China

Roger Chen (Photo: Carnival)

25-year veteran Chinese executive charged with overseeing Carnival Corporation’s presence in China and facilitating the company’s long-term growth plans for cruising in the region   Carnival Corporation & plc today announced that Roger Chen has been appointed chairman in


Carnival’s Fathom Approved for US-Cuba Sailings

MV Adonia (Photo: Fathom)

Carnival Corporation & plc has received Cuban approval to begin travel to Cuba starting on May 1, 2016. This, following U.S. authorization granted in July 2015, clears Carnival Corporation to operate the 704-passenger MV Adonia to Cuba through its newest brand Fathom


Carnival Signs MOA for First New Cruise Ships Built in China

Photo: Carnival

Carnival Corporation & plc has announced that its cruise joint venture in China has signed a non-binding memorandum of agreement (MOA) to order the industry’s first new cruise ships built in China for the Chinese market. The MOA is subject to several conditions including closing of the


ABS to Class its First Japan-Flagged Vessel

Photo courtesy ABS

Anchor Handling Tug Supply vessel will be built to ABS class for Offshore Japan Corporation by Japan Marine United Corporation. ABS has been selected by Offshore Japan Corporation (OJC) to class its newly-ordered Anchor Handling Tug Supply (AHTS) vessel


Faurisson Joins Heidmar Products Desk

Olivier Faurisson (Photo: Heidmar)

Heidmar announced that Olivier Faurisson will join the company as Managing Director of Chartering and Marketing in the product sector.  Faurisson has experience in product chartering and pool building. He rose to the title of General Manager, Products Division


Keppel's Senior Executive Director to Retire

Keppel Corporation Limited announced that Teo Soon Hoe, Senior Executive Director, Keppel Corporation will retire June 1, 2014. Teo will step down as Chairman of Keppel Telecommunications & Transportation Ltd (Keppel T&T) and non-independent director of Keppel Infrastructure Fund


Chromium Corp. Unveils LPM, EPA-Compliant Cylinder Liner

photo: courtesy Chromium Corporation

Chromium Corporation has announced the release of its LPM (Low Particulate Matter) cylinder liner that is fully in compliance with EPA 40 CFR 1033 (locomotive) and 1042 (marine) regulations.   Through its advanced surface finishing technology


R. K. Sharma appointed PR Head of SCI

Ravindra Kumar Sharma

Consequent to the inter-divisional/departmental transfer, Ravindra Kumar Sharma, General Manager, has taken over the full-fledged charge of public relations department of the Shipping Corporation of India Limited w.e.f. 18th july, 2014. 


Fulcrum Buys BMT Snyek Technologies

Photo courtesy of BMT

BMT Group announced the sale of BMT Syntek Technologies Inc to Fulcrum Corporation. Fulcrum Corporation, based in Arlington, VA., providies customized services and solutions to organizations within the Department of Defense, the Department of Transportation, and various private sector companies


Keppel Listed on Global Sustainability Indices

Driven by a firm commitment to continuously strengthen its environmental, social and governance (ESG) management and strategy, Keppel Corporation's sustainability efforts have gained momentum, affirmed by inclusion on several global sustainability benchmarks in recent months.


Carnival, China Merchants Sign MOU

MOU will explore both Port & Destination Development and Ship-Owning joint ventures with the goal of potentially launching China’s first world-class domestic cruise brand.   Carnival Corporation & plc has  signed a memorandum of understanding (MOU) with China Merchants


Carnival to Add Nine Ships to Cruise Fleet

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Carnival Corporation enters into strategic partnerships to add nine cruise ships to its fleet over a four-year period starting in 2019; shipbuilders Fincantieri and Meyer Werft to each build next-generation cruise ships for Carnival Corporation through two separate, long-term partnerships  


Ships Collide on Lower Mississippi

Three ships were involved in a collision on the lower Mississippi River near Convent, Louisiana, Monday when a bulk carrier broke free from its mooring and drifted into a moored towing vessel and then an offloading tank ship. The U.S. Coast Guard is responding.  


Carnival to Pilot Wärtsilä Optimization Systems

Björn Rosengren, President and CEO of Wärtsilä Corporation, with Micky Arison, Chairman of the Board of Carnival Corporation & plc (Photo: Wärtsilä)

Björn Rosengren, President and CEO of Wärtsilä Corporation and Micky Arison, Chairman of the Board of Carnival Corporation & plc are pleased about deepening the cooperation to support sustainable and environmentally friendly cruises.  






 
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