Omi Corporation News

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, during his 13 year career with Total Trading. At OMI Corporation he was the Head of Chartering & Business Development, in the Product Tanker Division. Most recently, he was Head of Chartering at Scorpio UK Limited. Faurisson will be based in Heidmar's London office.

Ocean Hotels Plc. On 25 February 2010, Davie Yards announced it has filed for creditor protection under the Companies' Creditors Arrangement Act (CCAA) with the Québec Superior Court, in Canada. On 26 February 2010, Tore Enger resigned from the Board of Directors of Ocean Hotels PLC and following a Board of Directors meeting that was held the same day, Alexandros Tsirikos was appointed Chairman of the Board of Directors. The Board is looking into terminating the management agreement between Ocean Hotels and Teco Management, and appointed Anthony Kandylidis as CEO / Managing Director of Ocean Hotels. Director Constantinos Economides also resigned as Director of the Board, to allow for a more efficient Board, and will remain Corporate Secretary of Ocean Hotels.

At its annual general meeting in in May, Jeanne M. Grasso was elected President of the Women’s International Shipping and Trading Association (WISTA) . As President of WISTA USA, Ms. Grasso will serve as a member of the six-person elected board, which includes: Vice President Linda Turnbow (Ocean Shipholdings, Inc.); Treasurer Kathleen Haines (formerly of OMI Corporation); Membership Secretary Parker Harrison (American Steamship Owners Mutual Protection and Indemnity Association, Inc.); Recording Secretary Julie D. Kuchta (Bowen, Miclette & Britt); and National WISTA Association liaison,  Mary T. Reilly (Hill, Betts & Nash, LLP). Grasso, a respected and active member of the maritime community, has held leadership positions in various maritime organizations.

OMI Corporation announces an agreement to acquire four product tankers from two other ship owners for approximately $120 million cash in aggregate. Two of the vessels are 35,000 dwt built in South Korea in 2000. One vessel was delivered on September 10, and the other was delivered on September 30. Both vessels will be chartered back to the owner for five years. The other two vessels are 37,000 dwt product carriers under construction in South Korea. Upon delivery in November 2001 and March 2002 the vessels will commence three-year time charters.

Seabulk Towing, Inc., the Tampa-based subsidiary of Seabulk International, announced the appointment of Kenneth M. Rogers to the new position of Senior Vice President of Marketing. in the Gulf of Mexico and the Atlantic. Towing's development strategy. A graduate of the U.S. Carnival Corporation. Propeller Club of the United States.

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."

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."

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…

OMI Corporation of Stamford, Connecticut announced that it has priced a $200 million senior unsecured notes offering (the "Notes"). The size of the offering was increased to $200 million from the previously announced $150 million. The Notes will bear interest at 7.625% and will be due in 2013. OMI will have the option to call the Notes beginning in 2008. Subject to customary closing and other conditions, the offering is expected to close on November 26, 2003. OMI intends to use proceeds from the offering to repay outstanding balances under the Company's revolving credit facilities and for general corporate purposes. The Notes were offered in an unregistered offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933.

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. The ship involved in the case, the Motor Tanker Guadalupe, owned and operated by wholly owned subsidiaries of OMI Corporation, made port calls in the U.S., Europe, the Caribbean and Latin America.

The U.S. Department of Justice said 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. A ship captain and chief engineer previously pled guilty in connection with the case. The ship involved in the case, the Motor Tanker Guadalupe, owned and operated by wholly owned subsidiaries of OMI Corporation, made port calls in the U.S., Europe, the Caribbean and Latin America. Ships such as the Guadalupe generate waste oil and sludge in the process of purifying the heavy fuel oil that is used to power the ship. Like other ships, the Guadalupe was equipped with a system for processing this waste oil and sludge.

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."

By Jeanne M. Grasso and Allison L. In the past several years, federal prosecutors increasingly have devoted time and resources to pursuing vessel owners, operators, crewmembers, and shoreside employees who are involved in illegal discharges at sea. Discharges at sea have long been recognized as a serious threat to the marine environment and, as a result, there is a plethora of laws in the United States regulating discharges into waters of the United States. These statutes include the Clean Water Act, the Refuse Act, the Oil Pollution Act of 1990, the Act to Prevent Pollution from Ships (APPS) (implementing the International Convention for the Prevention of Pollution from Ships or MARPOL), and the Ocean Dumping Act, among others.

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.

Thomas L. Sansonetti, Assistant Attorney General for the Justice Department’s Environment and Natural Resources Division, and Christopher J. Christie, U.S. Attorney for the District of New Jersey, announced that a Connecticut-based shipping company that transports petroleum products in the United States and abroad was sentenced to pay $4.2 million for illegally concealing the dumping of thousands of gallons of waste oil and sludge at sea. U.S. District Judge Katharine S. Hayden ordered OMI Corporation, to pay a $4.2 million fine and serve three years of probation. Judge Hayden also awarded $2.1 million of the fine to a former OMI crew member who reported the crimes to the government.

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.”

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…

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.

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.

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.”

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."

OMI Corporation has named Philip J. Shapiro, president and CEO of Liberty Maritime Corp. as a director. Shapiro, whose position is with the largest privately held independent operator of U.S. flag dry bulk vessels, is also a director of the Steamship Mutual Protection and Indemnity Club and an elected member of the American Bureau of Shipping.

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.