OMI Corporation Elects Shapiro as A Director
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.
Teekay, TORM Acquire Majority Stake in OMI
tender offer. After taking into account the 2.4 million restricted shares that were cancelled in accordance with the transaction agreement among OMI, Teekay, TORM and Omaha, Omaha's ownership represents approximately 83.5% of all outstanding shares of OMI. In addition, OMI paid the previously announced special cash dividend today to all holders of record as of the close of business on May 24, 2007, in the amount of $0.10 per share in connection with the tender offer. Omaha's previously announced subsequent offering period for all remaining OMI shares remains open through 5:00 p.m., New York City time, June 5, 2007, unless otherwise extended.
Former OMI Crew Members Plead Guilty
OMI Corporation of Stamford, Ct. announced that it has learned that a former Master and former Chief Engineer of one of its vessels entered pleas of guilty in U.S. District Court in Newark, New Jersey, to violations of U.S. law involving false statements to the Coast Guard during a vessel's port call in New Jersey on September 10, 2001. OMI Corporation has cooperated with the investigation by the U.S. Attorney's office in Newark, New Jersey. Last November, the company issued a Fleet Alert to its ships reaffirming its commitment to environmental compliance and has been reviewing its policies, directives, and practices with a view toward implementing any additional safeguards as warranted under the circumstances.
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…
Tender Offer for OMI Shares Set to Expire
Teekay Corporation (Teekay) and A/S Dampskibsselskabet TORM (TORM) informed shareholders of OMI Corporation (OMI) (NYSE: OMM) who have not tendered their shares of common stock pursuant to Teekay's and TORM's previously announced tender offer through its jointly owned subsidiary, Omaha, Inc. (Omaha) that, if they want to participate in the tender offer, they must do so prior to 5:00 pm, New York City time, on June 5, 2007, the expiration of the previously announced subsequent offering period. • The OMI board unanimously recommended that all shareholders tender their shares.
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."
OMI Corporation Acquires Vessels and Charters
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.
Teekay and TORM Complete Acquisition of OMI
Teekay Corporation A/S Dampskibsselskabet TORM and OMI Corporation announced the completion of Teekay and TORM's acquisition of OMI through their jointly owned subsidiary, Omaha, Inc. (Omaha). As a result of the acquisition, all the remaining outstanding OMI shares (other than shares owned by Teekay, TORM or Omaha, or any of their respective subsidiaries) were cancelled and converted into the right to receive $29.25 per share, net to the seller in cash without interest, less any required withholding taxes. Effective as of the close of business today, OMI's shares are no longer traded on the New York Stock Exchange. As a result of the acquisition, the previously announced annual meeting of OMI shareholders, scheduled to be held on June 28, 2007, has been cancelled.
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."
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."
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 crude oil carriers.
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.”
News: OMI Pleads Guilty to Illegal Dump, To Pay $4.2M Fine
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 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."
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.
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 5.45% of the outstanding shares, were validly tendered during the subsequent offering period. All validly tendered shares have been accepted for payment in accordance with the terms of the tender offer.
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.
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.
OMI to Be Acquired by Teekay and TORM
OMI Corporation (OMI), Teekay Shipping Corporation (Teekay) (NYSE: TK) and A/S Dampskibsselskabet TORM (TORM) announced that Teekay and TORM have entered into a definitive agreement to acquire OMI. The agreement was unanimously approved by OMI's Board of Directors. Under the agreement, OMI shareholders will receive $29.25 in cash for each share of OMI common stock they hold. Teekay and TORM will equally split the total cost of the transaction of approximately $2.2 billion, including assumed net debt and other transaction costs. Under the terms of the agreement, OMI will be permitted to pay a dividend at a rate of $0.15 per share per quarter, pro rated from April 1 to the closing of the tender offer, up to a maximum of $0.15 per share in the aggregate.
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.”
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."
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.
Teekay, Torm Announce Expiration of Antitrust Review of OMI Aquisition
Teekay Shipping Corporation (Teekay) and A/S Dampskibsselskabet TORM (TORM) announced that the waiting period for response from the Norwegian Competition Authority for approval under the Norwegian Competition Act of March 2004 (No. 12), and the Regulation on Notification of Concentrations of April 2004, has expired with respect to the previously announced tender offer by Teekay and TORM for OMI Corporation (NYSE: OMM). The tender offer remains subject to certain conditions, including, among others, satisfaction of the minimum tender condition. The tender offer is currently set to expire at 5:00 p.m. New York City time on Friday, May 25, 2007.