OMI Reports 2Q Results

OMI Corporation reported a record Net Income of approximately $131.8m or $1.92 basic and diluted EPS, which included Gain on Disposal of Vessels of $78m or $1.14 basic and diluted EPS for the second quarter ended June 30, 2006, compared to Net Income of $47m or $0.56 basic and diluted EPS for the second quarter ended June 30, 2005. For the six months ended June 30, 2006, Net Income was $195m or $2.80 basic and diluted EPS, which included Gain on Disposal of Vessels of $78m or $1.12 basic and diluted EPS, compared to Net Income of $123m or $1.45 basic and diluted EPS for the six months ended June 30, 2005, which included Gain on Disposal of Vessels of $3m or $0.03 basic and diluted EPS. Revenue of $183m for the second quarter ended June 30, 2006 increased $35m or 23 percebt compared to revenue of $144m for the second quarter ended June 30, 2005. Revenue of $376m for the six months ended June 30, 2006 increased $57m or 18 percent compared to revenue of $320m for the six months ended June 30, 2005. The revenue from product carriers increased primarily due to more operating days from vessels acquired and higher rates. The revenue from Suezmax vessels increased because of the additional vessels in Gemini Suezmax Pool, which was offset by the two Suezmax vessels sold in the fourth quarter of 2005.