OMM Omi Corp New

OMI Corporation (NYSE:OMM) of Stamford, Connecticut has previously announced it would from time to time disclose rates being earned by its vessels. In its announcement of October 17, 2005, the Company disclosed that its Suezmaxes in the spot market averaged $38,000 TCE per day for the 43% of the days then booked for the fourth quarter of 2005. The 18% of days booked since have averaged approximately $64,000 TCE per day. In the October 17, 2005 announcement, product carriers in the spot market averaged $27,000 per day for the 44% of days then booked. The 12% of days booked since that announcement have averaged approximately $39,000 TCE per day. The Company also announced that it has repurchased 1,006,000 shares of its common stock at an average price of $18.17 per share pursuant to the $70,000,000 authority announced October 31, 2005. It currently has 74,082,391 shares outstanding. As of November 4, 2005, the Company has achieved the following average estimated TCE rates for the percentage of days booked for vessels operating in the fourth quarter of 2005: -0- *T Number of Percent Number of Revenue of Days Average TCE Vessels Days (a) Booked Rate (b) ---------------------------------------- Suezmax vessels on spot (c) (d) 15 1,227 61% $46,000 Suezmax pool participants on spot (e) 4 331 61% $46,000 Suezmax vessels on time charter (d) 2 197 100% $30,000 Product carriers on spot (f) 8 752 56% $30,000 Product carriers on time charter (f) 22 1,980 100% $15,800 (a) Revenue days are days the vessels are in our fleet and are not in drydock (owned vessels) or off-hire (chartered-in vessels). (b) Time charter equivalent ("TCE") rates are derived by calculating revenue from vessels operating on time charters and voyage revenue less voyage expenses from vessels operating in the spot market and dividing by the number of days in the applicable period. TCE revenue is used to measure and analyze fluctuations between financial periods and as a method of equating TCE revenue generated from a voyage charter to time charter revenue. (c) For the period, Suezmax vessels on spot includes 11 vessels owned (including two which have been sold, and delivered in November 2005) and four vessels chartered-in. (d) During October 2005, the SABINE, which was sold, was replaced by the POTOMAC in a time charter contract, and as result both vessels operated on the time charter for 13 days. (e) The revenues of the Gemini pool are reflected in OMI's consolidated revenues, and the charter hire expense for the non-OMI pool participants, which is based on the TCE revenue of the pool, are included in OMI's consolidated charter hire expense. (f) In October 2005, the THAMES, a handymax product carrier, went on time charter. Prior to the time charter, it was operating in the spot market. *T All numbers are estimates and may be adjusted depending on a number of factors. Those attempting to understand OMI's earnings must also take into consideration (1) drydock days; (2) timing of acquisitions of new vessels into the Company's fleet (none anticipated during the fourth quarter) and disposals from the Company's fleet (e.g. the two vessels sold, and delivered in November will have less than a full quarter's effect on fourth quarter results); (3) profit sharing on ten vessels with profit sharing time charter arrangements is recognized once each year for each vessel (none will be recognized in the fourth quarter.) The following is OMI's current fleet and time charter position: -0- *T Name of Vessel Type of Year Charter Vessel Built Dwt Expiration ---------------------------- --------- --------- ---------- ---------- CRUDE OIL FLEET: ---------------- Wholly-Owned: ------------- ARLENE Suezmax 2003 165,293 SPOT INGEBORG Suezmax 2003 165,293 SPOT SOMJIN Suezmax 2001 160,183 SPOT HUDSON Suezmax 2000 159,999 SPOT POTOMAC (1) Suezmax 2000 159,999 May-12(P) DELAWARE Suezmax 2002 159,452 SPOT DAKOTA Suezmax 2002 159,435 SPOT ADAIR Suezmax 2003 159,199 SPOT ANGELICA Suezmax 2004 159,106 SPOT JANET Suezmax 2004 159,100 SPOT SACRAMENTO Suezmax 1998 157,411 May-12(P) --------- 1,764,470 --------- Chartered-in: ---------------------------- CAPE BONNY Suezmax 2005 159,062 SPOT CAPE BASTIA Suezmax 2005 159,156 SPOT OLIVER JACOB Suezmax 1999 157,327 SPOT MAX JACOB Suezmax 2000 157,327 SPOT ---------- 632,872 ---------- ---------- Total Crude Oil Fleet 2,397,342 ---------- CLEAN FLEET: ------------ OTTAWA Panamax 2003 70,297 Apr-08 TAMAR Panamax 2003 70,362 Jul-08 NECHES Handymax 2000 47,052 Oct-07 SAN JACINTO Handymax 2002 47,038 Apr-08 MOSELLE Handymax 2003 47,037 Feb-09 GUADALUPE Handymax 2000 47,037 Apr-08 AMAZON Handymax 2002 47,037 Apr-08 THAMES Handymax 2005 47,036 Oct-06 ROSETTA Handymax 2003 47,015 Mar-09 BRAZOS Handymax 2005 46,889 SPOT LAUREN Handymax 2005 46,955 SPOT JEANETTE Handymax 2004 46,955 SPOT HORIZON Handymax 2004 46,955 SPOT ORONTES Handysize 2002 37,383 May-10 OHIO Handysize 2001 37,278 May-10 GARONNE Handysize 2004 37,278 Apr-09(P) GANGES Handysize 2004 37,178 SPOT RUBY Handysize 2004 37,384 SPOT ASHLEY Handysize 2001 37,270 SPOT MARNE Handysize 2001 37,230 SPOT LOIRE Handysize 2004 37,106 Feb-09(P) FOX Handysize 2005 37,006 May-10(P) TEVERE Handysize 2005 36,990 Jul-10(P) SAONE Handysize 2004 36,986 Jul-09(P) TRINITY Handysize 2000 35,834 Mar-10 MADISON Handysize 2000 35,828 Mar-10 RHONE Handysize 2000 35,775 May-07(P) CHARENTE Handysize 2001 35,751 Sep-06(P) ISERE Handysize 1999 35,438 Sep-06(P) SEINE Handysize 1999 35,407 Aug-08 ---------- Total Clean Fleet 1,280,787 ---------- ---------- Total Current Fleet (3) 3,678,129 ---------- Note: Vessels owned and chartered-in are all double hull. (1) The POTOMAC replaced the SABINE, which was sold in November 2005, in a time charter contract (P) Time charters with profit sharing. *T The following five product carriers are to be delivered in 2006: -0- *T Type of Date To Be Charter Name of Vessel Vessel Delivered Dwt Expiration ---------------------------------------------------------------------- Vessels Under Construction: WABASH Handymax Jan-06 47,000 SPOT KANSAS Handymax Mar-06 47,000 SPOT RHINE Handysize Mar-06 37,000 SPOT REPUBLICAN Handymax Apr-06 47,000 SPOT PLATTE Handymax May-06 47,000 SPOT ---------- Total Vessels Under Construction 225,000 ---------- Total Fleet with Vessels to be Delivered 3,903,129 ========== Note: Vessels to be delivered are double hull. *T FORWARD LOOKING INFORMATION This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provided for under these sections. Wherever we use the words "believes," "estimates," "expects," "plan" "anticipates" and similar expressions identify forward-looking statements. This release contains estimates of time charter and time charter equivalent rates being achieved by our vessels. The estimates of time charter and time charter equivalent rates made are made in good faith and believed to have a reasonable basis. However, they are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied. Such risks include, but are not limited to, claims, changes in voyages, demurrage, the affect on rates of future voyages, breakdown of vessels and resultant time out of service. All subsequent written and oral forward-looking statements attributable to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements. We disclaim any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.