OMM Omi Corp New

OMI Corporation (NYSE:OMM) of Stamford, Connecticut announced today that it has: (1) entered into a three year fixed rate time charter commencing in the second quarter for the chartered-in Suezmax tanker CAPE BASTIA, which will increase time charter revenue over the charter term by approximately $41 million; (2) agreed to sell and bareboat charter back the 2003-built Panamax product carriers OTTAWA and TAMAR for an aggregate net sales price of approximately $89 million. Deliveries are expected to occur by the second quarter. The gain from the sales of approximately $20 million will be deferred and amortized over the four year terms of the charters. The vessels will continue on their existing time charters; (3) agreed to sell the 2000-built Suezmax tankers HUDSON and POTOMAC for an aggregate net sales price of approximately $142 million. The gain on disposal of the HUDSON of approximately $26 million will be recognized upon delivery to the buyer, expected to occur in the second quarter. Upon delivery to the buyer, expected to be in the second quarter, the POTOMAC will be time chartered back to the Company for a term of five years. The gain of approximately $27 million will be deferred and amortized over the term of the charter; (4) agreed to sell the 1998-built Suezmax tanker SACRAMENTO for a net sales price of approximately $68 million. The gain of approximately $27 million will be recognized upon delivery to the buyer, expected to be in the second quarter. The HUDSON and the SACRAMENTO are expected to be entered by their new owners in the Gemini Tankers Pool operated by the Company. OMI is a major international tanker owner and operator of crude oil tankers and product carriers. With the completion of the above transactions and delivery by May of its remaining product carriers under construction, the Company's fleet will comprise 8 owned and 5 chartered-in Suezmaxes and 33 owned and 2 chartered-in product carriers, aggregating 3.6 million dwt. Our Fleet The following tables set forth additional detail about our fleet as it will exist following completion of the above transaction. All vessels are double hull. Our current fleet consists of two segments: crude oil and product carrier ("clean"). -0- *T Type of Year Charter Name of Vessel 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 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 ---------- 1,287,061 ---------- Chartered-in: ------------- CAPE BONNY Suezmax 2005 159,062 SPOT CAPE BASTIA Suezmax 2005 159,156 Apr-09 OLIVER JACOB Suezmax 1999 157,327 SPOT MAX JACOB Suezmax 2000 157,327 May-12(P) POTOMAC Suezmax 2000 159,999 May-12(P) ---------- 792,871 ---------- Total Crude Oil Fleet 2,079,932 ---------- CLEAN FLEET: ------------ 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-08 KANSAS (1) Handymax 2006 46,922 Apr-09(P) WABASH (2) Handymax 2006 46,893 Mar-08(P) BRAZOS Handymax 2005 46,889 Dec-08 LAUREN Handymax 2005 46,955 Dec-07(P) JEANETTE Handymax 2004 46,955 Mar-08(P) HORIZON Handymax 2004 46,955 Dec-08 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) RHINE (3) Handysize 2006 36,993 SPOT 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 ---------- 1,270,936 ---------- Chartered-in: ------------------ OTTAWA Panamax 2003 70,297 Apr-08 TAMAR Panamax 2003 70,362 Jul-08 ---------- 140,659 ---------- Total Clean Fleet 1,411,595 ---------- Total Current Fleet 3,491,527 ---------- (1) Vessel delivered in March 2006. (2) Vessel delivered in January 2006. (3) Vessel delivered in February 2006. (P) Time charters with profit sharing. The following two product carriers are to be delivered in 2006: Vessels to be Acquired: Date Type of To Be Charter Name of Vessel Vessel Delivered Dwt Expiration ------------------------- --------- --------- ---------- ---------- Vessels Under Construction: REPUBLICAN Handymax Apr-06 47,000 Jun-09(P) PLATTE Handymax May-06 47,000 May-09 ---------- Total Vessels Under Construction 94,000 ---------- Total Fleet with Vessels to be Acquired 3,585,527 ========== *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," "plans," "anticipates" and similar expressions identify forward-looking statements. The above statements refer to transactions and dates of completion which are expected to occur as described, but may for a variety of reasons either not occur, have differing terms or may occur in time frames other than as expressed. 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.