OMM Omi Corp New

OMI Corporation (NYSE:OMM) of Stamford, Connecticut announced that the Company and a subsidiary of French oil major Total, have extended the time charters for the vessels CHARENTE and ISERE for an additional two years in continuation from their scheduled expirations in September 2006. The extensions will generate approximately $25 million of additional time charter revenue, not including profit sharing, which remains applicable to both charters. Craig H. Stevenson, Jr., Chairman and Chief Executive Officer commented "We appreciate the confidence shown in us by Total, which has been our largest, longest-term time-charter customer. The Company now has in excess of $714 million in time charter revenue between now and 2012." OMI is a major international tanker owner and operator of crude oil tankers and product carriers. Following completion of previously announced transactions scheduled to be completed in the second quarter of 2006, and delivery of 1 new product carrier in the quarter, the Company's fleet will be 8 owned and 5 chartered-in Suezmaxes and 33 owned and 2 chartered-in product carriers, aggregating 3.6 million dwt. -0- *T Year Charter Name of Vessel Type of 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: ------------- POTOMAC Suezmax 2000 159,999 May-12(P) 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) ----------- 792,871 ----------- Total Crude Oil Fleet 2,079,932 ----------- CLEAN FLEET: ------------ Wholly-Owned: ------------- 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 REPUBLICAN Handymax 2006 47,000 Jun-09(P) LAUREN Handymax 2005 46,955 Dec-07(P) JEANETTE Handymax 2004 46,955 Mar-08(P) HORIZON Handymax 2004 46,955 Dec-08 KANSAS Handymax 2006 46,922 Apr-09(P) WABASH Handymax 2006 46,893 Mar-08(P) BRAZOS Handymax 2005 46,889 Dec-08 RUBY Handysize 2004 37,384 SPOT ORONTES Handysize 2002 37,383 May-10 OHIO Handysize 2001 37,278 May-10 GARONNE Handysize 2004 37,278 Apr-09(P) ASHLEY Handysize 2001 37,270 SPOT MARNE Handysize 2001 37,230 SPOT GANGES Handysize 2004 37,178 SPOT LOIRE Handysize 2004 37,106 Feb-09(P) FOX Handysize 2005 37,006 May-10(P) RHINE 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-08(P) ISERE Handysize 1999 35,438 Sep-08(P) SEINE Handysize 1999 35,407 Aug-08 ----------- 1,317,936 ----------- Chartered-in: ------------- TAMAR Panamax 2003 70,362 Jul-08 OTTAWA Panamax 2003 70,297 Apr-08 ----------- 140,659 ----------- Total Clean Fleet 1,458,595 ----------- Total Fleet 3,538,527 ----------- Vessel Under Construction: -------------------------- PLATTE Handymax May-06 47,000 May-09 ----------- Total Fleet with Vessel Under Construction 3,585,527 =========== (P) Time Charters with Profit Sharing. *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. This release contains estimates of time charter and time charter equivalent rates being achieved by our vessels. The estimates of time charter revenue 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, future disposals of vessels and 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.