OMM Omi Corp New

OMI Corporation (NYSE:OMM) of Stamford, Connecticut announced today that its Board of Directors has authorized the expenditure of up to an additional $70 million for the repurchase of the Company's common stock. Together with unused existing authority, total authorization for repurchase of shares is approximately $100 million. OMI is a major international tanker owner and operator of crude oil tankers and product carriers. Following completion of announced transactions scheduled to be completed in the first half of 2006, the Company's fleet will comprise 47 vessels (seven owned and five chartered-in Suezmaxes and 33 owned and two chartered-in product carriers) aggregating 3.4 million deadweight tons ("dwt"). -0- *T Type of Year Charter Name of Vessel Vessel Built Dwt Expiration ----------------------------- -------- -------- ---------- ----------- CRUDE FLEET: ------------ Wholly-Owned: ------------- ARLENE Suezmax 2003 165,293 SPOT INGEBORG Suezmax 2003 165,293 SPOT DELAWARE(1) Suezmax 2002 159,452 May-12 (P) DAKOTA Suezmax 2002 159,435 SPOT ADAIR Suezmax 2003 159,199 SPOT ANGELICA Suezmax 2004 159,106 SPOT JANET Suezmax 2004 159,100 SPOT ---------- 1,126,878 ---------- Time chartered-in: ------------------ CAPE BANTRY(1) Suezmax 2000 159,999 SPOT CAPE BASTIA Suezmax 2005 159,156 Apr-09 CAPE BONNY Suezmax 2005 159,062 Apr-10 OLIVER JACOB Suezmax 1999 157,327 SPOT MAX JACOB Suezmax 2000 157,327 May-12 (P) ---------- 792,871 ---------- Total Crude Fleet 1,919,749 ---------- 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 ---------- Bareboat 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 Current Fleet 3,378,344 ---------- Vessel Under Construction: -------------------------- PLATTE Handymax May-06 47,000 May-09 ---------- Total Fleet with Vessel Under Construction 3,425,344 ========== Note: Vessels owned and chartered-in are all double hull. (1) In April, the DELAWARE replaced the POTOMAC (now known as the CAPE BANTRY) as a substitute vessel for the time charter expiring May 2012. The POTOMAC is operating in the Gemini Suezmax Pool. (P) Time charters with profit sharing. *T