OMM Omi Corp New

OMI Corporation (NYSE:OMM) of Stamford, Connecticut announced today that its Board of Directors has increased the regular quarterly dividend on its common stock to $0.14 per share, and declared a dividend in that amount payable on January 8, 2007 to holders of record on December 28, 2006. This was the third increase in the dividend made in 2006. The Company also announced that the Board of Directors had authorized repurchase of up to an additional $140 million of shares of its common stock. This brings the share repurchase authorization to approximately $169 million. The Company has repurchased approximately 9 million shares during 2006 and has 63.2 million shares outstanding. OMI Corporation is a major international owner and operator of tankers. Its fleet aggregates approximately 3.5 million deadweight tons and comprises 13 Suezmax tankers (7 of which it owns and 6 of which are chartered-in) and 34 product carriers (of which it owns 32 and charters-in 2). Four of its product carriers are under contract to be sold, with two of the four to be chartered back. Name of Vessel Type of Vessel YearBuilt Dwt CharterExpiration CRUDE OIL FLEET: � Wholly-Owned: ARLENE Suezmax 2003� 165,293� SPOT INGEBORG Suezmax 2003� 165,293� Aug-09 DELAWARE Suezmax 2002� 159,452� May-12 (P) DAKOTA Suezmax 2002� 159,435� SPOT ADAIR Suezmax 2003� 159,199� Aug-09 ANGELICA Suezmax 2004� 159,106� SPOT JANET Suezmax 2004� 159,100� SPOT 1,126,878� Time chartered-in and expiration of charter: HS ALCINA (June 2011) Suezmax 2001� 160,183� SPOT CAPE BANTRY (Sept. 2011) Suezmax 2000� 159,999� SPOT CAPE BASTIA (June 2012) Suezmax 2005� 159,156� Mar-09 CAPE BONNY (Sept. 2012) Suezmax 2005� 159,062� May-10 OLIVER JACOB (Sept. 2010) Suezmax 1999� 157,327� SPOT MAX JACOB (Dec. 2009) Suezmax 2000� 157,327� May-12 (P) 953,054� � Total Crude Oil Fleet 2,079,932� Name of Vessel Type of Vessel YearBuilt Dwt CharterExpiration CLEAN FLEET: � Wholly-Owned: NECHES Handymax 2000� 47,052� Oct-10 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-07 ROSETTA Handymax 2003� 47,015� Mar-09 PLATTE Handymax 2006� 46,955� Jun-09 LAUREN Handymax 2005� 46,955� Dec-07 (P) JEANETTE Handymax 2004� 46,955� Feb-08 (P) HORIZON Handymax 2004� 46,955� Dec-08 KANSAS Handymax 2006� 46,922� Apr-09 (P) REPUBLICAN Handymax 2006� 46,893� May-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� Sep-08 (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-08 (P) SEINE Handysize 1999� 35,407� Aug-08 1,329,346� Bareboat chartered-in and charter expiration: TAMAR (July 2010) Panamax 2003� 70,362� Jul-08 OTTAWA (April 2010) Panamax 2003� 70,297� Apr-08 140,659� � Total Clean Fleet 1,470,005� � Total Current Fleet 3,549,937� � (P): Time Charters with Profit Sharing OMI Corporation (NYSE:OMM) of Stamford, Connecticut announced today that its Board of Directors has increased the regular quarterly dividend on its common stock to $0.14 per share, and declared a dividend in that amount payable on January 8, 2007 to holders of record on December 28, 2006. This was the third increase in the dividend made in 2006. The Company also announced that the Board of Directors had authorized repurchase of up to an additional $140 million of shares of its common stock. This brings the share repurchase authorization to approximately $169 million. The Company has repurchased approximately 9 million shares during 2006 and has 63.2 million shares outstanding. OMI Corporation is a major international owner and operator of tankers. Its fleet aggregates approximately 3.5 million deadweight tons and comprises 13 Suezmax tankers (7 of which it owns and 6 of which are chartered-in) and 34 product carriers (of which it owns 32 and charters-in 2). Four of its product carriers are under contract to be sold, with two of the four to be chartered back. -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 Aug-09 DELAWARE Suezmax 2002 159,452 May-12 (P) DAKOTA Suezmax 2002 159,435 SPOT ADAIR Suezmax 2003 159,199 Aug-09 ANGELICA Suezmax 2004 159,106 SPOT JANET Suezmax 2004 159,100 SPOT ---------- 1,126,878 ---------- Time chartered-in and expiration of charter: ------------------------- HS ALCINA (June 2011) Suezmax 2001 160,183 SPOT CAPE BANTRY (Sept. 2011) Suezmax 2000 159,999 SPOT CAPE BASTIA (June 2012) Suezmax 2005 159,156 Mar-09 CAPE BONNY (Sept. 2012) Suezmax 2005 159,062 May-10 OLIVER JACOB (Sept. 2010) Suezmax 1999 157,327 SPOT MAX JACOB (Dec. 2009) Suezmax 2000 157,327 May-12 (P) ---------- 953,054 ---------- Total Crude Oil Fleet 2,079,932 ---------- *T -0- *T Type of Year Charter Name of Vessel Vessel Built Dwt Expiration ------------------------ ---------- ------- ---------- ---------- CLEAN FLEET: ------------------------ Wholly-Owned: ------------------------ NECHES Handymax 2000 47,052 Oct-10 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-07 ROSETTA Handymax 2003 47,015 Mar-09 PLATTE Handymax 2006 46,955 Jun-09 LAUREN Handymax 2005 46,955 Dec-07 (P) JEANETTE Handymax 2004 46,955 Feb-08 (P) HORIZON Handymax 2004 46,955 Dec-08 KANSAS Handymax 2006 46,922 Apr-09 (P) REPUBLICAN Handymax 2006 46,893 May-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 Sep-08 (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-08 (P) SEINE Handysize 1999 35,407 Aug-08 ---------- 1,329,346 ---------- Bareboat chartered-in and charter expiration: ------------------------ TAMAR (July 2010) Panamax 2003 70,362 Jul-08 OTTAWA (April 2010) Panamax 2003 70,297 Apr-08 ---------- 140,659 ---------- Total Clean Fleet 1,470,005 ---------- Total Current Fleet 3,549,937 ---------- (P): Time Charters with Profit Sharing *T