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April 10, 2001

OMI adds ships
OMI Corporation has agreed to acquire two 37,000 dwt product carriers under construction in South Korea. The vessels are scheduled for delivery in the Fall of this year. OMI has also exercised an option with Sumitomo Corporation for a 47,000 dwt product carrier to be built by Onomichi Dockyard Co., Ltd. The vessel is scheduled to be delivered in the first quarter of 2003.

In an unrelated transaction,OMI has agreed to sell a 1990-built handysize product carrier for $14.8 million. The company had acquired the vessel in March for $14.0 million.

Chairman, CEO and President Craig H. Stevenson, Jr.commented that "As we have done with the Suezmax fleet, we are assembling a new, high quality product carrier fleet. The company now has four product tankers built in 1999 and 2000, a fifth which will be delivered to it in the next several weeks, two new ones coming this fall, two more in the winter and one in early 2003. This makes a combined total of ten modern double hull product carriers. All of these product carriers are either contracted on profitable long term time charters or are likely to be when delivered to us."

OMI's fleet currently comprises 24 vessels, consisting of seven Suezmaxes, three 66,000 dwt product tankers which carry crude oil, thirteen handysize and handymax product carriers and one ultra large crude carrier. One 2000-built product carrier is expected to be delivered in April and one 1990-built product carrier is under contract to be sold. OMI now has on order at shipyards two Suezmaxes and five product carriers.

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