TAX CONFERENCE

The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

February 02, 2005

OMI charters Suezmax newbuilds

OMI Corporation (NYSE:OMM), Stamford, Connecticut announced yesterday that it had agreed to time charter for a seven year period two new Suezmax vessels scheduled for delivery in June and September of 2005.

The vessels are two of the four vessels being acquired by affiliates of Koenig & Cie GmBH & Co. KG.

Koenig has previously entered two other Suezmaxes into OMI's Gemini Pool.

All four new Suezmaxes will enter the Gemini Pool when delivered. This will bring the number of vessels in the pool to twenty one.

OMI has options to extend the term of the time charters and to acquire the vessels it is chartering.

OMI also announced that it has sold its two double sided handysize crude oil tankers; a gain of approximately $2.8 million will be recognized in the first quarter of 2005.

OMI has taken delivery of the LAUREN, a new handymax product carrier which was one of the vessels the company contracted to acquire during the summer of 2004.

Craig H. Stevenson, Jr., Chairman and Chief Executive Officer commented "We are pleased to be able to charter in two new Suezmaxes and increase our exposure to the spot Suezmax market, which we believe will continue to be strong for the foreseeable future. We also are gratified that Koenig, a large and high quality owner, has ratified our performance in commercially managing the Gemini Pool by adding additional vessels. Finally, we are pleased that we have sold the last of our two double sided vessels and now have a fully double hull fleet."

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