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May 18, 2004

Stelmar still waiting for OMI offer

Yesterday, OMI announced it had "commenced discussions" to combine with Athens-headquartered Stelmar Shipping, after receiving the support of Stelios Haji-Ioannou, the founder of Stelmar, and his two siblings, who in the aggregate control approximately 27% of Stelmar's outstanding shares,

Today, though, Stelmar Shipping Ltd. announced that OMI Corporation had yet to made an offer to Stelmar and its Board. Prior to OMI's announcement of a "standstill and support agreement" with the Haji-Ioannou family, Stelmar and its Board were not contacted regarding a possible merger and , said a statement, "Stelmar is not currently in negotiations with OMI."

Nick Hartley, Stelmar's Chairman commented, "At the moment Stelmar has not received an offer from OMI. When and if we receive such an offer, Stelmar and its board will analyze it thoroughly and make a decision that is in the best interest of all of its shareholders. Stelmar has provided shareholders with consistent profitability and superior returns throughout the tanker cycles and we remain committed to continue creating value for all our shareholders."

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