April 18, 2005

OMI in "strategic relationship" with HMM

OMI Corporation (NYSE:OMM), Stamford, Connecticut, says it has "commenced a long term strategic relationship with Hyundai Merchant Marine Co" by time chartering two OMI Suezmax tankers for periods of seven years to HMM.

OMI Chairman and CEO Craig H. Stevenson, Jr., commented that "we are excited to begin a long term relationship with Hyundai Merchant Marine ... Opportunities for growth in the Far East abound and this is the beginning of our efforts to capitalize on those opportunities. The charters themselves fit into the pattern we like: a high quality customer, a base rate at an attractive return and the opportunity to make an even better return in strong tanker markets. Furthermore, with two previously announced new time-chartered Suezmaxes being delivered to us this summer, we will maintain our overall exposure to the continuing strong spot charter market."

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