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Marine Log

March 16, 2007

OMI for sale?

Stamford, Connecticut, headquartered OMI Corporation (NYSE:OMM) says its Board of Directors has "decided to evaluate a range of strategic alternatives to further enhance shareholder value."

The alternatives include "continued execution of the company's operating plan, sale or merger of the company or other strategic transactions."

OMI has retained Perella Weinberg Partners and Fearnley Fonds ASA as financial advisors in the evaluation process.

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 (seven of which it owns and six chartered-in) and 32 product carriers (of which it owns 28 and charters-in four). In addition, the company has two product carriers under construction,