OMI Announces Regularly Quarterly Dividend, Additional Time Charters, and Status of Stock Repurchase.STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn. -- OMI (1) See Open Market. (2) (Open Microprocessor Initiative, Brussels, Belgium) An organization that functions under the umbrella of the European Commission. It funds projects that research and develop advanced microcontroller technologies. Corporation (NYSE NYSE See: New York Stock Exchange :OMM OMM Organisation Météorologique Mondiale (French: World Meteorological Organization) OMM Organización Meteorológica Mundial (Spanish: World Meteorological Organization) OMM Organizzazione Meteorologica Mondiale ) of Stamford, Connecticut Stamford is a city in Fairfield County, Connecticut, United States. According to 2006 Census Bureau estimates, the population of the city is 119,261, making it the fourth largest city in the state. announced today that its Board of Directors has declared a dividend on its common stock of $.08 per share, payable on July July: see month. 13, 2005 to holders of record on June June: see month. 23, 2005. The Company also announced that it has repurchased 3,278,800 shares of its common stock under the authority to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. 4,250,000 shares announced in December December: see month. , 2004 at an average price of $18.51. There are currently 83,052,491 shares of common stock outstanding. The Company further announced that it has entered into time charter agreements for five product carriers, all at higher rates than for previous charters on the vessels. It has entered into: (a) five-year time charters for two handysize product carriers (OHIO Ohio, state, United States Ohio, midwestern state in the Great Lakes region of the United States. It is bordered by Pennsylvania (NE) West Virginia (SE), Kentucky (S), Indiana (W), and Michigan and Lake Erie (N). and ORONTES) commencing June 1, 2005. The existing time charters were scheduled to expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. December 2005 and March 2006; (b) a three-year time charter for a handysize product carrier (SEINE Seine (sān, Fr. sĕn), Lat. Sequana, river, c.480 mi (770 km) long, rising in the Langres Plateau and flowing generally NW through N France. ) commencing in September 2005. The existing time charter expires in July 2005; and (c) three-year time charters for two handymax product carriers (MOSELLE and ROSETTA) commencing upon completion of existing charters in February and March 2006. The Company's time charter revenue, which does not include any anticipated profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of on the ten vessels with profit sharing agreements, is $124.6 million for 2005, $137.4 million for 2006, $125.1 million for 2007 and $94.6 million for 2008. Craig H. Stevenson, Jr., Chairman and Chief Executive Officer commented that "these charters, which either commence at the conclusion of existing charters or replace existing charters, are at rates above those they follow or replace. Our level of secure revenue provides assurance of profitable years for us even if the currently strong Suezmax market were to weaken substantially over the next few years. Since we retain 68% of our deadweight tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. in the spot market and will have ten vessels with profit sharing, we will continue to excel in strong markets." OMI's fleet is concentrated primarily into two vessel types, Suezmax tankers, which generally carry crude oil from areas of oil production to refinery areas, and product carriers ("clean" vessels), which generally carry refined petroleum products (such as gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by and aviation fuel) from refineries to distribution areas. The fleet currently comprises 43 vessels aggregating approximately 3.6 million dwt, consisting of 15 Suezmaxes, 26 handysize and handymax product carriers and two Panamax product carriers. Currently, two of the Suezmax tankers are chartered-in: the OLIVER JACOB Jacob (jā`kəb), in the Bible, ancestor of the Hebrews, the younger of Isaac and Rebecca's twin sons; the older was Esau. In exchange for a bowl of lentil soup, Jacob obtained Esau's birthright and, with his mother's help, received the blessing , whose charter expires June 2010 and the MAX JACOB Max Jacob (July 12, 1876 – March 5, 1944) was a French poet, painter, writer, and critic. Biography Born in Quimper, Brittany, France, he enrolled in the Paris Colonial School, which he left in 1897 for an artistic career. , whose charter expires December 2006. The Company has agreed to charter-in two additional Suezmaxes, beginning in June and September of 2005, respectively. The following table of OMI's Fleet, all of which are double hull A double hull is a ship hull design and construction method where the bottom and sides of the ship have two complete layers of watertight hull surface: one outer layer forming the normal hull of the ship, and a second inner hull which is somewhat further into the ship, perhaps a , includes, wholly owned vessels, chartered-in vessels and vessels to be acquired:
Type of Year Charter
Name of Vessel Vessel Built Dwt Expiration
----------------------- --------- ----- ------- -----------
CRUDE OIL FLEET:
-----------------------
ARLENE Suezmax 2003 165,293 SPOT
INGEBORG Suezmax 2003 165,293 SPOT
SOMJIN Suezmax 2001 160,183 SPOT
HUDSON Suezmax 2000 159,999 SPOT
POTOMAC Suezmax 2000 159,999 SPOT
DELAWARE Suezmax 2002 159,452 SPOT
DAKOTA Suezmax 2002 159,435 SPOT
ADAIR Suezmax 2003 159,199 SPOT
ANGELICA Suezmax 2004 159,106 SPOT
JANET Suezmax 2004 159,100 SPOT
SACRAMENTO (A) Suezmax 1998 157,411 May-12(P)
PECOS(A) Suezmax 1998 157,406 May-12(P)
SABINE Suezmax 1998 157,332 SPOT
OLIVER JACOB (B) Suezmax 1999 157,327 SPOT
MAX JACOB (B) Suezmax 2000 157,327 SPOT
----------
2,393,862
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CLEAN FLEET:
-----------------------
OTTAWA Panamax 2003 70,297 Apr-08
TAMAR Panamax 2003 70,362 Jul-08
NECHES Handymax 2000 47,052 Oct-07
SAN JACINTO Handymax 2002 47,038 Apr-08
MOSELLE Handymax 2003 47,037 Feb-09
GUADALUPE Handymax 2000 47,037 Apr-08
AMAZON Handymax 2002 47,037 Apr-08
ROSETTA Handymax 2003 47,015 Mar-09
BRAZOS Handymax 2005 46,889 SPOT
LAUREN Handymax 2005 46,955 SPOT
JEANETTE Handymax 2004 46,955 SPOT
HORIZON Handymax 2004 46,955 SPOT
ORONTES Handysize 2002 37,383 May-10
OHIO Handysize 2001 37,278 May-10
GARONNE Handysize 2004 37,278 Apr-09(P)
GANGES Handysize 2004 37,178 SPOT
RUBY Handysize 2004 37,384 SPOT
ASHLEY Handysize 2001 37,270 SPOT
MARNE Handysize 2001 37,230 SPOT
LOIRE Handysize 2004 37,106 Feb-09(P)
FOX Handysize 2005 37,000 Jun-10(P)
SAONE Handysize 2004 36,986 Jul-09(P)
TRINITY Handysize 2000 35,834 Mar-10
MADISON Handysize 2000 35,828 Mar-10
RHONE Handysize 2000 35,775 May-07(P)
CHARENTE Handysize 2001 35,751 Sep-06(P)
ISERE Handysize 1999 35,438 Sep-06(P)
SEINE Handysize 1999 35,407 Aug-08
----------
1,196,755
----------
Total Current Fleet 3,590,617
----------
(A) Two Suezmax tankers currently operating on spot charters will
begin seven year time charters in June 2005.
(B) Chartered -in vessel.
(P) Time charters with profit sharing.
Currently, we have the following seven product carriers to be delivered and two Suezmax vessels to be chartered-in:
Vessels to be Acquired:
Date To
Type of Be Charter
Name of Vessel Vessel Delivered Dwt Expiration
--------------------- --------- ---------- ------ ----------
Vessels Under Construction:
THAMES Handymax Jul-05 47,000 SPOT
TEVERE Handysize Jul-05 37,000 Aug-10(P)
WABASH Handymax Jan-06 47,000 SPOT
KANSAS Handymax Mar-06 47,000 SPOT
RHINE Handysize Mar-06 37,000 SPOT
REPUBLICAN Handymax Apr-06 47,000 SPOT
PLATTE Handymax May-06 47,000 SPOT
----------
Total Vessels Under Construction 309,000
----------
Vessels to be Chartered-In:
CAPE BASTIA Suezmax Jun-05 160,000 SPOT
CAPE BONNY Suezmax Sep-05 160,000 SPOT
----------
Total Vessels to be Chartered-In 320,000
----------
Total Fleet with Vessels to be
Acquired 4,219,617
==========
FORWARD LOOKING INFORMATION This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provided for under these sections. Wherever we use the words "believes," "estimates," "expects," "plan" "anticipates" and similar expressions identify forward-looking statements. Our forward-looking statements sometimes include, without limitation: management's current views with respect to certain future events and performance, estimates of when new vessels will be delivered by shipyards to the Company and when they may be chartered by customers and other factors discussed in OMI's filings to the SEC from time to time. Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. All subsequent written and oral forward-looking statements attributable to persons acting on our behalf are expressly qualified in their entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. by the cautionary statements. We disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. |
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