OMI Corporation Announces Strategic Relationship.
STAMFORD, 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 that it had commenced a long term strategic relationship with Hyundai Merchant Marine Hyundai Merchant Marine is a South Korean logistics company providing worldwide container shipping services. It was established in 1976 as Asia Merchant Marine. It became Hyundai Merchant Marine, a part of the Hyundai Group, in 1982. Co., Ltd. by agreeing to time charter to it two of the Company's Suezmax tankers for periods of seven years.
Craig H. Stevenson, Jr., Chairman and Chief Executive Officer commented that "we are excited to begin a long term relationship with Hyundai Merchant Marine, a well-respected ship owner and operator and one of the largest maritime shipping companies in the world. Opportunities for growth in the Far East abound and this is the beginning of our efforts to capitalize on Cap´i`tal`ize on`
v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. 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."
OMI is a major international owner and operator of crude oil tankers and product carriers. Its fleet currently comprises 42 vessels, consisting of 15 Suezmaxes and 27 product carriers, aggregating approximately 3.6 million deadweight tons ("dwt"). OMI has on order eight 37,000 and 47,000 dwt product carriers and has agreed to time charter two new Suezmaxes for seven year terms. The Suezmaxes and three product carriers are scheduled to be delivered in 2005 and the remaining five product carriers are scheduled to be delivered in 2006.