OMI NAMES CRAIG H. STEVENSON JR., CHIEF OPERATING OFFICER.

NEW YORK--(BUSINESS WIRE)--November 28, 1994--OMI Corp. (NYSE:OMM) announced that Craig H. Stevenson Jr. has been promoted to executive vice president and chief operating officer of the company.

Stevenson, 40, joined OMI in 1993 as senior vice president of Chartering after serving four years as president of Ocean Specialty Tankers Corporation, a partnership between OMI Corp. and Hvide Shipping Inc. which markets five chemical tankers in the U.S. coastal trade. Previously, he had extensive maritime experience with Sabine Towing and Transportation Inc. and as president and director of Seabulk Oceans Systems, a Hvide Shipping affiliate.

OMI, a major bulk shipping company, operates in both the domestic and international shipping markets. Its operating fleet currently totals 45 vessels (including six chartered-in tankers), aggregating approximately 3.8 million dwt. One Suezmax tanker, aggregating 149,000 dwt is on order with delivery scheduled in 1996. The company also has significant investments in other marine activities, including lightering of large crude carriers in the Gulf of Mexico and workboat services. -0-

                           BIOGRAPHY
                       CRAIG H. STEVENSON, JR.

EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER OF OMI CORP.

Craig Stevenson was born in 1954 in Port Arthur, Texas. He graduated from Lamar University in 1976 with a BBA in Business Management.

Mr. Stevenson began his professional career in 1971 with Sabine Towing & Transportation Co., Inc., a wholly owned subsidiary of Chromalloy American Corporation. In 1978, he was promoted to vice president of administration and named an advisory member of the board of directors. In 1979, he was elected to the board of directors and appointed corporate secretary, and in 1980, was promoted to executive vice president. Along with his administrative duties, he was responsible for long range strategic planning, development and implementation of a new market strategy and placement of all debt, both long- and short-term.

In addition to his duties at Sabine, he was appointed Corporate Secretary to the board of directors of the Transport Marine Group (TMG). At that time the TMG was comprised of all the marine companies at Chromalloy, Valley Barge Line, American Transit, Security Barge Line, and Sabine Towing and Transportation Company Inc.

In 1984, Stevenson left Sabine to become President of a new savings and loan association, Fidelity Savings and Loan in Houston. Shortly thereafter, Hvide Shipping Inc. elected Mr. Stevenson to its board of directors.

In 1986, Mr. Stevenson joined Hvide Shipping Inc., as vice president of development. In this position he was actively pursuing the acquisition of various marine related businesses.

In 1988, Mr. Stevenson was named president and director of Seabulk Ocean Systems, an affiliate of Hvide.

Mr. Stevenson was instrumental in expanding its scope of operations by developing a joint venture with OMI Corp. forming Ocean Specialty Tankers Corporation. Mr. Stevenson was named president and director of this corporation. He developed OSTC from a one ship market organization to a five ship market organization, with a very significant market share in the Jones Act Parcel trade.

Mr. Stevenson joined OMI in 1993 as Senior Vice President of Chartering.

CONTACT: OMI Corp., New York

Paul G. Henning, 212/297-2125