OMI Supports European Union Actions on Single Hull Vessels.

Business Editors

STAMFORD, Conn.--(BUSINESS WIRE)--June 6, 2003

OMI Corporation (NYSE:OMM) of Stamford, Connecticut said today that it strongly supports the action yesterday by the European Union regarding tankers loading or discharging in member states, to accelerate the phase out of single hulled vessels between now and 2010, to require heavy oils be carried only on double hull tankers and to require more rigorous inspections for single hull tankers older than 15 years.

Craig H. Stevenson, Jr., Chairman and Chief Executive Officer commented that "We have one of the world's youngest major fleets. Our fleet of 37 vessels has an average age of about 6.6 years, compared to the world average age of nearly 11 years. Twenty-six of our vessels are double hull, and we have at least four new ones coming to us in the next eighteen months. We have been and will continue to dispose of our single hull vessels as opportunities arise. The overwhelming majority of our value is in our double hull vessels. The small detriment to our single hull vessels from the legislation, most of which are affected in 2010, is more than offset by the benefits to our overall fleet. We are hopeful that the International Maritime Organization will act favorably on the EU's application to have it adopt the same requirements worldwide."

OMI is a major international tanker owner and operator. OMI's fleet currently comprises 37 vessels, consisting of eight Suezmaxes, three Panamax tankers which carry crude oil, two handysize crude oil tankers, twenty-three product carriers and one ultra large crude carrier. OMI has on order for delivery in mid-2003 one Panamax product carrier and three ice-class 1A handysize product carriers to be delivered in 2004. All four newbuildings will commence five year time charters with major oil companies upon delivery.