OMI CORP. GAINS TWO FIVE-YEAR TIME CHARTERS FROM BP SHIPPING

OMI CORP. GAINS TWO FIVE-YEAR TIME CHARTERS FROM BP SHIPPING

   OMI Corp. has entered into five-year time charters with BP Shipping for two new Panamax tankers, which are scheduled for delivery from the oil company’s shipyard in April and July 2003.

   “These are our first time charters with BP since our spin-off in 1998, and we appreciate their confidence in concluding this long-term business with OMI,” said Craig H. Stevenson Jr., chairman of the board of directors and chief executive officer for OMI, based in Stamford, Conn. “The charters add approximately $11 million per year to our secure revenue for their terms and will enhance our profitability.”

   OMI's fleet comprises 33 vessels, consisting of six Suezmaxes, three Panamax tankers for crude oil, two handysize crude oil tankers, 21 handysize and handymax product carriers, and one ultra large crude carrier.

   OMI has on order for delivery between the third quarters of 2002 and 2003 two Suezmaxes, two Panamaxes and two handymax product carriers.