OMI’s profits down 12%
Stamford, Conn.-based tanker operator OMI Corp., reported first quarter net income of $63.6 million, a 12 percent drop from $75.8 million in the same quarter 2005.
The first quarter 2005 results included a $2.9 million gain from the sale of two vessels.
OMI’s first quarter 2006 operating income decreased 12 percent to $75.3 million from $85.6 million. Revenue improved 13 percent to $193.2 million from $171.4 million.
The quarterly time charter equivalent average rate for OMI’s “Suezmax” fleet was $57,770 per day, a 4 percent decline from an average rate of $60,316 per day in the same period last year. The average daily rate for its clean fleet was up 31 percent to $35,316.
OMI’s profits down 12%
