OMI issues 12 million new shares to buy more tankers

OMI issues 12 million new shares to buy more tankers    Stamford, Conn.-based OMI Corp., whose takeover of fellow tanker shipowner Stelmar was rejected earlier this month, said Wednesday it is commencing a public offering of 12 million shares of its common stock to finance the purchase of additional tankers.
   The proceeds of the share issue will be used in part to finance the purchase of four Suezmax vessels built in 2003 and 2004 and eight product carriers under construction at Hyundai Mipo Shipyard from Athenian Sea Carriers Ltd., based in Athens, Greece. OMI has agreed to pay about $585 million cash for the ships.
   “If some reason the purchase is not consummated, OMI will use the proceeds for general corporate purposes,” the company said.
   OMI expects to grant its underwriters an option to purchase an additional 1.8 million shares of its common stock based on the same terms.
   The offering will be made only by means of a prospectus that will be filed with the U.S. Securities and Exchange Commission.
   OMI’s fleet comprises 36 vessels, primarily Suezmaxes and product carriers, aggregating 3 million deadweight tons.
   OMI’s stock rose 31 cents, or 2.5 percent yesterday to $12.50c on the New York stock exchange.