OMI announces vessel charter and sales

OMI announces vessel charter and sales    OMI Corp., an owner and operator of crude oil tankers and product carriers, will charter for three years the Suezmax tanker “Cape Bastia”.
   The charter will commence in the second quarter. OMI said it will help increase its time charter revenue over the three years by about $41 million.
   At the same time, the Stamford, Conn.-based company announced the following vessel sales:
   * It has agreed to sell and bareboat charter back the 2003-built Panamax product carriers “Ottawa and “Tamar” for about $89 million combined. The gain from the sales of about $20 million will be deferred and amortized over the four-year terms of the charters. The vessels will continue on their existing time charters.
   * Agreed to sell the 2000-built Suezmax tankers “Hudson” and “Potomac” for about $142 million in total. The gain on disposal of the “Hudson” of about $26 million will be recognized upon delivery to the buyer. The “Potomac” will be time chartered back to the company for a term of five years. The gain of about $27 million will be deferred and amortized over the term of the charter.
   * Agreed to sell the 1998-built Suezmax tanker “Sacramento” for about $68 million. The gain of about $27 million will be recognized upon delivery to the buyer.
   Delivery of all vessels to owners is expected to occur in the second quarter.
   With the completion of the transactions and delivery by May of its remaining product carriers under construction, OMI’s fleet will comprise eight owned and five chartered-in Suezmaxes and 33 owned and two chartered-in product carriers, aggregating 3.6 million deadweight tons.