OMI authorizes $70 million share repurchase

OMI authorizes $70 million share repurchase    Stamford, Conn.-based tanker operator OMI Corp. said Monday it has authorized the repurchase of up to $70 million of additional shares of its common stock.
   The authorization is in addition to previous authority for the same amount announced in September. Since the start of the year OMI has repurchased 11.2 million shares of its common stock at an average price of $17.79.
   OMI said there are 75.08 million shares of common stock outstanding.
   OMI’s fleet comprises 47 vessels, including 17 “Suezmaxes” and 30 product carriers, aggregating approximately 4 million deadweight tons. The company has five more product carriers on order, scheduled for delivery in the first half of 2006.