OMI ACQUIRES TWO NEW PRODUCT TANKERS

OMI ACQUIRES TWO NEW PRODUCT TANKERS    OMI Corp., a Stamford, Conn.-based tanker owner and operator, will acquire two 47,000-deadweight-ton product carriers under construction at Onimichi Dockyard in Japan.
   The vessels, which are scheduled for delivery in September and November, will commence two-year time charters for an oil company, the company said.
   OMI also plans to sell an 11-year-old 29,996 dwt product carrier — the Tiber, which is the last of its Polish-built vessels.
   “The addition of these two new double-hulled product carriers reflects our belief that modern product tankers will be a strong and profitable market in the coming years,” said Craig H. Stevenson Jr., chairman, chief executive officer and president of OMI. “Cash flows for the next two years are secured with profitable time charters.”
   The company also said the acquisition was made using the sale of an older vessel, internal cash flow and bank financing. The company will book a loss of about $1.5 million in the third quarter in connection to the sale of the Tiber.
   OMI’s fleet comprises 21 vessels, including eight Suezmax tankers, nine handysize product carriers, three crude carrying product carriers and one ultra large crude tanker.