OMI’s net income up 26% in 3rd quarter

OMI’s net income up 26% in 3rd quarter    Stamford, Conn.-based tanker operator OMI Corp. Tuesday reported record third quarter net income of $49.8 million, up 25.6 percent compared to $39.6 million a year ago.
   Revenue in the latest quarter improved 26 percent to $181.2 million, from $143.2 million.
   “Our strategy continues to be to build long-term business either through time charters or paper transactions, to reduce debt and, to the extent our stock price remains a better investment than acquiring more assets, to reacquire more shares,” said Craig H. Stevenson Jr., OMI’s chairman and chief executive officer.
   For the year to date, OMI’s net income is up 51 percent to $245.1 million with a revenue gain of 20 percent to $557.6 million.