OMI acquires ice-class product carrier, arbitrates over Suezmax ship

OMI acquires ice-class product carrier, arbitrates over Suezmax ship    OMI Corp. will buy one 2004-built 37,000-deadweight-ton ice-class product carrier from another owner.
   The vessel is scheduled for delivery to OMI during the fourth quarter of 2004. The Stamford, Conn.-based company now has 14 vessels with ice-trading capabilities, including those on order at shipyards.
   OMI also took delivery of a fifth of six Suezmax tankers it contracted to acquire from two owners. OMI, however, ended an agreement to acquire the sixth Suezmax vessel due to default by the seller and has started an arbitration. The seller denies the default, and damage amounts, if any, for either party have not yet been asserted.
   “As the vessel was subject to a time charter for in excess of two more years at rates well below the current spot charter rates, the profit the company would have earned during the term of the time charter would not be material to its earnings,” OMI said.
   OMI operates a tanker fleet of 41 ships, amounting to 3.8 million deadweight tons.