OMI Corp. announces authority to purchase additional shares
Stamford, Conn.-based OMI Corp., an international owner and operator of crude oil tankers and product carriers, announced Wednesday that its board of directors has established a new authority for the company to repurchase up to 3 million shares of its common stock from time to time.
The company has acquired 4.25 million shares under the authority granted in December 2004.
OMI's fleet comprises 46 vessels, including 16 Suezmaxes and 30 product carriers, all of which are double hull. The company has five more product carriers on order, scheduled for delivery in the first half of 2006, and one Suezmax due to be delivered on a seven-year time charter in September.
