American Shipper

OMI Corp. begins partnership with Hyundai

OMI Corp. begins partnership with Hyundai

   OMI Corp., an owner and operator of crude oil tankers and product carriers, has started a long-term strategic partnership with Hyundai Merchant Marine Co. Ltd., involving vessel time charters.

   Under terms of the agreement, OMI will time charter two of its Suezmax tankers to Hyundai for periods of seven years. 'This is the beginning of our efforts to capitalize on opportunities for growth in the Far East ' the charters themselves fit into the pattern we like, (including) a base rate at an attractive return and the opportunity to make an even better return in strong tanker markets,' said Craig H. Stevenson Jr., chairman and chief executive officer of OMI.

   Hyundai Merchant Marine has also ordered three new super-size and four mid-size oil tankers.

   The diversified Korean shipping company plans to generate $1.9 billion in sales from bulk shipping this year, with another $3.1 billion coming from container shipping.

   OMI, based in Stamford, Conn., has a fleet of 42 vessels comprising 15 Suezmaxes and 27 product carriers.