OMI enters new time charters for two product carriers
OMI Corp., an owner and operator of crude oil tankers and product carriers, has entered into two time charters for the company's 'Horizon' and 'Brazos' handymax product carriers. The 'Horizon' was built in 2004, and the 'Brazos' in 2005.
Both vessels have been chartered at a fixed rate and will add approximately $15.5 million to the company's contracted time charter revenue for each of the next three years. That breaks down to a total of $160 million in time charter revenue for 2006, $140 million for 2007, and $110 million for 2008, OMI said in a statement.
The company's current fleet comprises 45 vessels: 15 Suezmax tankers and 30 product carriers. OMI, which is based in Stamford, Conn., has five more product carriers scheduled to be delivered in the first half of 2006.