OMI REPORTS DROP IN PROFITS
OMI Corp., which operates a fleet of 27 Suezmax and product tankers,
reported first-quarter net income of $240,000, down from $3.089 million for
the year-earlier quarter.
OMI said its net voyage revenue (voyage revenue minus voyage, vessel and
charter hire expenses), were flat, at $13.17 million.
Despite what the line called "an imbalance of supply/demand for crude
oil and refined products," OMI’s crude fleet revenues rose 20 percent.