OMI reports record earnings
OMI Corp. reported record second quarter earnings of $131.8 million, including earnings from the sale of three Suezmax tankers for $78 million.
The company earned $47 million in the same period the prior year.
Craig H. Stevenson, Jr., OMI's chairman and chief executive officer said strong performance allowed the company to repurchase nearly 30 percent of its outstanding shares.
'We continue to use the strong markets to further enhance our future revenue visibility with new time charters and synthetic time charters and therefore expect continued strong cash flows for years to come,' he said. 'Our best use of cash today is to repurchase our own shares.'