OMI REPORTS RISE IN 1ST-QUARTER NET INCOME
OMI Corp., the Stamford, Conn.-based international tanker operator, posted first-quarter net income of $28.4, compared to a net loss of $9.97 million for the same period last year.
Operating revenues more than doubled, climbing from $25.7 million to $53.4 million.
“We had expected a strong first quarter, and our expectations were met,” said OMI chairman Craig H. Stevenson. “We believe the strong tanker markets for the fourth quarter of 2000, which continued with a brief interruption through the first quarter of 2001, are supported by solid supply-demand dynamics and are likely to continue, with seasonal and other short-term interruption, for a number of years.”
OMI has a fleet of 24 vessels, and is expecting the delivery of a product carrier by the end of the month. OMI also expects the delivery of two new product tankers in the fall.
Four vessels are expected to be added to the fleet in 2002, and one ship in 2003.