OMI TO BUY PRODUCT CARRIERS FROM OSPREY
Stanford, Conn.-based bulk shipping group OMI Corp. has agreed to acquire from Osprey Maritime Ltd. three handysize product carriers for $41.25 million in aggregate.
One of ships was built in 1989 and the other two were built in 1990. Deliveries to OMI are expected during February.
OMI said that it will issue approximately 2.65 million shares of its common stock at $7.00 per share as partial payment and will finance the remainder of the purchase price.
OMI said that it is acquiring the vessels during a strong market.
The transaction follows the recent takeover of Osprey Maritime Ltd. by the John Fredriksen/Frontline Ltd. group.
OMI operates a fleet of 22 vessels, consisting of six wholly-owned Suezmaxes, one bareboat-chartered Suezmax, one time-chartered Suezmax, eight handysize product carriers, two handymax product carriers, three Panamax-deadweight product carriers which carry crude oil and one ultra large crude tanker.