OMI to repurchase more shares

OMI to repurchase more shares    Stamford, Conn.-based tanker operator, OMI Corp. said Monday it has authorized the repurchase of up to $70 million of additional shares of its common stock.
   The authorization is in addition to the authority, announced in August, to repurchase up to 3 million shares. Under that authority, OMI repurchased 1.8 million shares of common stock at an average price of $16.74 per share. Before that, the company acquired 4.25 million shares under authority granted in December 2004.
   OMI said there are 80.2 million shares of common stock outstanding.
   OMI also said it has agreed to sell one of its 1998-built “Suezmaxes” for approximately $26.5 million to an unnamed party.
   OMI’s fleet comprises 46 vessels, including 16 “Suezmaxes” and 30 product carriers, all of which are double hull. The company has five more product carriers on order, scheduled for delivery in the first half of 2006, and one “Suezmax” due to be delivered on a seven-year time charter this week.