OMI’s 3rd quarter net profits down 21.5%

OMI’s 3rd quarter net profits down 21.5%    Stamford, Conn.-based tanker operator OMI Corp., Monday reported third-quarter net income of $39.6 million, down 21.5 percent from the $50.5 million it posted in the same quarter last year.
   The third quarter time charter equivalent average rate for OMI’s “Suezmax” fleet was $31,419 per day, a 37 percent decline from the third quarter of 2004 average rate of $49,717 per day.
   For the period ended Sept. 30, OMI’s operating income slumped 19 percent to $47.6 million from $59 million. Revenue picked up 11 percent to $143.2 million from $129.4 million.
   For the year-to-date, OMI’s net income is up 18 percent to $162.5 million. Operating income is up 16 percent to $189.5 million with revenue jumping 30 percent to $463.1 million.
   “The outlook for the immediate future and the longer term is exciting. Rates for Suezmaxes and product tankers have risen substantially since the start of this quarter, and we expect a very strong fourth quarter,” said Craig H. Stevenson Jr., OMI’s chairman and chief executive officer.