OMI’s profits soar

OMI’s profits soar    OMI Corp., the Stamford, Conn.-based tanker operator, said increased world oil demand and high OPEC oil production, helped it’s second quarter net income rise 55 percent to $47.1 million, from $30.3 million in the second quarter of 2004.
   In the second quarter, the time charter equivalent average rate for OMI’s “Suezmax” fleet was $43,543 per day, only marginally higher than    the second quarter of 2004 average rate of $43,415 per day. The time charter equivalent average rate for OMI’s product carriers nearly doubled from $14,880 in the second quarter last year to $28,731 in the latest quarter.
   Operating income increased 38 percent to $56.2 million from $40.8 million. Revenue soared 49 percent to $148.2 million from $99.1 million.
   For the year-to-date, OMI’s net income is up 42 percent to $122.9 million. Operating income is up 35 percent to $141.8 million and revenues have jumped 41 percent to $319.1 million.