OMI Corporation Announces Status of Stock Repurchase
11 October 2005 - 11:30PM
Business Wire
OMI Corporation (NYSE:OMM) of Stamford, Connecticut announced today
that as of the close of business October 10, 2004 it had acquired
3,380,000 shares of its common stock since its announcement of the
most recent grant of authority by its board of directors on
September 12, 2005, at prices ranging from $17.07 to $18.20 and
averaging $17.78 per share. The Company retains authority to
acquire up to $31,173,000 value of additional shares. As of today,
there are 76,877,391 shares of OMI common stock outstanding. Due to
the scheduled release of its third quarter 2005 results at the
close of business Monday, October 17, 2005, the Company will not be
acquiring additional shares prior to the release of third quarter
results. OMI is a major international owner and operator of crude
oil tankers and product carriers. Its fleet currently comprises 47
vessels, consisting of 17 Suezmaxes and 30 product carriers,
aggregating approximately 4.0 million deadweight tons ("dwt"). OMI
has on order five product carriers scheduled to be delivered in the
first half of 2006, of which one is 37,000 dwt and the others are
47,000 dwt. Two Suezmaxes are under contract to be sold.
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