UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 30, 1999
OMI Corporation
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(Exact name of registrant as specified in its charter)
The Marshall Islands
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(State of or other jurisdiction or incorporation)
001-14135 52-2098714
(Commission File (I.R.S. Employer
Number) Identification Number)
One Station Place 06902
Stamford, CT (Zip Code)
Attention: Secretary
(Address of Principal Executive Offices)
(203) 602-6700
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 1. Changes in Control of Registrant
Not Applicable.
Item 2. Acquisition or Disposition of Assets
Not Applicable.
Item 3. Bankruptcy or Receivership
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant
Not Applicable.
Item 5. Other Events
(a) The attached Press Release of OMI Corporation dated June 30,
1999, is incorporated by reference herein.
Item 6. Resignation of Registrant's Directors
Not Applicable.
Item 7. Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
Exhibit 99 Press Release of OMI Corporation, dated as of June 30,
1999.
Item 8. Change in Fiscal Year.
Not applicable.
Item 9. Sales of Equity Securities Pursuant to Regulation S
Not applicable.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
OMI CORPORATION
By /s/ Fredric S. London
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Name: Fredric S. London
Title:
Dated: July 1, 1999
OMI CORPORATION TO CONCENTRATE ON
INTERNATIONAL PRODUCT CARRIERS LIMITED
CONTACT: FREDRIC S. LONDON
SENIOR VICE PRESIDENT AND
GENERAL COUNSEL OF
OMI CORPORATION
(203) 602-6789
STAMFORD, CONNECTICUT - JUNE 30, 1999 - OMI CORPORATION (OMM:NYSE) ("OMI"),
Osprey Maritime Limited and their joint venture marketing pool company
International Product Carriers Limited ("IPC") and Heidenreich Marine Ltd.
("Heidmar") announced today that they have not been able to agree upon terms for
IPC to combine with OMI and Heidmar's joint venture in Singapore, OMI-Heidmar
Shipping LLC ("OMI-Heidmar"). As a result, IPC and OMI-Heidmar will remain
separate entities and will potentially be competitors in the Asian product
tanker market. OMI will withdraw from OMI-Heidmar at its earliest opportunity.
Heidmar intends to change the name of OMI-Heidmar to Heidenreich Marine (Far
East) Inc. upon the withdrawal of OMI. Heidmar will then control four modern
product tankers through this subsidiary.
Due to the possible conflict of interest which may result, Per Heidenreich has
decided to resign as a director of OMI Corporation. Mr. Craig Stevenson, OMI's
Chief Executive Officer, commented that "Per has served OMI ably and loyally as
a director and we would have liked for him to remain on the Board. However, we
understand and respect his discomfort with the situation." Craig Stevenson and
Per Heidenreich together commented that "we are disappointed that we could not
reach an agreement, but happy we were able to resolve this issue amicably."
OMI Corporation will remain a participant in the Star Tankers Inc. pool. Craig
Stevenson commented "we are confident that Star Tankers Inc. will continue to
market our three Panamax tankers effectively."
OMI is a major international shipping company which operates primarily Suezmax
crude oil tankers and handysize product carriers. Currently, its fleet comprises
27 vessels aggregating approximately 2.7 million dwt., including two chartered
in and three jointly owned. Additionally, the Company has two product carriers
on order from a shipyard for delivery in July and September 1999 and one Suezmax
for delivery in 2000.
Osprey Maritime Limited is an international energy shipping company which
operates a fleet of thirty vessels existing of fifteen product carriers, ten
crude oil tankers and five liquefied natural gas (LNG) carriers. An additional
LNG newbuilding is scheduled to join the fleet at the end of 1999.
Heidmar has commercial control of 35 tankers between 27,000 dwt. and 90,000
dwt., including 26 Panamax tankers in the Star Tankers Inc. pool. Heidmar,
through its offices in Greenwich, CT, USA and Woking, UK, acts as General Agents
for Star Tankers Inc. pool.
