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OMB APPROVAL
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OMB Number 3235-0287
Expires: September 30, 1998
Estimated average burden
hours per response ....... 0.5
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Bugbee, Robert L.
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(Last, First Middle)
One Station Place
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(Street)
Stamford, CT 06902
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(City, State Zip)
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2. Issuer Name and Ticker or Trading Symbol
OMI Corporation (OMM)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
January 2000
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ X ] Director [ ] 10% Owner
[ X ] Officer (give title below) [ ] Other (specify below)
Senior Vice President
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7. Individual or Joint/Group Filing (Check applicable line)
[ X] Form filed by one Reporting Person
[ ] Form filed by more than one Reporting Person
* If the form is filed by more than one reporting person,
see Instruction 4(b)(v).
<PAGE>
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
4.
Securities Acquired (A) or
3. Disposed of (D)
Transaction (Instr. 3, 4 and 5)
2. Code -----------------------------
1. Transaction (Instr. 8) (A)
Title of Security Date ------------ Amount or Price
(Instr. 3) (mm/dd/yy) Code V (D)
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<S> <C> <C> <C> <C> <C> <C>
(1)
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Table I (cont.) -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<CAPTION>
5. 6. Owner-
Amount of ship
Securities Form: 7.
Beneficially Direct Nature of
Owned at End (D) or Indirect
1. of Month Indirect Beneficial
Title of Security (Instr. 3 (I) Ownership
(Instr. 3) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C>
(1)
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
<PAGE>
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
6.
Date
5. Exercisable and
2. 4. Number of Derivative Expiration Date
1. Conversion or Transaction Securities Acquired (A) (Month/Day/Year)
Title of Exercise 3. Code or Disposed of (D) ----------------
Derivative Price of Transaction (Instr. 8) (Instr. 3, 4 and 5) Date Expira-
Security Derivative Date (Month/ ------ ----------------------- Exer- tion
(Instr. 3) Security Day/Year) Code V A) (D) cisable Date
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
(1) Bonus Units $0 1/1/2000 A V 20,000 (1) (1)
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<PAGE>
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Table II (cont.) -- Derivative Securities Acquired, Disposed of, or Beneficially
Owned (e.g., puts, calls, warrants, options, convertible securities)
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<CAPTION>
7.
Title and Amount
of Underlying
Securities 9. 10.
(Instr. 3 and 4) Number of Ownership
---------------- Derivative Form of 11.
1. Amount 8. Securities Derivative Nature of
Title of or Price of Beneficially Security: Indirect
Derivative Number Derivative Owned Direct (D) Beneficial
Security of Security at End of Month or Indirect Ownership
(Instr. 3) Title Shares (Instr. 5) (Instr.4) (I) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C>
(1) Bonus Units Common Stock 20,000 110,000 D
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</TABLE>
<PAGE>
Explanation of Responses:
(1) The reported bonus units (one share of OMI Corporation common stock for
each unit) entitle the reporting person to receive, on or before March 1,
2001, cash or shares of stock for such units; provided that the reporting
person may elect to have such units deferred and paid at a time elected by
the reporting person. The payment of cash will be based on the average
daily stock price for the last six calendar months of 2000 (or the year
preceding payment of any units deferred). If the reporting person does not
satisfy certain ownership requirements, his or her bonus units will be
payable within 30 days following his or her termination of employment.
/s/ Robert L. Bugbee February 10, 2000
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedures.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB number.
