<PAGE>
BEING FILED PURSUANT TO RULE 901 (D) OF REGULATION S-T
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934.
For the quarterly period ended MARCH 31, 1995
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES AND EXCHANGE ACT OF 1934.
For the period from __________________ to _______________
COMMISSION FILE NUMBER
2-87930
OMI CORP.
_______________________________________________________
(Exact name of registrant as specified in its charter)
DELAWARE 13-2625280
(State or other jurisdiction (I.R.S. Employer
incorporation or organization) Identification No.)
90 PARK AVENUE, NEW YORK, N.Y. 10016
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code (212) 986-1960
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities
andExchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days.
Yes X No
______ _____
INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S
CLASSES OF COMMON STOCK, AS OF MAY 11, 1995:
_______________
Common Stock, par value 0.50 per share 30,673,935 shares
<PAGE>
OMI CORP. AND SUBSIDIARIES
INDEX
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Statements of
Operations for the three months
ended March 31, 1995 and 1994
Condensed Consolidated Balance Sheets-
March 31, 1995 and December 31, 1994
Consolidated Statements of Changes in
Stockholders' Equity for the three months
ended March 31, 1995
Condensed Statements of Consolidated Cash
Flows for the three months ended March 31,
1995 and 1994
Notes to Condensed Consolidated Financial
Statements
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
PART II: OTHER INFORMATION
SIGNATURES
<PAGE>
OMI CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 1995 1994
Revenues:
Voyage revenues $55,463 $65,091
Other income 1,527 1,597
Total revenues 56,990 66,688
Operating Expenses:
Vessel and voyage 49,705 49,035
Depreciation and amortization 8,693 9,741
Operating lease 1,603 2,082
General and Administrative 3,871 4,202
63,872 65,060
Operating (loss) income (6,882) 1,628
Other Income (Expense):
Gain on disposal of assets-net 7,363 2,854
Interest expense-net (6,490) (6,959)
Minority interest in loss (income)
of subsidiary 141 (61)
Other-net 425
Net other income (expense) 1,439 (4,166)
Loss before income taxes and equity in operations
of joint ventures (5,443) (2,538)
Benefit for income taxes (1,798) (870)
Loss before equity in operations of
joint ventures (3,645) (1,668)
Equity in income (loss) of operations of
joint ventures 2,519 (95)
Net loss $(1,126) $(1,763)
Net loss per common share $(0.04) $(0.06)
Weighted average number of shares
of common stock outstanding 30,488 30,658
See notes to condensed consolidated financial statements.
<PAGE>
OMI CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
MARCH 31, DEC. 31,
1995 1994
(UNAUDITED)
ASSETS
Current assets:
Cash, including cash equivalents: 1995-$25,464
1994- $19,734 $37,468 $31,797
Marketable securities 2,677 14,415
Advances to masters 3,350 635
Receivables:
Traffic 9,098 16,364
Other 16,058 9,442
Prepaid expenses and other current assets 7,045 8,726
Total current assets 75,696 81,379
Capital construction and other restricted fund 10,894 12,961
Vessels and other property, at cost 697,149 695,399
Less accumulated depreciation (301,386) (294,401)
Vessels and other property-net 395,763 400,998
Investments in, and advances to joint
ventures 82,563 81,868
Long-term investments 591 3,075
Other assets and deferred charges 23,397 24,851
Total $588,904 $605,132
<PAGE>
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $4,143 $6,842
Accrued liabilities:
Voyage and vessel 27,668 22,075
Interest 7,466 4,563
Other 6,663 5,838
Current portion of long-term debt 18,950 18,900
Total current liabilities 64,890 58,218
Long-term debt 241,431 253,239
Deferred income taxes payable 74,645 79,448
Advance time charter revenues and
other liabilities 31,864 31,509
Minority interest in subsidiary 2,900 3,042
Stockholders' equity 173,174 179,676
Total $588,904 $605,132
See notes to condensed consolidated financial statements.
-4-
<PAGE>
<TABLE>
OMI CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
(IN THOUSANDS)
<CAPTION>
Common Stock Capital
Shares Amount Surplus
<S> <C> <C> <C>
Balance at January 1, 1995 30,672 $15,336 $129,919
Net loss
Exercise of stock option 2 1 7
Amortization of unearned compensation
Net change in valuation account
Sale of securities
Balance at March 31, 1995 30,674 $15,337 $129,926
See notes to condensed consolidated financial statements.
<PAGE>
</TABLE>
<TABLE>
OMI CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
(IN THOUSANDS)
<CAPTION>
Cumulative Unearned
Retained Translation from
Earnings Adjustment ESOP
<S> <C> <C> <C>
Balance at January 1, 1995 $26,631 $4,912 $(663)
Net loss (1,126)
Exercise of stock option
Amortization of unearned compensation 166
Net change in valuation account
Sale of securities
Balance at March 31, 1995 $25,505 $4,912 $(497)
See notes to condensed consolidated financial statements.
<PAGE>
</TABLE>
<TABLE>
OMI CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
(IN THOUSANDS)
<CAPTION>
Unrealized
Compensation Gain on
Restricted Securities
Stock -net
<S> <C> <C>
Balance at January 1, 1995 $(941) $5,684
Net loss
Exercise of stock option
Amortization of unearned compensation 28 -
Net change in valuation account 357
Sale of securities (5,935)
Balance at March 31, 1995 $(913) $106
See notes to condensed consolidated financial statements.
<PAGE>
</TABLE>
<TABLE>
OMI CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 1995
(UNAUDITED)
(IN THOUSANDS)
<CAPTION>
Total
Treasury Stockholder
Stock Equity
<S> <C> <C>
Balance at January 1, 1995 $(1,202) $179,676
Net loss (1,126)
Exercise of stock option 8
Amortization of unearned compensation 194
Net change in valuation account 357
Sale of securities (5,935)
Balance at March 31, 1995 $(1,202) $173,174
</TABLE>
See notes to condensed consolidated financial statements.
<PAGE>
OMI CORP. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
FOR THE THREE MONTHS ENDED
MARCH 31, 1995 1994
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net loss $(1,126) $(1,763)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Decrease in deferred income taxes payable (1,798) -
Depreciation and amortization 8,693 9,741
Amortization of unearned compensation 194 257
Gain on disposal of assets-net (7,363) (2,873)
Other - net (425) -
Equity in (income) loss from operations of joint ventures
under(over) dividends received (2,519) 1,060
Changes in assets and liabilities:
Increase in receivables and other
current assets (384) (3,669)
Increase in accounts payable and
accrued expenses 4,430 9,205
Advances to (from) joint ventures - net 1,821 (2,724)
Decrease (increase) in other assets and
deferred charges 1,150 (723)
Increase in advance charter hire and
other liabilities 901 45
Other assets and liabilities - net 436 177
Net cash provided by operating activities 4,010 8,733
<PAGE>
CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES:
Additions to vessels and other property (2,194) (1,759)
Proceeds received from sale of
marketable securities 12,360 3,749
Return of investment in joint ventures 1,485
Proceeds and interest received and reinvested in the Capital
construction and other restricted funds (310) (167)
Withdrawal from Capital construction and
other restricted 3,000
Investments in joint ventures (1,622)
Net cash provided by investing activities 12,856 1,686
CASH FLOWS PROVIDED (USED) BY FINANCING ACTIVITIES:
Net proceeds from issuance of common stock 8 263
Proceeds from issuance of long-term debt 5,050
Payments on long-term debt (11,203) (5,083)
Net cash (used) provided by
financing activities (11,195) 230
Net increase in cash and cash equivalents 5,671 10,649
Cash and cash equivalents at
beginning of period 31,797 45,321
Cash and cash equivalents at end of period $37,468 $55,970
See notes to condensed consolidated financial statements.
- 6 -
<PAGE>
OMI CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1
The accompany unaudited condensed consolidated financial statements
have been prepared in accordance with the instructions to Form 10-Q and,
therefore, do not include all information and footnotes necessary for a
fair presentation of financial position, results of operations and cash
flows in conformity with generally accepted accounting principles.
However, in the opinion of management of OMI Corp. and subsidiaries,
all adjustments (comprising only normal recurring accruals) necessary
for a fair presentation of operating results have been included in the
statements.
NOTE 2 - INCOME TAXES
The benefit for income taxes for the three months ended March 31, 1995
varied from statutory rates as follows:
(in thousands)
Tax benefit calculated at statutory
rates $ (1,024)
Equity in operations of joint ventures of
$2,212,000 not tax effected as management
considers it to be permanently invested (774)
_______
Total $ (1,798)
_______
The Company has not provided deferred income taxes on its equity in the
undistributed earnings of foreign corporate joint ventures accounted
for under the equity method other than Amazon Transport, Inc. ("Amazon")
and White Sea Holdings Ltd. These earnings are considered by management
to be permanently invested in the business.
<PAGE>
NOTE 3 - SUPPLEMENTAL CASH FLOW INFORMATION
Cash payments include interest of approximately $4,026,000 and
$3,887,000 for the three months ended March 31, 1995 and 1994,
respectively. There were no income taxes paid during the three months
ended March 31, 1995 or March 31, 1994.
NOTE 4 - JOINT VENTURE INFORMATION
Amazon and Wilomi, Inc. ("Wilomi") are both 49 percent owned by OMI and
are accounted for using the equity method.
<TABLE>
Summarized income statement information, in accordance with Regulation
S-X Rule 10-01 (b) (1), for the three months ended March 31, 1995 and
1994 for Amazon and Wilomi are as follows:
<CAPTION>
Amazon Wilomi
1995 1994 1995 1994
<S> <C> <C> <C> <C>
(in thousands)
Revenues $2,674 $1,648 $5,335 $4,782
Expenses 2,608 1,756 3,131 3,865
Operating income
(loss) 66 (108) 2,204 917
Net income (loss) $91 $(69) $964 $34
</TABLE>
NOTE 5 - NET (LOSS) INCOME PER COMMON SHARE
Net loss per common share is determined by dividing net loss by the
weighted average number of common shares outstanding during the period.
Shares issuable upon the exercise of stock options have not been
included in the computation because their effect would be anti-
dilutive.
NOTE 6 - CREDIT LINES
At March 31, 1995, OMI had available and unused a total of $35,000,000
in three short-term lines of credit with banks at variable rates based
on LIBOR. During May 1995, OMI received a commitment from a bank for an
<PAGE>
additional $37,000,000 line of credit.
NOTE 7 - COMMITMENTS
OMI and a joint venture partner are constructing a vessel in the
Peoples Republic of China for a cost of approximately $54,400,000. The
vessel is scheduled to be delivered in the second quarter of 1996. OMI
guarantees 49 percent, through a joint venture subsidiary, of the
shipbuilding contract as a backup guarantor to the joint venture
partner.
NOTE 8 - GUARANTEED DEBT
OMI acts as a guarantor for a portion of the debt incurred by joint
ventures with affiliates of two of its joint venture partners. Such
debt was approximately $97,535,000 at March 31, 1995, with OMI's share
of such guarantees being approximately $48,006,000. OMI also is a
guarantor for one of its joint venture's revolving line of credit of
$4,000,000, with a guarantee to OMI from its joint venture partner of
$2,000,000.
The Company and its joint venture partners have committed to fund any
working capital deficiencies which may be incurred by their joint
venture investments. At March 31, 1995, no such deficiencies have
occurred which have required funding.
<PAGE>
Item. 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
__________________________________________________
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1995 VERSUS
1994
OMI Corp. ("OMI" or the "Company"), is a diversified major bulk
shipping company operating in both the U.S. flag and international
markets. Its operating fleet currently totals 43 vessels, including ten
joint venture vessels and four chartered-in tankers, aggregating
3.7 million deadweight ("dwt"). One Suezmax tanker is currently under
construction and scheduled to be delivered early in 1996 to a 49 percent
owned joint venture. The Company also has significant investments in
other marine related activities, including lightering of crude carriers
in the Gulf of Mexico and workboat supply services, and ship management
for the U.S. Government.
Results of operations of OMI include operating activities of the
Company's domestic and foreign wholly-owned, leased and chartered-in
vessels.
RESULTS OF OPERATIONS
Net voyage revenues is defined as voyage revenue less vessel and voyage
expenses. The Company's vessels operate on time charters, short-term
time charters, bareboat charters, voyage (or "spot") charters, or in
accordance with other contractual arrangements involving one of the
four mentioned charters. Each type of charter or arrangement connotes a
method by which revenue and expenses are recorded. Under a time
charter, revenue is usually based on daily or monthly rates, the
charterer assumes certain operating expenses, such as bunkers and port
charges. Bareboat charters are similar to time charters but the
charterer assumes all operating expenses and the revenue rate is likely
to be lower due to the additional costs covered by the charterer. Under
a voyage charter, revenues are based on the amount of cargo carried;
most expenses are for the owner's account and the length of the charter
is generally short-term. Revenues may be higher in the spot market as
the owner has to cover more costs. As a result of fluctuations in
voyage revenues and expenses due to the nature of the charter, the
discussion below addresses variations in net voyage revenues.
Net voyage revenues of $5,758,000 for the three months ended March 31,
1995 decreased $10,298,000 or 64 percent, as compared to the three
months ended March 31, 1994. The decrease was primarily attributable
to the U.S. flag fleet, which accounted for $8,924,000 of the decline.
The decreases in domestic net voyage revenue were primarily due to the
lay- up of OMI's largest domestic vessel, the OMI Columbia, for 53 more
days than in the first quarter of 1994, and decreases in the operations
of two U.S. flag tankers which were offhire for an aggregate of 99 days
due to substantial upgrading of the vessels in preparation for the
commencement of U.S. Navy charters. In addition, lower rates were
received for the domestic fleet's three dry bulk carriers which had
<PAGE>
been operating under a U.S. government sponsored foreign aid program
("PL480") for the distribution of agricultural product and less revenue
was generated by OMI's 80 percent owned subsidiary, OMI Petrolink
Corporation, resulting from lower volume and rates and increased costs
in lightering operations in the Gulf of Mexico. Net voyage revenues
were also affected by the sale of three product carriers in mid 1994.
OMI Columbia has had significant offhire days due to the lay-up of the
vessel because there has been little business for the vessel since its
<PAGE>
last time charter in 1992. In the first quarter of 1994, the OMI
Columbia operated on four consecutive voyage charters in the Alaskan
North Slope trade; during the past few years Alaskan crude oil
production has decreased and favors short hauls. During the fourth
quarter of 1994 and part of the first quarter of 1995, the vessel was
employed carrying cargo under the PL480 program.
In April 1995, two product carriers were time chartered to the Military
Sealift Command ("MSC"), for less than one year, with possible longer
term charters in the future. Two sister ships continue to operate in
the foreign trade and receive Operating Differential Subsidy ("ODS").
During previous years PL480 programs were very profitable for the
domestic bulkers. During 1994 there was less cargo available under
these programs and in 1995, even less tonnage is available. As a
result, increased competition has adversely affected the rates. One
vessel operated 66 days in this trade but is currently laid-up. The
other two vessels began the year operating under PL480, and then
obtained cargoes in foreign commercial markets. These two vessels will
continue to carry commercial foreign cargos and will be eligible to
collect ODS. In June they will begin time charters for up to one year.
Decreases in foreign net voyage revenues of $1,374,000 were primarily
attributable to three crude oil tankers. Two of these tankers were
operating under bareboat charters until the second quarter in 1994, at
which time, they entered the spot market just as crude oil rates began
to improve. During the three months ended March 31, 1995, although
rates improved over 1994, the rates were below the bareboat rate earned
in the prior year. The third crude oil tanker, which was operating in
the spot market as well, incurred 44 days offhire in the first quarter
of 1995, resulting from 20 days in drydock and the remainder of the
days en route to the shipyard.
<PAGE>
OTHER INCOME
Other income consists primarily of management fees, insurance premiums
received from affiliates and/or other parties and dividend income on
investments. For the three months ended March 31, 1995, other income
decreased $70,000 or 4 percent, as compared to the first quarter of
1994. The net decrease in 1995 is the result of a dividend received
during the first quarter of 1994 on a foreign investment in which OMI
holds a minority position. OMI recorded a dividend on this investment
during April 1995.
OTHER OPERATING EXPENSES
The Company's operating expenses, other than vessel and voyage expenses,
consist of depreciation and amortization, operating lease expense and
general and administrative expenses. For the three months ended March
31, 1995, these expenses decreased an aggregate of $1,858,000 or 12
percent. The primary reason for the decrease is a reduction in
depreciation expense of $1,048,000, resulting principally from the sale
of three domestic vessels during the third quarter of 1994. Salary
expense increased $309,000 as a result of a one time charge of $809,000
for employees electing to terminate their employment under a voluntary
severance program in February 1995, offset by an approximate $500,000
decrease in salaries as compared to the same period last year. Other
reductions in general and administrative expenses were in professional
fees and employee benefits.
OTHER INCOME (EXPENSE)
Other income (expense) consists of gain on disposal of assets-net,
interest expense-net, minority interest in loss (income) of subsidiary
and other-net. The increase in net other income (expense) of $5,605,000
for the three months ended March 31, 1995 over the 1994 period is
<PAGE>
primarily due to the sale of 2,503,389 shares of Noble Drilling
Corporation ("Noble") stock for a gain of $7,806,000, compared to gains
aggregating $2,814,000 for the same investment in 1994. The Company has
now liquidated its position in Noble.
BENEFIT FOR INCOME TAXES
The benefit for income taxes of $1,798,000 for the three months ended
March 31, 1995 varied from statutory rates primarily because deferred
taxes are not recorded for the equity in operations of joint ventures
other than Amazon Transport, Inc. and White Sea Holdings Ltd., as
management considers such earnings to be permanently invested.
EQUITY IN INCOME (LOSS) OF OPERATIONS OF JOINT VENTURES
Equity in operations of joint ventures of $2,519,000 increased
$2,614,000 in the first quarter 1995 from a loss in operations of joint
ventures of $95,000 in 1994. Increases in 1995 were attributable
primarily to four joint ventures. One venture sold a vessel in January
1995; OMI's portion of the gain was $990,000. Two vessels that were
delivered in 1993 and 1994 have been operating profitably in marketing
pools and a vessel previously operating in the spot market is currently
on a more profitable time charter.
LIQUIDITY AND CAPITAL RESOURCES
The Company's working capital of $10,806,000 at March 31, 1995,
decreased $12,355,000 from $23,161,000 at December 31, 1994. Cash and
cash equivalents of $37,468,000 increased $5,671,000 or 18 percent from
the balance of $31,797,000 at December 31, 1994. For the three months
ended March 31, 1995, net cash provided by operating activities was
$4,010,000 which was a decrease of $4,723,000 or 54 percent from net
cash provided by operating activities of $8,733,000 for the three months
ended March 31, 1994.
For the three months ended March 31, 1995, sources of liquidity, other
than from operating activities were primarily from proceeds received
from the sale of investments of $12,360,000 and proceeds received from
a qualified withdrawal from the Capital construction and other
restricted funds of $3,000,000.
The primary uses of cash, other than for operating activities during
the three months ended March 31, 1995, were for payments on long-term
debt of $11,203,000 and capital improvements on vessels of $2,194,000.
On April 4, 1995, OMI sold 58,000 shares of its investment in SEACOR
Holdings, Inc. for approximately $1,175,000.
The Company has lines of credit of $35,000,000 at March 31, 1995 and a
commitment for another $37,000,000 credit line. OMI is in the position
to meet its current and future obligations, and to acquire and dispose
of vessels as opportunity and need arises. Currently, OMI is actively
seeking to restructure its position in the U.S. flag fleet and is
holding discussions with other U.S. flag participants.
<PAGE>
COMMITMENTS
OMI and a joint venture partner have committed to construct a vessel
being built in the Peoples Republic of China for a cost of
approximately $54,400,000. The vessel is scheduled to be delivered
early in 1996. OMI guarantees 49 percent, through a joint venture
subsidiary, of the shipbuilding contract as a backup guarantor to the
joint venture partner. OMI acts as a co-guarantor for a portion of the
debt incurred by joint ventures with affiliates of two of its joint
venture partners. Such debt was approximately $97,535,000 at
March 31, 1995, with OMI's share of such guarantees being approximately
$48,006,000. OMI also is
guarantor for one of its joint ventures revolving line of credit of up
to $4,000,000 at March 31, 1995, with a guarantee to OMI from its joint
venture partner of 50 percent of the amount guaranteed by OMI.
The Company and its joint venture partners have committed to fund any
working capital deficiencies which may be incurred by their joint
venture investments. At March 31, 1995, no such deficiencies have
occurred which have required funding.
<PAGE>
PART II: OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
None.
ITEM 2 - CHANGES IN SECURITIES
None.
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Reference to proxy statement filed with
Securities and Exchange Commission on
April 20, 1995.
ITEM 5 - OTHER INFORMATION
None.
ITEM 6 - EXHIBIT AND REPORTS ON FORM 8-K
A. EXHIBITS
Exhibit 27 Financial Data Schedule, dated March 31, 1995
B. REPORTS ON FORM 8-K
None.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
OMI CORP.
___________________________________
(REGISTRANT)
DATE: MAY 15, 1995 BY: JACK GOLDSTEIN
_____________________________
JACK GOLDSTEIN
PRESIDENT AND CHIEF
EXECUTIVE OFFICER
DATE: MAY 15, 1995 BY: VINCENT DE SOSTOA
_____________________________
VINCENT DE SOSTOA
SENIOR VICE PRESIDENT/
FINANCE AND CHIEF
FINANCIAL OFFICER
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
Exhibit 27 contains summary information extracted from OMI Corp. and
subsidiaries Consolidated condensed financial statements and is
qualified in its entirety by reference to such financial statements
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<EXCHANGE-RATE> 1
<CASH> 37,468
<SECURITIES> 2,677
<RECEIVABLES> 9,098
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 75,696
<PP&E> 697,149
<DEPRECIATION> 301,386
<TOTAL-ASSETS> 588,904
<CURRENT-LIABILITIES> 64,890
<BONDS> 241,431
<COMMON> 15,337
0
0
<OTHER-SE> 157,837
<TOTAL-LIABILITY-AND-EQUITY> 588,904
<SALES> 0
<TOTAL-REVENUES> 56,990
<CGS> 0
<TOTAL-COSTS> 51,308
<OTHER-EXPENSES> 12,564
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,930
<INCOME-PRETAX> (2,924)
<INCOME-TAX> (1,798)
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,126)
<EPS-PRIMARY> (0.04)
<EPS-DILUTED> (0.04)
</TABLE>
