Former OMI Crew Members Plead Guilty

OMI Corporation of Stamford, Ct. announced that it has learned that a former Master and former Chief Engineer of one of its vessels entered pleas of guilty in U.S. District Court in Newark, New Jersey, to violations of U.S. law involving false statements to the Coast Guard during a vessel's port call in New Jersey on September 10, 2001. OMI Corporation has cooperated with the investigation by the U.S. Attorney's office in Newark, New Jersey. Last November, the company issued a Fleet Alert to its ships reaffirming its commitment to environmental compliance and has been reviewing its policies, directives, and practices with a view toward implementing any additional safeguards as warranted under the circumstances. At this time, the Company cannot predict the scope or duration of this investigation.