OMI Corporation Announces Status of Stock Repurchase

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.