OMI Corporation Invites You To Year-End Earnings Conference Call

    STAMFORD, Conn.--April 17, 2003--OMI Corporation invites you to the Company's year-end earnings conference call to be broadcast live over the Internet on Wednesday, April 23, 2003 at 2:00 p.m. Eastern Time.
    Craig H. Stevenson, Jr., Chairman of the Board of Directors and Chief Executive Officer, will discuss OMI's first quarter results, update on the Company's business strategy, and strategic outlook for OMI and the international tanker market. The Company will issue its first quarter earnings results in the morning on Wednesday, April 23, 2003. The conference call will be available via a simultaneous webcast on the Company's web site -- www.omicorp.com/ -- by clicking on the Webcast icon.

    About OMI Corporation

    We provide seaborne transportation services for crude oil and petroleum products in the international shipping markets. Our customers include major independent and state-owned oil companies, major oil traders, government entities and various other entities. We own, or charter in a fleet that is currently numbered at 36 vessels (excluding the product carrier contracted for sale in May 2003). We are continuing a fleet renewal program that resulted in a significant reduction in the age of our fleet and in a concentration of our vessels primarily into two vessel types, Suezmax tankers, which generally carry crude oil from areas of oil production to refinery areas, and product carriers, which generally carry refined petroleum products (such as gasoline and aviation fuel) from refineries to distribution areas. Our fleet comprises 22 product carriers and 14 crude oil tankers, including eight Suezmax tankers. Assuming no other acquisitions or dispositions, once we take delivery of the additional four vessels, 29 of our 40 vessels will be double-hulled.