OMI Corp. Elects New Director

OMI Corp. has appointed Donald C. Trauscht as a director - he currently serves as chairman of BW Capital Corp. Prior to his current position, Trauscht served as chairman and CEO of Borg Warner Corp. for whom he worked from 1967 to 1995.

The company also reported that it expects to earn $.43 - $.48 per share for the fourth quarter. Rated for all its classes of tankers are at higher levels than during the third quarter and have continued to rise. OMI's Board reaffirmed the authorization for the Company to repurchase up to 10 percent of its outstanding shares.