OMI Corporation is primarily engaged in the business of owning and operating tankers in international markets. The Company's existing fleet comprises 34 vessels (including the vessel to be sold in April 2002), aggregating 2.3 million deadweight tons, consisting of six Suezmaxes, three Panamax tanker carrying crude oil, 22 handysize and handymax product carriers, two handysize crude oil tankers and one ultra large crude carrier. OMI is the commercial operator of all its Suezmaxes (which are jointly marketed by Alliance Chartering LLC), its ultra large crude carriers and its handysize and handymax carriers. The commercial operations of its Panamax tankers are handled by the Star Tankers Pool. A subsidiary, OMI Marine Services LLC, is the technical operator of all of the Company's vessels. OMI's vessels are available for charter on a voyage, time or bareboat basis.