S&P affirms OMI

Standard and Poor's affirmed its BB corporate credit and its other ratings on OMI Corp. and removed all the ratings from CreditWatch, where they were placed on May 28.

S&P said the removal of the ratings from watch followed OMI's announcement that it had withdrawn its offer to acquire unrated Stelmar Shipping Ltd.

The outlook is stable.

S&P said the ratings reflect the company's significant but carefully managed exposure to the volatile tanker spot markets, an active new vessel construction program, and participation in the competitive, volatile, highly fragmented and fixed-capital-intensive bulk ocean shipping industry.

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