Mixed Feelings Towards OMI Stock Offering

Before we begin our analysis of the proposed OMI common stock offering, we need to make a few things clear: we are not investment advisors; we make no markets; our clients are our readers whose subscriptions form the bulk of our revenues. If our readers wish to know whether to accumulate or divest themselves of a company’s shares, we direct them to Furman Selz, Lazard Freres or Smith Barney, all of whom issue such reports on a regular basis.

We view our role as independent commentators. Using Marine Money’s ten-year publishing history as a base, we value our ability to read between the lines and perhaps comment more sharply than those who may be one day competing for the next underwriting. We are always consistent in our line of attack: we want not only to see industry standards upheld, but we want to see them raised.We view ISM Code compliance as serious an issue as the Adriatic debacle. We view the tanker industry’s willingness to deal with the public on oil spills as every bit as important as any one company’s decision to sell shares to the investing public. The common thread is full and complete disclosure.

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