THE Connecticut tanker company OMI has confirmed a fifth order for a 37,000 dwt ice-class product carrier at Hyundai Mipo Dockyard, scheduled for delivery in June, 2005.

The ship has no charterer as yet, which makes it the second speculative sistership in the five-vessel series.

Total has signed five-year timecharters on the first three sisterships scheduled for delivery next year.

OMI's business strategy is to lock in healthy top-line revenues through lucrative contract coverage for its product tanker fleet while allowing the suezmax fleet to make the most of any upside to be obtained from the spot market.

OMI’s fleet at present comprises 40 vessels, mainly suezmaxes and product carriers, aggregating 3.1m dwt. The company also has 21 vessels on time charter.