------------------------------ OMB APPROVAL ------------------------------ OMB Number 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response ....... 0.5 ------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). (Print or Type Responses) ================================================================================ 1. Name and Address of Reporting Person* Hood, James N. -------------------------------------------------------------------------------- (Last) (First) (Middle) c/o Castelia Partners LLC, 61 Wilton Road -------------------------------------------------------------------------------- (Street) Westport, CT 06880 -------------------------------------------------------------------------------- (City) (State) (Zip) ================================================================================ 2. Issuer Name and Ticker or Trading Symbol OMI Corporation (OMM) ================================================================================ 3. IRS Identification Number of Reporting Person (if an entity) (voluntary) ================================================================================ 4. Statement for Month/Year February 2002 ================================================================================ 5. If Amendment, Date of Original (Month/Year) ================================================================================ 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) [ X ] Director [ ] 10% Owner [ ] Officer (give title below) [ ] Other (specify below) --------------------------- ================================================================================ 7. Individual or Joint/Group Filing (Check applicable line) [ X] Form filed by one Reporting Person [ ] Form filed by more than one Reporting Person * If the form is filed by more than one reporting person, see Instruction 4(b)(v). ================================================================================ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned --------------------------------------------------------------------------------

* The Reporting Person elected to receive Company-issued shares rather than the annual director's retainer fee. Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. ================================================================================ Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) --------------------------------------------------------------------------------

Explanation of Responses: /s/ James N. Hood 03/06/02 --------------------------------------------- ----------------------- **Signature of Reporting Person Date ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedures. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

OMI CORP/M I 4