Sister Year Deadweight Delivery Daily Hire Re-
Vessel Ship (1) Built (dwt) Type Date Rate (2) delivery
-------- ----- ---------- --------- -------- --------- --------
CURRENT FLEET
Panamax Product Tankers
-------- ----- ---------- --------- -------- --------- --------
Omega Queen A 2004 74,999 LR1 May-06 $26,500(3) May-09
-------- ----- ---------- --------- -------- --------- --------
Omega King A 2004 74,999 LR1 Jun-06 $26,500(3) Jun-09
-------- ----- ---------- --------- -------- --------- --------
Omega Lady LR1 - Ice
Sarah C 2004 71,500 Class 1C Jun-06 $24,000(4) Jun-09
-------- ----- ---------- --------- -------- --------- --------
Omega Lady LR1 - Ice
Miriam C 2003 71,500 Class 1C Aug-06 $24,000(4) Jul-09
-------- ----- ---------- --------- -------- --------- --------
Omega LR1 - Ice
Emmanuel D 2007 73,000 Class 1A Mar-07 $25,500(6) Apr-10
-------- ----- ---------- --------- -------- --------- --------
Omega LR1 - Ice
Theodore D 2007 73,000 Class 1A Apr-07 $25,500(6) May-10
-------- ----- ---------- --------- -------- --------- --------
Handymax Product Tankers
-------- ----- ---------- --------- -------- --------- --------
Omega MR1- Ice
Prince B 2006 36,680 Class 1A Jun-06 $21,000(5) Jun-09
-------- ----- ---------- --------- -------- --------- --------
Omega MR1 - Ice
Princess B 2006 36,680 Class 1A Jul-06 $21,000(5) Jun-09
-------- ----- ---------- --------- -------- --------- --------
TOTAL (DWT): 512,358
-------------- ---------- --------------------------------------
Additional Handymax Vessels
-------- ----- ---------- --------- -------- --------- --------
TBN 1 E 2010 37,000 Mar-10
-------- ----- ---------- --------- -------- --------- --------
TBN 2 E 2010 37,000 July-10
-------- ----- ---------- --------- -------- --------- --------
TBN 3 E 2010 37,000 Sept-10
-------- ----- ---------- --------- -------- --------- --------
TBN 4 E 2010 37,000 Dec. -10
-------- ----- ---------- --------- -------- --------- --------
TBN 5 E 2011 37,000 Feb. -11
-------- ----- ---------- --------- -------- --------- --------
Total (DWT): 185,000
-------------- ---------- --------------------------------------
(1) Each vessel is a sister ship of each other vessel that has the same
letter.
(2) This table shows gross charter rates and does not include brokers'
commissions, which are 1.25% of the daily time charter rate.
(3) The Company has granted Torm the option to extend the charter for
24 months at a minimum daily time charter hire rate of $28,500.
(4) Plus any additional income under profit sharing provisions of the
Company's charter agreement.
(5) Plus any additional income under profit sharing provisions of the
charter agreements with D/S Norden A/S. The Company has granted the
charterers the option to extend the charter for 12 months at a
minimum daily time charter hire rate of $24,000.
(6) Plus any additional income under profit sharing arrangements,
according to which charter earnings in excess of $ 25,500 per
day will be divided equally between Omega Navigation and ST
Shipping. When the vessels trade in ice conditions, the profit
sharing between Omega Navigation and ST Shipping is 65/35%
respectively.
About Omega Navigation Enterprises, Inc.
Omega Navigation Enterprises, Inc. is an international provider of global
marine transportation services through the ownership and operation of eight
double hull product tankers. The current fleet includes eight double hull
product tankers with a carrying capacity of 512,358 dwt. These eight
product tankers are chartered out under three-year period time charters.
Furthermore, the company announced the signing of shipbuilding contracts to
construct and acquire five newbuilding double hull handymax product tankers
each with a capacity of 37,000 dwt scheduled for delivery between March
2010 and early in 2011. With the addition of these five vessels, the Omega
fleet will expand to 13 product tankers with a total deadweight capacity of
697,358 tons.
The Company was incorporated in the Marshall Islands in February 2005. Its
principal executive offices are located in Piraeus, Greece and it also
maintains an office in the United States.
Omega Navigation's Class A common shares are traded on the NASDAQ National
Market under the symbol "ONAV" and are also listed on the Singapore
Exchange Securities Trading Limited under the symbol "ONAV 50."
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides
safe harbor protections for forward-looking statements in order to
encourage companies to provide prospective information about their
business. Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of
historical facts.
The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The
words "believe," "except," "anticipate," "intends," "estimate," "forecast,"
"project," "plan," "potential," "will," "may," "should," "expect" pending
and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, the Company's management's examination of
historical operating trends, data contained in the Company's records and
other data available from third parties. Although the Company believes that
these assumptions were reasonable when made, because these assumptions are
inherently subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond the Company's control,
the Company cannot assure you that the Company will achieve or accomplish
these expectations, beliefs or projections.
In addition to these important factors other important factors that, in the
Company's view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of world
economies and currencies, general market conditions, including fluctuations
in charter rates and vessel values, changes in demand for product tanker
and dry bulk shipping capacity, changes in the Company's operating
expenses, including bunker prices, drydocking and insurance costs, the
market for the Company's vessels, availability of financing and
refinancing, changes in governmental rules and regulations or actions taken
by regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political
events, vessels breakdowns and instances of off-hires and other factors.
Please see the Company's filings with the Securities and Exchange
Commission for a more complete discussion of these and other risks and
uncertainties.
Contact Information: Contacts: Company Contact: Gregory A. McGrath Chief Financial Officer Omega Navigation Enterprises, Inc. PO Box 272 Convent Station, NJ 07961 Tel. (551) 580-0532 E-mail: gmcgrath@omeganavigation.com www.omeganavigation.com Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com www.capitallink.com