Amount of profit share revenues recorded per Quarter quarter ---------------- -------------- 1st Quarter 2007 $ 1.1 million 2nd Quarter 2007 $ 1.0 million 3rd Quarter 2007 $ 1.3 million 4th Quarter 2007 $ 0.6 million 1st Quarter 2008 $ 1.2 million 2nd Quarter 2008 $ 1.6 million 3rd Quarter 2008 $ 1.8 million 4th Quarter 2008 $ 2.2 million 1st Quarter 2009 $ 1.7 million 2nd Quarter 2009 $ 0.7 million Total $ 13.2 millionOperating expenses for our MR product tankers averaged $5,304 per day per vessel in the second quarter of 2009, versus $5,073 per day per vessel in the second quarter of 2008. Our Panamax product tankers averaged operating expenses of $5,735 per day per vessel in the second quarter of 2009, versus $5,201 per day per vessel in the second quarter of 2008. The increase of the daily operating expenses of the vessels relates mainly to the maintenance expenses related to the drydockings of the Omega King and Omega Queen in the second quarter of 2009 and an increase in crew wages. First Six Months 2009 Results For the six months ended June 30, 2009, Omega Navigation reported total revenues of $35.4 million and Net Income of $9.7 million, or $0.63 per basic share excluding a loss on interest rate derivative instruments, a gain on warrants revaluation, non cash incentive compensation grants and a loss related to the termination of a purchase agreement. Including these items, Net income was $4.7 million or $0.31 per share. EBITDA for the first six months of 2009 was $19.8 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities. Operating Income included revenue of $2.4 million attributable to profit sharing. The Company owned and operated an average of eight vessels, all of which were product carriers, during the first half of 2009, the same as in the first half of 2008. In addition, since April 2009, the Company holds a 50% interest in a joint venture, which owns an additional product carrier vessel. Excluding profit-sharing, the Company's Panamax product tankers earned an average time-charter equivalent rate of $23,692 per day per vessel during the first half of 2009, versus $25,063 per day per vessel (net of voyage expenses), during the first six months of 2008. The Company's Handymax product tankers earned an average time-charter equivalent rate of $19,910 per vessel per day during the first half of 2009 versus $20,751 per day per vessel (net of voyage expenses) during the first six months of 2008. Operating expenses for the MR product tankers averaged $5,298 per day per vessel in the first half of 2009 versus $4,833 per day per vessel in the first six months of 2008. Panamax product tankers averaged operating expenses of $5,957 per day per vessel in the first six months of 2009 versus $5,240 per day per vessel in the first half of 2008. The increase in operating expenses was primarily related to maintenance expenses incurred during scheduled drydockings in the first half of 2009, insurance deductible incurred related to the collision on the Omega Theodore and an increase in crew wages. Loan Covenant Compliance As of June 30, 2009, the Company was fully compliant with all its loan covenants. Recent Fleet Developments With the recent announcement of the delivery of the newbuilding vessel Omega Duke to a joint venture, in which Omega Navigation has a 50% shareholding, Omega's current operated fleet includes nine double hull product tankers with an aggregate carrying capacity of 559,358 dwt. The Omega Duke has been time chartered to ST Shipping (Glencore International AG) for a period of 5 years until mid 2014, with a base rate which fully covers operating expenses and debt service plus profit sharing arrangement. With the additional announcements that the Omega Queen and Omega King have been time chartered out, seven out of nine product tankers are currently employed under fixed rate time charters. The recent time charters are to established counterparties, ST Shipping and Torm A/S. Currently seven out of nine of the vessels have profit-sharing arrangements associated with them which enable the Company to share in the charter market's upside potential. With these recent charters concluded, the Company has for the remainder of 2009 and until mid 2010 fixed rate time charter coverage of 78%, inclusive of the joint venture, all with profit-sharing arrangements allowing the Company to take advantage of any upside in the charter market. The Company has entered the Omega Prince and Omega Princess into floating rate time charters with rates based on the market results of a pool of similar vessels commercially managed by ST Shipping and through these arrangements enjoy excellent utilization rates and above spot market charter rates. All of the time charters recently concluded are for relatively short periods of time, which increases the Company's flexibility to terminate those on short notice in case the market improves and thereby take advantage of better market conditions. Also, with these time charters we have continued full utilization of the fleet without experiencing any unscheduled offhire time. In the first six months of the year, the turmoil which prevailed in the global economy had a severe impact on the entire tanker industry, and specifically on rates and asset values. Omega's strategy of owning young, high quality assets and employing its vessels through term time charters has enabled the Company to present profitable operating results, even in these uncertain times and depressed tanker market. While oil demand has contracted and oil product inventories remain high, there has been recent evidence that the economic climate may be recovering. As the economic recovery progresses, we would expect to see an increase in oil demand, and the resultant increase in rates and asset values. Management Commentary: George Kassiotis, President and Chief Executive Officer of Omega Navigation, commented: "We are pleased to have concluded our thirteenth consecutive quarter with profitable operating results, since our IPO in April 2006. We attribute our profitable operating results to our strategy of acquiring high quality modern vessels and seeking predictable and stable cash flows through the term employment of our vessels. In addition, the fact that the charters on seven of our nine product tankers have profit-sharing provisions has enabled us to participate in any upside of the charter market and thereby maximize our profitability. "We continue to return profitable operating results even in this most challenging economic environment. We have seen signs that the economic environment is improving and with that demand for oil and oil products should gradually return as well. We would expect that once demand improves and current high inventory levels decrease, we should see an improving rate environment and asset values should also improve. Based on our current charter rates and the continued performance of each of our charterers, we believe that we are well positioned to continue to show profitable operating results even in this economic climate. While rates remain somewhat depressed, we believe we are now seeing evidence of a rebound in demand for oil products, which should help stimulate rates going forward. "We seek to optimize the management of our capital exposure, deliver our balance sheet and create synergies, which will enhance our ability to fund our growth plans and take advantage of opportunities during challenging times. "In this respect, we are pleased to enjoy a strong business relationship with Glencore, one of the largest commodities traders in the world. The joint ownership of the Omega Duke is further evidence of the high standards of operating performance that our Company offers to its customers and end users of its vessels and also demonstrates our ability to create synergies in a challenging environment. "We also believe that we continue to have strong relationships with our commercial lenders, that are large European and Asian banks, which have continued to offer their support to the Company. "We would like to reiterate that we are continuing to pursue a strategy of prudent growth, gradually expanding our fleet and our revenue and profit generation potential. "We remain optimistic about the long term fundamentals of the product tanker market, the area of our strategic focus. We believe that we enjoy strong competitive advantages in this market with our focused business strategy, our fleet of young high quality vessels, term employment with established charterers, a solid and flexible capital structure and a strong management team, enabling us to continue delivering strong, stable and predictable results for our shareholders." Gregory McGrath, Chief Financial Officer of Omega Navigation, commented, "As of June 30, 2009, the Company had a ratio of net debt to net capitalization of about 64%, with respect to the current eight vessel fleet and including debt already incurred for the pre-delivery financing of the remaining six newbuildings, which we believe is modest for industry standards given our strong time charter coverage and the young age and quality of our fleet. As of June 30, 2009 we were fully compliant with all our loan covenants. "We continue to have a strong relationship with our commercial lenders and have received their ongoing support and commitment to the Company, even in this very challenging credit market. Our balance sheet was also recently strengthened by the formation of the joint venture company which owns the Omega Duke and the consequent novation of the debt associated with that vessel from Omega to the joint venture."
Fleet Data Panamax Tankers Handymax Tankers ------------------------ ------------------------ Three months ended Three months ended ------------------------ ------------------------ June 30, June 30, June 30, June 30, 2009 2008 2009 2008 ----------- ----------- ----------- ----------- Number of vessels at end of period 6 6 2 2 Average age of fleet (in years) 4 3 3 2 Ownership days (1) 546 546 182 182 Available days (2) 527 546 182 182 Operating days (3) 521 546 182 182 Fleet Utilization (4) 99% 100% 100% 100% Voyage revenues (net of voyage expenses) (7) $12,067,119 $13,677,135 $ 3,473,156 $ 3,775,006 Time charter equivalent (TCE) rate $/day (5)(7) 22,898 25,050 19,083 20,742 Vessel operating expenses $ 3,131,227 $ 2,839,632 $ 965,343 $ 923,371 Daily vessel operating expenses $/day(6) 5,735 5,201 5,304 5,073 ----------- ----------- ----------- ----------- Six months ended Six months ended ------------------------ ------------------------ June 30, June 30, June 30, June 30, 2009 2008 2009 2008 ----------- ----------- ----------- ----------- Number of vessels at end of period 6 6 2 2 Average age of fleet (in years) 4 3 3 2 Ownership days (1) 1,086 1,092 362 364 Available days (2) 1,054 1,092 362 364 Operating days (3) 1,038 1,092 361 364 Fleet Utilization (4) 98% 100% 100% 100% Voyage revenues (net of voyage expenses) (7) $24,971,422 $27,368,632 $ 7,207,473 $ 7,553,222 Time charter equivalent (TCE) rate $/day (5)(7) 23,692 25,063 19,910 20,751 Vessel operating expenses $ 6,469,399 $ 5,721,663 $ 1,917,794 $ 1,759,361 Daily vessel operating expenses $/day(6) 5,957 5,240 5,298 4,833 ----------- ----------- ----------- -----------(1) Ownership days are the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period. (2) Available days are the number of our ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues. (3) Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. (4) We calculate fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning. (5) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by available days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. (6) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance (excluding drydocking), the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, but excludes any pre-delivery expenses incurred at or prior to the delivery of the product tankers, are calculated by dividing vessel operating expenses by ownership days for the relevant period. (7) For the three months ended June 30, 2009, excludes $0.7 million of profit sharing revenue booked in the second quarter of 2009 related to profit sharing on charters of the vessels Omega Lady Sarah, Omega Lady Miriam, Omega Emmanuel and Omega Theodore. For the six months ended June 30, 2009 excludes $2.4 million of profit sharing revenue booked in the first six months of 2009 related to profit sharing on charters of the vessels Omega Lady Sarah, Omega Lady Miriam, Omega Emmanuel and Omega Theodore. Fleet Profile and Employment: The table below describes the profile and employment of the Company's fleet as of today:*
Daily Sister Year Deadweight Delivery Hire Latest Vessel Ship(1) Built (dwt) Type date rate(2) Redelivery CURRENT FLEET Panamax product tankers Omega Queen A 2004 74,999 LR1 May-09 Base rate Evergreen, plus profit subject to share termination notice of 2 months Omega King A 2004 74,999 LR1 May-09 16,500 (3) May-10 Omega Lady LR1-Ice Sarah C 2004 71,500 Class 1C July-09 $ 25,500 (4) Aug-12 Omega Lady R1-Ice Miriam C 2003 71,500 Class 1C Sep-09 $ 25,500 (5) Oct-12 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 (7) Omega MR1-Ice Princess B 2006 36,680 Class 1A (7) TOTAL (DWT): 512,358 Vessel owned through 50% controlled joint venture Omega Duke F 2009 47,000 MR2 Apr-09 Base rate plus Apr-14 profit share Handymax vessels under construction TBN1 E 2010 37,000 MR1 Mar-10 Confidential Mar-13 TBN2 F 2010 47,000 MR2 Jul-10 $ 21,135 (8) Jul-13 TBN3 E 2010 37,000 MR1 Jul-10 TBN4 E 2010 37,000 MR1 Sep-10 TBN5 E 2010 37,000 MR1 Dec-10 TBN6 E 2011 37,000 MR1 Feb-11 TOTAL (DWT): 232,000* This table assumes the full performance by each our current and anticipated customers under our current and contracted charters. (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) Average base rate for the first year is $16,500 plus profit share. Torm has the option to extend the charter for an additional year at a daily rate of $20,000 with a profit sharing arrangement with earnings above that base level shared equally between Omega and Torm. (4) Plus any additional income under profit sharing agreements, according to which charter earnings in excess of $25,500 per day will be divided equally between Omega Navigation and ST Shipping. (5) Plus any additional income under profit sharing agreement, according to which charter earnings in excess of $25,500 per day will be divided equally between Omega Navigation and ST Shipping. (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. (7) The actual earnings of these vessels will be pooled with 7 vessels of similar operating characteristics all managed by ST. (8) Plus 50% of any trading income in excess of the daily hire. Conference Call Details: As previously announced, the Company's management will host a conference call tomorrow September 9, 2009 at 10:00am EDT to discuss its second quarter 2009 results. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-866-819-7111 (US Toll Free Dial In), 0800-953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please quote "Omega." A telephonic replay of the conference call will be available until September 16, 2009 by dialing 1-866-247-4222 (US Toll Free Dial In), 0800-953-1533 (UK Toll Free Dial In) or +44(0)1452-55-00-00 (Standard International Dial In). Access Code: 3663884#.
Omega Navigation Enterprises Inc Consolidated Statements of Income / (Loss) (All amounts expressed in thousands of U.S. Dollars) Three months Six months ended ended June June June June 30, 30, 30, 30, 2009 2008 2009 2008 (unaudited) (unaudited) -------------- -------------- CONTINUING OPERATIONS Revenues: Voyage revenue 16,711 19,293 35,388 38,152 Expenses: Voyage expenses (469) (246) (769) (478) Vessel operating expenses (4,097) (3,763) (8,388) (7,481) Depreciation and amortization (4,787) (4,697) (9,476) (9,343) Management fees (349) (314) (651) (621) General and administrative expenses (including non cash compensation expense of $260, and $214 for the quarter ended June 30, 2009 and 2008 respectively and $910 and $944 for the six months ended June 30, 2009 and 2008 respectively) (1,595) (1,614) (3,333) (3,450) Foreign currency losses (80) (9) (79) (75) ------ ------ ------ ------ Income from vessels operation 5,334 8,650 12,692 16,704 ------ ------ ------ ------ Loss on Termination of purchase agreements (3,000) - (3,000) - Income/(Loss) from Joint Venture companies (479) - (479) - ------ ------ ------ ------ Operating Income/(Expense) 1,855 8,650 9,213 16,704 ------ ------ ------ ------ Other income (expenses) Interest and finance costs (2,123) (3,200) (3,915) (7,193) Interest income 35 128 80 261 Change in fair value of warrants - (756) 1,127 (736) Gain/(Loss) on derivative instruments (737) 3,161 (1,808) 1,164 Total other income /(expenses), net (2,825) (667) (4,516) (6,504) ------ ------ ------ ------ INCOME/(LOSS) FROM CONTINUING OPERATIONS (970) 7,983 4,697 10,200 ------ ------ ------ ------ DISCONTINUED OPERATIONS Income/(Loss) from discontinued operations of the bulk carrier fleet - - - 20 ------ ------ ------ ------ INCOME/(LOSS) FROM DISCONTINUED OPERATIONS - - - 20 ------ ------ ------ ------ ------ ------ ------ ------ Net income/(Loss) (970) 7,983 4,697 10,220 ====== ====== ====== ====== Omega Navigation Enterprises Inc Consolidated Balance Sheets (All amounts expressed in thousands of U.S. Dollars) June 30, December 31, 2009 2008 (unaudited) ----------- ----------- ASSETS CURRENT ASSETS: Cash and cash equivalents 15,804 16,811 Accounts receivable, trade 1,667 596 Inventories 681 602 Prepayments and other 2,591 506 Restricted cash 219 123 Due from related parties 116 - ----------- ----------- Total current assets 21,078 18,638 ----------- ----------- FIXED ASSETS: Vessels, net 433,182 442,485 Property and equipment, net 130 64 Advances for vessels under construction and acquisition 52,466 57,672 ----------- ----------- Total fixed assets 485,778 500,221 ----------- ----------- OTHER NON CURRENT ASSETS: Deferred charges 2,403 1,154 Restricted cash 5,109 5,174 Investments in Joint Venture companies 5,146 - Other non current assets 125 109 ----------- ----------- Total other non current assets 12,783 6,437 ----------- ----------- ----------- ----------- Total assets 519,639 525,296 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long term debt 605 138 Accounts payable 2,237 1,804 Accrued and other current liabilities 3,760 1,815 Deferred revenue 3,845 1,368 Warrants - 3,941 Derivative liability 8,771 5,839 Dividends payable 183 87 ----------- ----------- Total current liabilities 19,401 14,992 ----------- ----------- NON-CURRENT LIABILITIES: Long term debt, net of current portion 330,225 335,112 Derivative liability 3,631 8,409 Dividends payable 109 174 Other long term liabilities 2 5 ----------- ----------- Total non-current liabilities 333,967 343,700 ----------- ----------- ----------- ----------- COMMITMENTS AND CONTINGENCIES: - - ----------- ----------- Stockholders' equity: Common stock 158 151 Additional paid-in capital 201,120 198,402 Accumulated deficit (35,007) (31,949) ----------- ----------- Total stockholders' equity 166,271 166,604 ----------- ----------- ----------- ----------- Total liabilities and stockholders' equity 519,639 525,296 =========== =========== Omega Navigation Enterprises Inc Consolidated Statements of Cash Flows (All amounts expressed in thousands of U.S. Dollars) Three months ended Six months ended June 30, June 30, June 30, June 30, 2009 2008 2009 2008 (unaudited) (unaudited) -------------------- -------------------- Cash flows from operating activities Net income/(Loss) from continuing operations (970) 7,983 4,697 10,200 Net cash provided by continuing operating activities 2,152 9,678 12,584 19,049 --------- --------- --------- --------- Net cash provided by continuing and discontinued operating activities 2,152 9,678 12,584 19,049 --------- --------- --------- --------- Cash flows provided by/used in investing activities Net cash provided by/(used in) investing activities-continuing operations 163 (11,505) (47) (12,001) --------- --------- --------- --------- Net cash provided by/(used in) investing activities- continuing and discontinued operations 163 (11,505) (47) (12,001) --------- --------- --------- --------- Cash flows (used in)/provided by financing activities Net cash (used in)/provided by financing activities-continuing operations (5,804) 2,079 (13,544) (4,714) --------- --------- --------- --------- Net cash (used in)/provided by financing activities-continuing and discontinued operations (5,804) 2,079 (13,544) (4,714) --------- --------- --------- --------- Net (decrease)/ increase in cash and cash equivalents (3,489) 252 (1,007) 2,334 Cash and cash equivalents at the beginning of the period 19,293 10,975 16,811 8,893 --------- --------- --------- --------- Cash and cash equivalents at end of period 15,804 11,227 15,804 11,227 ========= ========= ========= ========= Reconciliation of EBITDA (1) to Cash from Operating Activities (All amounts expressed in thousands of U.S. Dollars) CONTINUING & DISCONTINUED OPERATIONS Three months ended Six months ended June 30, June 30, June 30, June 30, 2009 2008 2009 2008 (unaudited) (unaudited) -------------------- -------------------- Net cash from operating activities 2,152 9,678 12,584 19,049 Net increase/(decrease) in current assets and non current assets 3,093 (89) 3,367 147 Net (increase)/decrease in current liabilities excluding bank debt (2,911) 994 (4,885) 1,180 Net interest (income)/expense 4,080 3,128 7,490 6,990 Warrants settled liability - (756) 1,127 (736) Stock based compensation expense (260) (214) (910) (944) Payments for drydocking costs 823 - 1,528 - Amortization of financing costs (336) (150) (484) (355) --------- --------- --------- --------- EBITDA 6,641 12,591 19,817 25,331 ========= ========= ========= =========(1) EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by US GAAP and our calculation of EBITDA may not be comparable to that reported by other companies. EBITDA is included here because it is a basis upon which we assess our liquidity position because we believe it presents useful information to investors regarding our ability to service and/or incur indebtedness. About Omega Navigation Enterprises, Inc. Omega Navigation Enterprises, Inc. is an international provider of global marine transportation services through the ownership of eight double hull product tankers. In addition, since April 2009 the Company holds a 50% interest in a 50/50 joint venture with Glencore International AG, which owns an additional double hull product tanker. The current operated fleet includes nine double hull product tankers with a carrying capacity of 559,358 dwt., of which one double hull product tanker, with a capacity of 47,000 dwt, is owned through a 50/50 joint venture with Glencore International AG (through wholly owned subsidiaries). The nine product tankers are chartered out under period time charters. Furthermore, the company has also announced the signing of shipbuilding contracts in June of 2007 to construct and acquire five additional product tankers with a capacity of 37,000 dwt each scheduled for delivery between March 2010 and early in 2011. The company also announced in May of 2008 that it had entered into an agreement with an unrelated third party to purchase one newbuilding 47,000 dwt. coated product / chemical tanker under construction at Hyundai Mipo Dockyard in South Korea, scheduled to be delivered in the third quarter of 2010. 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," "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