Omega Navigation Enterprises, Inc. took delivery of its Panamax (LR1) double hull product tanker, the Rudolf Schulte, to be renamed the Omega Queen.
The Omega Queen is a Panamax (LR1) double hull product tanker of 74,999 deadweight ton (dwt) built by Hyundai Heavy Industries
, South Korea in 2004. The acquisition was funded by in part from proceeds of the Company's initial public offering and debt under a senior secured credit facility provided by HSH-Nordbank AG.
The Omega Queen is employed under a long-term time charter to A/S Dampskibsselskabet TORM until May 2009 at a daily time charter hire rate of $26,500. The company has granted Torm an option to extend the charter for 24 months at a minimum daily time charter hire rate of $28,500. The Company has selected Singapore-based Eurasia International as the vessel's technical manager. Eurasia International has managed the Omega Queen since its original delivery from the shipyard.