Omega Delivers Two Product Tankers

Omega Navigation Enterprises Inc. on July 6 took delivery of two product tankers, which will be renamed Omega Princess and Omega Lady Sarah. Omega said so far it has taken delivery of five double hull product tankers and has agreements to acquire one additional double hull product tanker with expected delivery by the end of July 2006. Omega Navigation will receive 100 percent of the Omega Lady Sarah daily time charter earnings between $24,000 and $25,500 per day, and time charter earnings in excess of $25,500 will be divided equally between Omega Navigation and Glencore International AG. The company has granted D/S Norden an option to extend the charter of the Omega Princess for an additional period of 12 months at a minimum daily time charter hire rate of $24,000. (Source: http://www.tradingmarkets.com)