Omega Navigation 4Q and Full Year 2007 Results

Tuesday, March 04, 2008
Omega Navigation Enterprises, Inc. announced its financial and operational results for the fourth quarter and full year ended December 31, 2007. The company had previously announced the declaration of its quarterly cash dividend with respect to the fourth quarter of 2007 of $0.50 per share payable on March 3, 2008 to stockholders of record on February 21, 2008.

Omega Navigation Enterprises, Inc. was incorporated in the Marshall Islands in February 2005. On April 7, 2006, the Company successfully completed its Initial Public Offering of 12,000,000 Class A Common Shares at $17 per share raising a total of $204 million in gross proceeds. Omega Navigation's Class A Common Shares commenced trading on the NASDAQ National Market on April 7, 2006 and on the Singapore Exchange Securities Trading Limited on April 10, 2006. Fourth Quarter 2007 Results For the quarter ended December 31, 2007, Omega Navigation reported total revenues from continuing and discontinued operations of $18.5 million and Net Income of $4.2 million, or $0.28 per basic share, excluding a non cash book gain on a revaluation of warrants issued as a partial payment for two newbuilding Panamax vessels which were delivered in 2007and a non-cash book loss on its interest rate collar. Including these non cash items Net Income was $4.4 million, or $0.29 per basic share. The calculations of the above basic earnings per share treat all outstanding shares as if they were a single class. EBITDA for the fourth quarter of 2007 was $14.4 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities. Net Income included $0.6 million of revenues related to profit sharing on charters of the vessels Omega Lady Sarah, Omega Lady Miriam and Omega Emmanuel. Discontinued operations refer to the operation of the two dry bulk carriers that the Company agreed to sell in September 2006 and delivered on schedule to their new owners in January 2007. The Company owned and operated an average of 8 vessels during the fourth quarter of 2007, all of which were product carriers, compared with 6 product carriers and 2 Drybulk vessels that were operated in the fourth quarter of 2006. Excluding profit sharing, the Panamax product carriers earned an average time-charter equivalent rate of $25,047 per day per vessel during the fourth quarter of 2007, versus $24,921, during the fourth quarter of 2006. The Handymax product tankers earned an average time charter equivalent (excluding profit sharing) of $20,750 per vessel per day during the fourth quarter of 2007 and the fourth quarter of 2006. Since the inception of the charters of the product tankers through the fourth quarter of 2007, the Company has received $4.6 million of cash generated from profit sharing agreements. To date, the Company has recorded income of $4.0 million (including $1.1 million booked in the first quarter of 2007, $1.0 million in the second quarter of 2007, $1.3 million in the third quarter of 2007 and $0.6 million in the fourth quarter of 2007). The Company expects to receive approximately an additional $0.9 million in cash related to the profit sharing agreements and book to income approximately an additional $1.5 million in subsequent quarters. Operating expenses for the Handymax product tankers averaged $4,048 per day per vessel in the fourth quarter of 2007 versus $4,166 per day per vessel in the fourth quarter of 2006. Panamax product tankers averaged operating expenses of $4,582 per day per vessel in the fourth quarter of 2007 versus $4,974 per day per vessel in the fourth quarter of 2006. The company operated 6 Panamax and 2 Handymax product tankers in the fourth quarter of 2007 versus 4 Panamax and 2 Handymax product tankers in the fourth quarter of 2006.

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