Omega Navigation Announces Delivery Tankers

Wednesday, July 05, 2006
Omega Navigation Enterprises, Inc., a provider of global marine transportation services announced that it has taken delivery of two product tankers, the Iasonas, to be renamed the Omega Lady Sarah, and the Adonis, to be renamed the Omega Princess. Omega Navigation 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. The Omega Lady Sarah is a Panamax (LR1) double hull product tanker of 71,500 deadweight tons (dwt), built by STX, South Korea in 2004. This is the third Panamax product tanker delivered to Omega and follows the delivery of the Omega Queen and Omega King"announced on May 31, 2006 and June 16, 2006, respectively. The Omega Lady Sarah is employed under a long-term time charter to ST Shipping & Transport (Glencore International AG), until June 2009 at a daily time charter hire rate of $24,000, with a profit sharing arrangement. Under the profit sharing arrangement, Omega Navigation will receive 100% of the vessel's 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 "Omega Princess" is a Handymax (Ice Class 1A, IMO II & III) double hull product tanker of 36,680 deadweight tons ("dwt"), built by Hyundai, South Korea in 2006. This is the second Handymax product tanker delivered to Omega and follows the delivery of the sister vessel "Omega Prince" on June 27, 2006. The Omega Princess is employed under a long term time charter to D/S Norden A/S (Norden) until June 2009 at a daily time charter hire rate of $21,000 with profit sharing during the months of January through April of each year of the time charter pursuant to which Omega Navigation will be paid 25% of any earnings of the vessel in excess of $27,000 per day. The company has granted D/S Norden an option to extend the charter for an additional period of 12 months at a minimum daily time charter hire rate of $24,000.

The Omega Lady Sarah and Omega Princess acquisitions were funded in part with a portion of the net proceeds of the Company's initial public offering and in part with debt under a senior secured credit facility provided by HSH-Nordbank AG. Omega Navigation has selected VShips as the technical manager for the Omega Lady Sarah and the Omega Princess. VShips also manages the Omega Prince.

Maritime Reporter August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Kurdish Crude Oil Tankships: End-Game Still in Doubt

After a legal show-down in Texas this week, the outlook for a handful of tankers holding some $300 million worth of Kurdish oil is not looking good. Seemingly

Greek Warship Evacuates Libya Personnel

Greece safely evacuated embassy staff and more than one hundred Chinese and European nationals from Libya early on Friday with a navy frigate sailing back to the Greek port of Piraeus,

Children’s Day at Gazprom Transgaz Saratov

On May 31 and June 1, 2014 . Over two thousand children from the Saratov, Tambov and Penza Regions took part in sports competitions, environmental quizzes and

Tanker Trends

Kurdish Crude Oil Tankships: End-Game Still in Doubt

After a legal show-down in Texas this week, the outlook for a handful of tankers holding some $300 million worth of Kurdish oil is not looking good. Seemingly

Korea Shipbuilder Wins US$400-M Greek Order

Daewoo Shipbuilding & Marine Engineering Co., South Korea’s second-largest shipbuilder, says it has signed a contract to build 4 tankships for Maran Tankers Management,

US DOE Approves Oregon LNG Export Project

The U.S. Energy Department said on Thursday it has approved Oregon LNG to export liquefied natural gas, as the Obama administration works through applications to

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1113 sec (9 req/sec)