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.

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