Omega Navigation Orders 5 Tankers

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV, SGX:ONAV50)signed shipbuilding contracts with Hyundai Mipo Dockyard, to build and acquire five 37,000 dwt double hull handymax product tankers.

Four of these product tankers are scheduled for delivery in 2010 starting in the first quarter of 2010, with the fifth scheduled for delivery for February 2011.

The purchase is $44.2m per vessel.

With the addition of these five vessels, the Omega fleet will consist of 13 product tankers with a total deadweight capacity of 697,358 tons.

"We are pleased to announce the continued implementation of our growth strategy with the ordering of these five newbuilding handymax product tankers," said George Kassiotis, President and CEO of Omega Navigation. "These are high specification IMO II/III product/chemical tankers and are being built in one of the most specialized and reputable yards in the world for building this type of vessels."