Omega Navigation Releases Results

Tuesday, August 01, 2006
Omega Navigation Enterprises, Inc. announced its financial and operational results for the second quarter and for the six-month period ended June 30, 2006. The company also announced the declaration of its quarterly dividend of $ 0.50 per share as well as the scheduled delivery of its sixth product tanker, the Omega Lady Miriam on August 1. For the second quarter ended June 30, Omega Navigation reported Total Revenues of $5.2m and Net Income of $2.9m, or $0.20 per share calculated on 14,358,791 weighted average basic and diluted shares outstanding for the period. EBITDA for the quarter was $3.3m. The company owned and operated an average of 2.6 vessels during the second quarter 2006, earning an average time-charter equivalent rate of $20,011 per day, for the bulk carriers, $20,788 per day for the Handymax product tankers, and $26,421 per day for the Panamax product tankers. During the second quarter of 2006, Omega Navigation took delivery of four double hull product tankers, including three Panamax and one Handymax ice class 1A, which complemented the Company's initial fleet of two Handymax drybulk carriers. For the six month period ended June 30, the company reported Total Revenues of $9.1m and Net Income of $8.9m, or $1.01 per share calculated on 8,785,359 weighted average basic and diluted shares outstanding for the period. The company owned and operated an average of 2.3 vessels during the six month period ended June 30, earning an average time-charter equivalent rate of $20,271 per day for the bulk carriers, $20,788 per day for the Handymax product tankers and $26,421 per day for the Panamax product carriers. During the first quarter of 2006 the company's fleet was comprised only of its two drybulk carriers. During the second quarter of 2006, the Company expanded its fleet and took delivery of four of the six identified double hull product tankers that it had agreed to acquire, at the time of its IPO. Furthermore, the company took delivery of the fifth product tanker in July while the sixth is scheduled for August 1.
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Obangame Express 2015 Concludes in the Gulf of Guinea

Maritime forces from Gulf of Guinea nations, Europe, South America, and the United States and several regional and international organizations concluded the multinational maritime exercise,

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

Tanker Trends

NORDEN CEO: Bulk Market Challenges to Continue

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions

Helios LPG Pool to Start Operating

Dorian LPG Ltd. today announced the commencement of operations of Helios LPG Pool LLC on April 1st, 2015.  Helios LPG is jointly run by Dorian LPG and Phoenix Tankers Pte.

Stolt-Nielsen Completes Bond Issues

Stolt-Nielsen Limited announced the placement of senior unsecured bonds in a total amount of NOK 1,100 million in a new five-year bond issue carrying a coupon of 3M NIBOR plus 4.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Ship Electronics Ship Simulators 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: 0.4885 sec (2 req/sec)