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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Northern Lights Opens Branch Office in Louisiana

Marine power generation and climate control products manufacturer Northern Lights has opened its fifth branch office, in Kenner, La, to enhance service to Gulf

Sevan Marine Divests Stake in KANFA Aragon

Sevan Marine ASA said it has disposed 50 percent of its stake in KANFA Aragon AS to Sembcorp Marine Ltd. for cash consideration of NOK 20 million, representing

EU to Accept Antitrust Offer from Maersk, MSC, 13 Others

World No.1 container liner Maersk, Swiss peer MSC and 13 other shipping firms are set to escape possible penalties as EU antitrust regulators plan to accept their offer to end a five-year probe,

Tanker Trends

Essberger Fleet Moves to Marlink’s Sealink VSAT Service

The Hamburg headquartered John T. Essberger (JTE) Group will migrate the primary communication systems of its entire fleet to Sealink, Marlink’s global maritime broadband VSAT service.

China's Robust Crude Oil Imports Mask Changing Fuel Dynamics

China is a bigger concern for crude oil and products markets than the current worries about the British vote to leave the European Union.   While the news media

Navig8 Chemical Adds New Tanker from Kitanihon

Chemical shipping company Navig8 Chemical Tankers Inc. has taken delivery of its first stainless steel chemical tanker, the Navig8 Sirius, from Japanese shipbuilder Kitanihon Shipbuilding Co.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.1335 sec (7 req/sec)