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.

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