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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

K Line to Expand Use of Eco-efficiency Software

Three further K Line vessels to install ClassNK-NAPA GREEN eco-efficiency software after reporting fuel savings during trials on an 8,600 TEU container vessel   NAPA

LR Supports Chinese Recycling Yards' EU Application

LR’s initial verification of the Ship Recycling Facility Plans for both Zhoushan Changhong International Ship Recycling Co. Ltd. and Jiangyin Xiagang Changjiang

Chinese Yards Apply for EU Regulation on Ship Recycling

Two Chinese ship recycling yards have applied for inclusion of their facilities in the future EU list of Ship Recycling Facilities.    The official documents

Tanker Trends

INTERTANKO Launches ECA Bunker Surcharge Clauses

INTERTANKO’s documentary committee has launched bunker surcharge clauses for Emission Control Areas (ECA).   Rising bunker prices due to rising oil prices and

DSME Returns for More Dual-Fuel Engines

MAN Diesel & Turbo received an order for four MAN B&W 5G70ME-GI engines in connection with Daewoo Shipbuilding & Marine Engineering Co.,Ltd. (DSME) agreeing a deal

USCG Addresses Future of Marine Fuels

The future of marine fuels from the Liquefied Gas Carrier National Center of Expertise   The Pacific Merchant Shipping Association hosted The Future of Marine

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage 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: 0.1461 sec (7 req/sec)