Omega Navigation Takes Delivery of Tanker

Wednesday, June 28, 2006
Omega Navigation Enterprises, Inc., has taken delivery of its third product tanker, its first Handymax (Ice Class 1A) double hull product tanker, the Aris, to be renamed the Omega Prince. The Omega Prince is a Handymax (Ice Class 1A, IMO II & III) double hull product tanker of 36,680 deadweight tons (dwt), built by Hyundai Heavy Industries, South Korea in 2006. The acquisition was funded in part from the net proceeds of the Company's initial public offering and in part from debt under a senior secured credit facility provided by HSH-Nordbank AG. The Omega Prince is employed under a long term time charter to D/S Norden A/S (Norden) until June 2009 at a daily time charter hire rate of $21,000 with profit sharing during the months of January through April of each year of the time charter pursuant to which Omega Navigation will be paid, of 25% of any earnings of the vessel in excess of $27,000 per day. The Company has granted Norden an option to extend the charter for an additional period of 12 months at a minimum daily time charter hire rate of $24,000. The Company has selected VShips as the vessel's technical manager. The Company has agreements to acquire three additional double hull product tankers with deliveries expected by the end of July 2006.

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