Omega Signs Contracts for Five New Tankers

Tuesday, June 19, 2007
Omega Navigation Enterprises, Inc. has signed shipbuilding contracts with Hyundai Mipo Dockyard in South Korea, to construct and acquire five newbuilding double hull handymax product tankers each with a capacity of 37,000 dwt. Four of these product tankers are scheduled for delivery in 2010 starting in the first quarter of 2010, with the fifth scheduled for delivery for February 2011.

The agreed purchase price of the five new buildings is $44.2m per vessel. Predelivery payment terms provide for 10% in early July 2007 and 10% in mid December 2007. No further progress payments will be due until mid 2009. These first two installments will be funded either fully with debt or with a combination of debt and internally generated cash flow and the company does not expect this financing structure to affect its ability to fund its current quarterly dividend policy. With the addition of these five vessels, the Omega fleet will consist of 13 product tankers with a total deadweight capacity of 697,358 tons.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

KEP Marine Unveils KMGBL

KEP Marine – the manufacturer of type approved displays, computers and peripherals, announced  the release of the affordable, high-quality KMGBL Glass Bridge Light Displays.

New Load Measurement Solution for Port of Dampier

Strainstall designs and delivers a load measurement solution for the world’s largest floating wharf at Port of Dampier.   Strainstall, part of James Fisher and Sons plc,

Rolls-Royce Power Package for USS Zumwalt

Rolls-Royce announced delivery of the twin fixed pitch propellers to Bath Iron Works for installation on the U.S. Navy’s most modern surface combatant, the future USS Zumwalt,

Tanker Trends

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

NewLead Holdings Announces Commercial Competency of MT Sofia

NewLead Holdings Ltd.announced today a review of the commercial competency of one of its bitumen tanker vessels, the MT Sofia since the vessel was delivered to NewLead's fleet.

Scorpio Tankers to Acquire Product Tanker

Scorpio Tankers Inc. announced today that it has entered into an agreement to purchase an MR product tanker. The Company reached an agreement with an unrelated

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Repair Sonar Winch
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: 0.2056 sec (5 req/sec)