Omega Takes Delivery of Product Tanker

Thursday, April 26, 2007
Omega Navigation Enterprises, Inc. has taken delivery from STX Shipbuilding Co., South Korea, of the Omega Theodore a new building Ice Class 1A Panamax double hull product tanker with a capacity of 73,000 dwt. Omega Navigation has secured employment for the Omega Theodore under a three year time charter with ST Shipping & Transport PTE, a subsidiary of Glencore International, at a daily rate of $25,500, including profit sharing arrangements, pursuant to which earnings from the vessel in excess of $25,500 per day will be divided equally between Omega Navigation and ST Shipping. This sharing ratio will be adjusted when the vessel trades in ice conditions, so that during such trading conditions the profit sharing above the base rate of $25,500 per day between Omega Navigation and ST Shipping will be 65% and 35%, respectively. The three year charter on the Omega Theodore will commence after three voyages from delivery from the shipyard or after vetting approvals by two oil majors have been secured, whichever is earlier and which we refer to as the initial period. During this period, the vessel will be employed by ST Shipping under a short-term time charter on the basis of commercial management. Omega Navigation has selected V. Ships as the vessel’s technical manager. Omega Navigation has entered into time charters for 100 percent of the operating days of its fleet during 2007, following the completion of the initial period, and 2008.

Maritime Today


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

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

People & Company News

Danish Maritime Days Themes Announced

Four themes at this year’s Danish Maritime Days will highlight some of the most important challenges and opportunities which the global maritime industry is facing, organizers said.

CMA CGM Proceeds with NOL Takeover after China Okay

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China,

Singapore Exchange in Talks to buy Baltic Exchange

Baltic Exchange privately owned by 380 shareholders. The Singapore Exchange (SGX) is in exclusive talks to buy London's Baltic Exchange, which has been at the

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair 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: 0.0868 sec (12 req/sec)