Omega Takes Delivery of Tanker

Thursday, March 29, 2007
Omega Navigation Enterprises, Inc. a provider of global marine transportation services focusing on product tankers, announced today that it has taken delivery from STX Shipbuilding Co., South Korea, of the "Omega Emmanuel," a new building Ice Class 1A Panamax double hull product tanker with a capacity of 73,000 dwt.

As previously announced, Omega Navigation has secured employment for the "Omega Emmanuel" 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 Emmanuel" 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% of the operating days of its fleet during 2007, following the completion of the initial period, and 2008 -- including the Omega Theodore whose delivery is expected in April 2007.

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

Shipbuilding

Samsung Heavy Takes Up 7 Container Ship Order

South Korea's Samsung Heavy Industries said on Wednesday that it is proceeding with a project worth 642.9 billion won ($617.67 million) to build seven container ships as planned.

China Shipyard Delivers Handymax Size Bulk Carrier

COSCO Corporation (Singapore) inform that its Dalian Shipyard in China has delivered a bulk carrier of 57000 dwt, named "GUOTOU 108", to its Asian buyer. The Handymax bulker measures 189.

OSC Plans Fleet Expansion through 2018

State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report,

Tanker Trends

First Crude Lifting in 9 months at Libya's port of Hariga

A tanker has started loading crude at Libya's eastern port of Hariga for the first time in nearly nine months, after a federalist group agreed to re-open it last week,

Scorpio Tankers' Latest Sale & Purchase Deals

Scorpio Tankers says it recorded a gain of US$51-million from the sale of the 7 VLCC newbuilding contracts announced earlier. In March 2014, the Company received

OSC Plans Fleet Expansion through 2018

State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction
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: 0.1608 sec (6 req/sec)