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

Shipbuilding

MES Gets First Order for ME-GI Marine Engine

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) has received the first order of electronically controlled gas injection diesel engine (ME-GI) for MES. MAN B&W 8S70ME-C8.

Saab Completes Acquisition of TKMS (Kockums)

Defence and security company Saab's acquisition of the Swedish shipyard Thyssen Krupp Marine Systems (TKMS, formerly Kockums) has now been completed. The acquisition

GDI Awards N-KOM US$110-M Contracts

Gulf Drilling International (GDI) Limited, a subsidiary of Gulf International Services (GIS), the largest oilfield service company in Qatar, has awarded two contracts

Tanker Trends

SFL Announces Sale of Three Older VLCCs

Ship Finance International Limited (SFL) announced that it has agreed to sell the 1999 built VLCCs Front Opalia, Front Comanche and Front Commerce to an unrelated third party.

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction 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: 0.1178 sec (8 req/sec)