Omega to Expand Fleet

Monday, February 12, 2007
Omega Navigation Enterprises, Inc. will acquire two newbuilding Ice Class 1A Panamax product tankers. The vessels, which will be named the Omega Emmanuel and the Omega Theodore upon their delivery to the Company, each have a capacity of approximately 73,000 dwt. and are both currently under construction at STX Shipbuilding Co., South Korea.

The Omega Emmanuel is expected to be delivered on March 23 and the Omega Theodore is expected to be delivered on April 26. Following the delivery of these vessels, Omega Navigation will have a fleet of eight product carriers with a combined cargo carrying capacity of approximately 512,358 dwt. The Company also has options to acquire two additional double hull Ice Class 1A product carriers currently under construction which are expected to be available for delivery between August and September 2007. The agreed purchase price of the Omega Emmanuel and the Omega Theodore is $64.5m per vessel. The acquisitions will be funded with internally generated cash and commercial bank debt totaling $60 million per vessel. The balance will be funded by a $4.5 million, zero coupon warrant issued to the seller for each vessel, which will convert into Omega Class A common shares, no earlier than March 31, 2009

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

Contracts

Offshore Oil: Lamprell Completes Caspian Sea Drilling Unit

UAE-based Lamprell said that it completed construction of the second Caspian Sea jackup drilling rig, Mercury, for service in the Caspian Sea.   "I am delighted

Salamander Energy Updates on SONA Transaction

Salamander Energy said it has submitted a draft shareholder circular to the Financial Conduct Authority in relation to previously stated plans to divest of an interest in the Greater Bualuang Area.

Mitsubishi: First-Ever Licensing Deal to Chinese for Marine Propellers

Mitsubishi Heavy Industries Marine Machinery & Engine Co., Ltd. (MHI-MME), a group company of Mitsubishi Heavy Industries, Ltd. (MHI),  concluded a licensing agreement

Tanker Trends

Singapore’s MPA Discuss LNG Bunkering

The Maritime and Port Authority of Singapore (MPA), Antwerp Port Authority, Port of Rotterdam and Port of Zeebrugge participated in a Liquefied Natural Gas (LNG)

New Standard for LNG Cargo Containment Systems

Wilhelmsen Technical Solutions (WTS) said it has successfully completing the gas trial for the first LNG carrier built to a Boil Off Rate (BOR) of 0.08% per day.

Nordic American Offshore Declares Dividend

Nordic American Offshore Ltd. today announced that its board of directors has declared a dividend of $0.45 per common share for the third quarter 2014. This is the same as for the second quarter 2014.

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators 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: 0.2201 sec (5 req/sec)