Insurance Deductible News

The Bisso Doctrine takes its name from the 1955 U.S. Supreme Court case, Bisso v. Inland Waterways Corp., in which it was established in a majority opinion of the Court that exculpatory clauses in towing contracts are invalid as a matter of public policy. That decision has had serious impact on the United States towing industry, and has affected decisions on whether to make U.S. choice of law and forum applicable to towing contracts where there were other options. It nonetheless remains the law of the land.

For the quarter ended September 30, 2009, Omega Navigation reported total revenues of $14.3 million and Net Income of $1.9 million, or $0.12 per basic share, excluding losses on interest rate derivative instruments and incentive compensation grants expense. Including these items the Company reported Net Income of $ 0.1 million or $0.01 per basic share. Adjusted EBITDA for the third quarter of 2009 was $8.0 million. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities. Operating Income included revenue of $0.8 million attributable to profit sharing. The company owned and operated an average of eight product carriers during the third quarter of 2009, the same number as in the third quarter of 2008.

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the quarter ended June 30, 2009. For the quarter ended June 30, 2009, Omega Navigation reported total revenues of $16.7 million and Net Income of $3.4 million, or $0.23 per basic share, excluding a loss related to the termination of a purchase agreement, a loss on interest rate derivative instruments and incentive compensation grants expense. Including these items the Company reported Net Loss of $1 million or $0.06 per basic share. EBITDA for the second quarter of 2009 was $6.6 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.

Omega Navigation Enterprises, Inc. said that for the quarter ended March 31, 2009, it reported total revenues of $18.7 million and Net Income of $6.3 million, or $0.41 per basic share, excluding a loss on its interest rate derivative instruments, a gain on warrants revaluation and incentive compensation grants expense. Including these items the Company reported Net Income of $5.7 million or $0.37 per basic share. EBITDA for the first quarter of 2009 was $13.2 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SES: ONAV50), a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the first quarter ended March 31, 2009. For the quarter ended March 31, 2009, Omega Navigation reported total revenues of $18.7 million and Net Income of $6.3 million, or $0.41 per basic share, excluding a loss on its interest rate derivative instruments, a gain on warrants revaluation and incentive compensation grants expense. Including these items the Company reported Net Income of $5.7 million or $0.37 per basic share. EBITDA for the first quarter of 2009 was $13.2 million.