Omega Navigation Enterprises Inc News

Omega To Continue To Operate in the Ordinary Course of Business. Omega Navigation Enterprises Inc. (ONAVQ) announced today that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has granted the continuing use of cash collateral through December 12, 2011. The management team continues to operate the business in the ordinary course. Omega will continue to honor all of its charter obligations during the pendency of the court protection. Omega believes the Chapter 11 reorganization process will help the Company facilitate a restructuring of its balance sheet and is working towards exiting Chapter 11 as a financially stronger entity that will be positioned to enjoy future growth based on the strength of its existing modern fleet of product tanker vessels.

Omega Navigation Enterprises Inc. (ONAVQ) has announced that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has granted all of the additional relief that Omega requested. This includes the right to continue to operate and pay all operating expenses in the ordinary course; the right to continue to pay employees and crew in the ordinary course; the right to continue all cash management procedures in the ordinary course; and the right to continue to maintain all insurance in the ordinary course. The management team continues to operate the business in the ordinary course. Omega states that it will continue to honor all of its charter obligations during the pendency of the court protection.

Omega Navigation Enterprises Inc. has announced that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has granted all of the interim relief that Omega requested. This included the right to continue to operate and pay all operating expenses in the ordinary course; the right to continue to pay employees and crew in the ordinary course; the right to continue all cash management procedures in the ordinary course; and the right to continue to maintain all insurance in the ordinary course. Omega will continue to honor all of its charter obligations during the pendency of the court protection. The company believes…

Athens, Greece, May 20, 2011 - Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a leading provider of Global Marine Transportation services specializing in product tankers, announces that it has reached an agreement with its lenders to amend the maturity date of both the current senior and junior loan facilities. With this agreement the new maturity date will be June 9, 2011 on both facilities, amended from the current maturity date of May 20, 2011.   Source: Omega Navigation

Athens, Greece, May 17, 2011 - Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a leading provider of Global Marine Transportation services specializing in product tankers, announces that it has reached an agreement with its lenders to amend the maturity date of both the current senior and junior loan facilities. With this agreement the new maturity date will be May 20, 2011 on both facilities, amended from the current maturity date of May 17, 2011.   Source: Omega Navigation Enterprises

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a leading provider of Global Marine Transportation services specializing in product tankers, announces that it has reached an agreement with its lenders to amend the maturity date of both the current senior and junior loan facilities. With this agreement the new maturity date will be May 17, 2011 on both facilities, amended from the current maturity date of May 13, 2011.   Source: http://www.omeganavigation.com

Athens, Greece, April 12, 2011 - Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a provider of Global Marine Transportation services specializing in product tankers, announces that it has reached an agreement with its lenders to amend the maturity date of both the current senior and junior loan facilities. With this agreement the new maturity date will be May 10, 2011 on both facilities, amended from the current maturity date of April 12, 2011. About Omega Navigation Enterprises, Inc. Omega Navigation Enterprises, Inc.

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a leading provider of Global Marine Transportation services specializing in product tankers, announces that Matthew W. McCleery has stepped down from its Board of Directors and Audit Committee and Compensation Committee effective as of March 1, 2011. Mr. McCleery has been a member of the Board of Directors of the Company since April, 2006. His resignation, which was a mutual decision between him and the Company, will allow him to take a more active role in and devote more time to the Company in the area of new business development and planning.

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV), a provider of Marine Transportation services specializing in product tankers, announced that Megacore Shipping Ltd., its previously announced joint venture with a wholly owned subsidiary of Glencore International AG, has taken delivery from Hyundai Mipo Dockyard in S. Korea of the Megacore Philomena during the fourth quarter of 2010 and of the Megacore Pacifica and the Megacore Philothea during January 2011, each a 74,000 dwt. coated Panamax product carrier. Megacore Shipping Ltd. has contracted to acquire two Handysize double hull chemical / product tankers and seven Panamax double hull product tankers to be constructed at Hyundai Mipo Dockyard in South Korea. The two handysize vessels, the 37,000 dwt.

Omega Navigation Enterprises, Inc., a provider of global marine transportation services focusing on product tankers, announced its financial and operational results for the second quarter and six months ended June 30, 2010. For the quarter ended June 30, 2010, Omega Navigation reported total revenues of $19.0 million and Net Income of $2.4 million, or $0.15 per basic share, excluding losses on interest rate derivative instruments, incentive compensation grants expense and a one-time settlement fee for the termination of a purchase agreement. Including these items, the Company reported Net Loss of $0.9 million or $0.05 per basic share. Adjusted EBITDA for the second quarter of 2010 was $6.1 million. Please see below for a reconciliation of Adjusted EBITDA to Cash from Operating Activities.

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV, SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced that it agreed to a capital infusion of $5.25m through a loan by its founder, CEO and largest shareholder, George Kassiotis. The capital infusion will be made through a company owned and controlled by George Kassiotis in the form of a secured convertible promissory note which, under certain circumstances and at the option of the holder, may be convertible into a maximum of 8.75 million common shares of the company at any time after the one year anniversary of the Note or upon an event of default under the note. Interest on the note will be 4.0% per annum.

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV, SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced that it has formed an equal partnership (50/50) joint venture company with Topley Corporation, a wholly owned subsidiary of Glencore International AG (Glencore). The name of the joint venture company is Megacore Shipping Ltd. Companies owned by Omega and the Glencore group have novated their respective original shipbuilding contracts entered into with Hyundai Mipo, consisting in total of 10 newbuilding 37,000 dwt product/chemical carriers (MR1s) (5 vessels each partner), to companies wholly owned by Megacore. This order has now been converted to two 37,000 dwt product/chemical tankers (MR1s) and seven 75,000 dwt.

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced that it will release its results for the third quarter ended September 30, 2009, after the close of the market on Friday, December 18, 2009. (www.omeganavigation.com)

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.

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV, SGX:ONAV50), a provider of global marine transportation services focusing on product tankers, announced that it has entered in to a new time charter agreement on the Omega King for a period of one year with an option period of one year with Torm A/S (Torm). Effective May 23, 2009, the Omega King entered into a new one year time Charter with its current charterer, Torm, with Torm having the option to extend the charter for an additional year at a higher rate. The vessel will be chartered for the first year at an average base rate of $16,500 per day with a profit sharing arrangement between Omega and Torm.

Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced it has taken delivery of the first of its newbuildings, the 47,000 dwt. Omega Duke. It further announced that it has taken several measures to better position itself to fund its newbuilding commitments from internally generated cash flow. As previously announced, Omega has commitments from commercial banks to provide 75% financing at delivery of all of its remaining newbuildings based on contract prices or fair market values at the time of delivery. In May 2008, Omega announced it had entered in to an agreement with an unrelated third party to purchase two newbuilding 47,000 dwt.

Omega Navigation Enterprises, Inc. announced that its Board of Directors has approved a shareholder rights plan designed to enable the company to protect shareholder interests in the event an unsolicited attempt is made for a business combination with or takeover of the Company. The Company believes the shareholder rights plan will enhance the Board's negotiating power on behalf of shareholders in the event of an unsolicited business combination or takeover attempt. The Company is not aware of any such offers or proposals at this time and is adopting the plan as a matter of prudent corporate governance. The terms of the shareholder rights plan are set forth in a filing that the Company has made with the Securities and Exchange Commission today.

Omega Navigation Enterprises, Inc. announced its financial and operational results for the fourth quarter and full year ended December 31, 2007. The company had previously announced the declaration of its quarterly cash dividend with respect to the fourth quarter of 2007 of $0.50 per share payable on March 3, 2008 to stockholders of record on February 21, 2008. Omega Navigation Enterprises, Inc. was incorporated in the Marshall Islands in February 2005. On April 7, 2006, the Company successfully completed its Initial Public Offering of 12,000,000 Class A Common Shares at $17 per share raising a total of $204 million in gross proceeds.

Omega Navigation Enterprises, Inc. announced  that due to a public holiday on May 19, 2008 the Company is changing the record date pertaining to its first quarter dividend of $0.50 per share to May 20th, 2008. The Company previously announced that its Board of Directors declared a quarterly cash dividend with respect to the first quarter of 2008 of $0.50 per common share, payable on May 30, 2008 to stockholders of record on May 19, 2008. This is the eighth consecutive dividend of $0.50 per share paid to investors since the Company went public in April, 2006.

Omega Navigation Enterprises Inc., reported second-quarter results that topped analysts' expectations, helped by higher charter rates and number of operating days of its Panamax tankers. For the quarter, the company's net income more than doubled to $8 million, or 53 cents per basic share. Excluding a non-cash gain and a non-cash loss, Omega Navigation reported a net income of $5.7 million, or 38 cents per basic share. Revenue rose 7 percent to $19.3 million. Operating days of the Panamax tankers rose nearly 5 percent to 546, while the time charter equivalent rate grew by $33 to $25,050 per day. Interest expense and finance costs fell more than 33 percent to $3.2 million. Source:  Reuters

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV, SGX:ONAV50), a provider of global marine transportation services focusing on product tankers, announced that an agreement has been reached to charter to ST Shipping (a wholly owned subsidiary of Glencore International, AG) the vessels Omega Lady Sarah and Omega Lady Miriam, from the third or fourth quarter of 2009 for a three year period. The new charters ensure full employment for these vessels for all of 2009, 2010, 2011 and at least the first half of 2012. Omega and ST Shipping have agreed on rates which are higher than those under their current employment. The new rates for both vessels will consist of a base rate of $25…