George Kassiotis News

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, 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.

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. (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. (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…

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV, SGX:ONAV50)signed shipbuilding contracts with Hyundai Mipo Dockyard, to build and acquire five 37,000 dwt double hull handymax product tankers. Four of these product tankers are scheduled for delivery in 2010 starting in the first quarter of 2010, with the fifth scheduled for delivery for February 2011. The purchase is $44.2m per vessel. With the addition of these five vessels, the Omega fleet will consist of 13 product tankers with a total deadweight capacity of 697,358 tons. "We are pleased to announce the continued implementation of our growth strategy with the ordering of these five newbuilding handymax product tankers," said George Kassiotis, President and CEO of Omega Navigation.