Global Marine Transportation Services News

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., 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. (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., a provider of global marine transportation services announced that it has taken delivery of two product tankers, the Iasonas, to be renamed the Omega Lady Sarah, and the Adonis, to be renamed the Omega Princess. Omega Navigation has taken delivery of five double hull product tankers and has agreements to acquire one additional double hull product tanker with expected delivery by the end of July 2006. The Omega Lady Sarah is a Panamax (LR1) double hull product tanker of 71,500 deadweight tons (dwt), built by STX, South Korea in 2004. This is the third Panamax product tanker delivered to Omega and follows the delivery of the Omega Queen and Omega King"announced on May 31, 2006 and June 16, 2006, respectively.

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.

Omega Navigation Enterprises, Inc. a provider of global marine transportation services focusing on product tankers, announced that Matthew W. McCleery, a member of its Board of Directors, will be presenting at the Bear Stearns 2007 Global Transportation Conference to be held at the Bear Stearns World Headquarters in New York City on Wednesday, May 9, 2007, at 2:00 P.M. EDT.

Omega Navigation Enterprises, Inc. , a provider of global marine transportation services focusing on product tankers announced its unaudited financial and operational results for the first quarter ended March 31, 2007. The Company had previously announced the declaration of its quarterly cash dividend with respect to the first quarter of 2007 of $0.50 per share payable on May 31, 2007 to stockholders of record on May 21, 2007.

Omega Navigation Enterprises, Inc. a provider of global marine transportation services focusing on product tankers announced today that its Board of Directors declared a quarterly cash dividend with respect to the second quarter of 2007 of $0.50 per common share, payable August 31, 2007 to stockholders of record on August 17, 2007.

Omega Navigation Enterprises, Inc., a provider of global marine transportation services focusing on product tankers, announced today its financial and operational results for the second quarter ended June 30, 2007. The company had previously announced the declaration of its quarterly cash dividend with respect to the second quarter of 2007 of $0.50 per share payable on August 31, 2007 to stockholders of record on August 17, 2007.

Omega Navigation Enterprises, Inc. a provider of global marine transportation services focusing on product tankers said that it will release its results for the second quarter and six month period ended June 30, 2007 after the close of the market on Tuesday, August 28, 2007.

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV, SGX:ONAV50), a provider of global marine transportation services focusing on product tankers announced that its Board of Directors declared a quarterly cash dividend with respect to the third quarter of 2007 of $0.50 per common share, payable November 30, 2007 to stockholders of record on November 15, 2007. The company recently announced the signing of shipbuilding contracts to construct and acquire five newbuilding double hull Handymax product tankers each with a capacity of 37,000 dwt scheduled for delivery between March 2010 and early in 2011. With the addition of these five vessels, the Omega fleet will expand to 13 product tankers with a total deadweight capacity of 697,358 tons.

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 third quarter ended September 30, 2007. The Company had previously announced the declaration of its quarterly cash dividend with respect to the third quarter of 2007 of $0.50 per share payable on November 30, 2007 to stockholders of record on November 15, 2007. 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 $204m in gross proceeds.