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Monday, January 22, 2018

Omega Navigation News

Omega Navigation Announces Delivery Tankers

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 Takes Delivery of Tanker

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 Takes Delivery of Product Tanker

Omega Navigation Enterprises, Inc. has taken delivery from STX Shipbuilding Co., South Korea, of the Omega Theodore a new building Ice Class 1A Panamax double hull product tanker with a capacity of 73,000 dwt. Omega Navigation has secured employment for the Omega Theodore 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. This sharing ratio will be adjusted when the vessel trades in ice conditions…

Omega Delivers Two Product Tankers

Omega Navigation Enterprises Inc. on July 6 took delivery of two product tankers, which will be renamed Omega Princess and Omega Lady Sarah. Omega said so far it 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. Omega Navigation will receive 100 percent of the Omega Lady Sarah daily time charter earnings between $24,000 and $25,500 per day, and time charter earnings in excess of $25,500 will be divided equally between Omega Navigation and Glencore International AG. The company has granted D/S Norden an option to extend the charter of the Omega Princess for an additional period of 12 months at a minimum daily time charter hire rate of $24,000.

Omega Navigation Announces Charters for the Two Newbuildings

Omega Navigation Enterprises, Inc. has secured three year time charters at a daily rate of $25,500 for its two recently acquired newbuilding product tankers, the Omega Emmanuel and the Omega Theodore, with ST Shipping & Transport Pte Ltd, a subsidiary of Glencore International AG. Both time charters include profit sharing arrangements on quarterly basis, pursuant to which earnings from the vessels in excess of $25,500 per day will be divided equally between Omega Navigation and ST Shipping. This sharing ratio will be adjusted when the vessels trade in ice conditions, so that the profit sharing above the base rate of $25,500 per day between Omega Navigation and ST Shipping will be 65%/35%.

Omega Navigation Announces Entering Into an Amendment of the Maturity Date

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 Orders 5 Tankers

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.

Omega Navigation Enters Loan Amendment

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 Amendment of Maturity Date

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  

New Time Charters for ONAV

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 to Release of 2Q Results

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 to Present at Conference

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 Declares Quarterly Cash Dividend

Omega Navigation Enterprises, Inc. announced that its Board of Directors declared a quarterly cash dividend with respect to the fourth quarter of 2007 of $0.50 per common share payable March 3, 2008 to stockholders of record on February 21, 2008. This is the seventh consecutive dividend of $0.50 per share paid to investors since the Company went public in April, 2006.

Omega Navigation 1Q 2007 Results

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 Takes Delivery of Tanker

Omega Navigation Enterprises, Inc. (has taken delivery of its second Panamax (LR1) double hull product tanker, the Everhard Schulte, to be renamed the Omega King. The Omega King is a Panamax (LR1) double hull product tanker of 74,999 deadweight tons (dwt), built by Hyundai Heavy Industries, South Korea in 2004. The acquisition was funded by in part from the net proceeds of the Company's initial public offering and debt under a senior secured credit facility provided by HSH-Nordbank AG. The Omega King is employed under a long-term time charter to A/S Dampskibsselskabet TORM until June 2009 at a daily time charter hire rate of $26,500. The Company has granted Torm an option to extend the charter for an additional period of 24 months at a minimum daily time charter hire rate of $28,500.

Omega Navigation Loan Amendment

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

Omega Navigation Release of Q3 Results

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 Takes Delivery of Tanker

Omega Navigation Enterprises, Inc. took delivery of its Panamax (LR1) double hull product tanker, the Rudolf Schulte, to be renamed the Omega Queen. The Omega Queen is a Panamax (LR1) double hull product tanker of 74,999 deadweight ton (dwt) built by Hyundai Heavy Industries, South Korea in 2004. The acquisition was funded by in part from proceeds of the Company's initial public offering and debt under a senior secured credit facility provided by HSH-Nordbank AG. The Omega Queen is employed under a long-term time charter to A/S Dampskibsselskabet TORM until May 2009 at a daily time charter hire rate of $26,500. The company has granted Torm an option to extend the charter for 24 months at a minimum daily time charter hire rate of $28,500.

Omega Navigation Rescues Man at Sea

Omega Navigation Enterprises, Inc. said that on January 3, 2008, the crew of its product tanker M/V Omega Lady Sarah rescued an American citizen whose yacht sank off the coast of the Bahamas. The M/V Omega Lady Sarah was on a laden voyage from New Orleans to Gibraltar when its crew members intercepted, off the coast of the Bahamas, a distress call from the sailing yacht, Alchemy. The vessel diverted from its course and with seas swelling to approximately 11.5 feet recovered the 32 year old American citizen shortly before his yacht sank. The crew members administered first aid and provided warm clothing, food and water to the survivor, who according to his statement had spent 42 days at sea the last 4 of which without food.

Omega Navigation Releases Results

Omega Navigation Enterprises, Inc. announced its financial and operational results for the second quarter and for the six-month period ended June 30, 2006. The company also announced the declaration of its quarterly dividend of $ 0.50 per share as well as the scheduled delivery of its sixth product tanker, the Omega Lady Miriam on August 1. For the second quarter ended June 30, Omega Navigation reported Total Revenues of $5.2m and Net Income of $2.9m, or $0.20 per share calculated on 14,358,791 weighted average basic and diluted shares outstanding for the period. EBITDA for the quarter was $3.3m. The company owned and operated an average of 2.6 vessels during the second quarter 2006…

Omega Navigation Enterprises, Inc. Announces a Change in the Composition of tts Board of Directors

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 Declares Cash Dividend

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 Takes Delivery of Tanker

Omega Navigation Enterprises, Inc., has taken delivery of its third product tanker, its first Handymax (Ice Class 1A) double hull product tanker, the Aris, to be renamed the Omega Prince. The Omega Prince is a Handymax (Ice Class 1A, IMO II & III) double hull product tanker of 36,680 deadweight tons (dwt), built by Hyundai Heavy Industries, South Korea in 2006. The acquisition was funded in part from the net proceeds of the Company's initial public offering and in part from debt under a senior secured credit facility provided by HSH-Nordbank AG. The Omega Prince is employed under a long term time charter to D/S Norden A/S (Norden) until June 2009 at a daily time charter hire rate of $21…

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