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Omega Princess News

22 Dec 2009

Omega Navigation Q3 2009 Results

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.

10 Sep 2009

Omega Navigation Q2 2009 Results

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.

06 Jul 2006

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.

05 Jul 2006

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.