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. The Company has selected Singapore-based Eurasia International as the vessel's technical manager. Eurasia International has managed the Omega King since its original delivery from the shipyard and it is also managing the Omega Queen which was delivered to Omega on May 29, 2006 as previously announced.