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%. The three year charters on each vessel will commence after three voyages from delivery from the shipyard or after vetting approvals by two oil majors have been secured, whichever is earlier. During that period, the vessels will be employed by ST Shipping under a short-term time charter on the basis of commercial management. Omega Navigation has selected VShips as the vessels' technical manager.

The Omega Emmanuel and the Omega Theodore are two newbuilding Ice Class 1A panamax double hull product tankers, built by STX Shipbuilding Co., South Korea, each one with a capacity of 73,000 dwt. They are scheduled to be delivered to ST Shipping around March 23 and April 26, 2007, respectively, directly from the shipyard.