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Omega takes delivery of tanker

Omega takes delivery of tanker
Omega, a provider of global marine transportation services focusing on product tankers, announced today that it has taken delivery from STX Shipbuilding of the "Omega Emmanuel," a new building Ice Class 1A Panamax double hull product tanker with a capacit
Omega Navigation Enterprises Takes delivery of its Seventh Vessel a New Building Ice Class 1A Panamax Product Tanker

Omega Navigation Enterprises, Inc. (NASDAQ:ONAV, SGX:ONAV50), 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. This sharing ratio will be adjusted when the vessel trades in ice conditions, so that during such trading conditions the profit sharing above the base rate of $25,500 per day between Omega Navigation and ST Shipping will be 65% and 35%, respectively.

The three year charter on the “Omega Emmanuel” will commence after three voyages from delivery from the shipyard or after vetting approvals by two oil majors have been secured, whichever is earlier and which we refer to as the initial period. During this period, the vessel will be employed by ST Shipping under a short-term time charter on the basis of commercial management. Omega Navigation has selected V. Ships as the vessel’s technical manager.

Omega Navigation has entered into time charters for 100% of the operating days of its fleet during 2007, following the completion of the initial period, and 2008 – including the “Omega Theodore” whose delivery is expected in April 2007.

George Kassiotis, President and Chief Executive Officer of Omega Navigation, commented, “We are pleased to have taken delivery of the “Omega Emmanuel”, the first of two newbuilding ice class 1A Panamax product tankers we have agreed to acquire. The delivery of the “Omega Emmanuel” and the expected delivery of the “Omega Theodore” in April 2007, will allow us to trade in ice conditions, thereby further diversifying our trade routes and providing us with new operational capabilities. Furthermore, the employment of “Omega Emmanuel” under a three year charter with profit sharing is expected to enhance our profitability while at the same time reinforcing the execution of our dividend distribution policy.”

www.TurkishMaritime.Com.tr

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