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Omega Navigation Enterprises, Inc.
www.omeganavigation.com
Omega Navigation Enterprises, Inc. is an international provider of global
marine transportation services through the ownership and operation of double
hull product tankers. The current fleet includes eleven high specification double
hull product tankers (three through 50% joint ventures) with a carrying capacity
of 633,358 dwt, eight of which are under time charter contracts with an average
age of less than 4 years.
In addition Omega Navigation, through a joint venture newbuilding program,
with Glencore International, AG, is expected to acquire eight newbuilding
vessels consisting of one 47.000 dwt product/ chemical tankers (MR2) and
seven 75,000 dwt product/oil tankers (LR1s). Two of these product tankers are
scheduled for delivery in 2010, four in 2011 and two in 2012. All vessels are
being built in Huyndai Mipo Dockyard, in South Korea. With the addition of
these eight vessels, Omega's fleet will expand to 19 product tankers with a total
deadweight capacity of 1,252,358 dwt.
The Company was incorporated in the Marshall Islands in February 2005. Its
principal executive offices are located in Athens, Greece and it also maintains
an office in the United States.
Omega Navigation's Class A Common Shares are traded on the NASDAQ
National Market under the symbol "ONAV" and are also listed on the Singapore
Exchange Securities Trading Limited under the symbol "ONAV 50".
CEO Message
Omega President and CEO George
Kassiotis commented: "Omega
Navigation is focused on a business
model, which has two parameters: to own
a quality and young fleet, which makes
our lenders very comfortable; operating
the fleet with the highest possible
standards and also employing the ships on
long-term time charterers with high quality counterparties and vessel end users.
The long-term charters offer the Company stability and certainty of revenues and
together with the profit sharing arrangements that we have always opted for
since inception, we take advantage of any upside of the market. For the
remainder of 2010 we have already secured fixed rate time charters on five
vessels, three vessels are on floating rate time charters and three on spot.
Delivering on our promise of a focused fleet expansion strategy we announced
in December 2009, that we formed Megacore a joint venture company with
Topley Corporation, a wholly owned subsidiary of Glencore International AG.
The joint venture includes nine newbuilding vessels including two 37,000 dwt
product/chemical tankers (MR2s) and seven 75,000 dwt. product/oil tankers
(LR1s). We have already taken delivery of the two 37,000 dwt. product/chemical
carriers and the remainder will be delivered in a series to us, one in 2010, four in
2011 and two in 2012. The staggered deliveries allows time for a market
recovery and extends out our required cash outlays for the vessels. In addition,
we also agreed to purchase of an additional newbuild product/chemical tanker
(MR2) with a capacity of 47,000 dwt, through a joint venture and scheduled for
delivery in the third quarter 2010. We are particularly pleased that the bank
financing is already in place to fund our aggregate newbuild capital
commitments.
The newbuilding joint venture reinforces the already strong relationship with the
Glencore group and will allow Omega to enjoy significant operating and
commercial synergies with one of the largest commodities trading companies in
the world. The joint venture will have access to Glencore's global trading
network and system cargoes and ST Shipping's commercial chartering
experience and will enable us to deploy collectively with our partner a fleet of
vessels with significant scale and geographic coverage. Coupled together with
an experienced management team and board of directors with an extensive
shipping industry expertise, Megacore gives both Omega and the Glencore
group a very strong platform to build upon going forward."