Vessel Sister Year Deadweight Type Delivery Daily Hire Re- Ship(1) Built (dwt) Date Rate(2) delivery CURRENT FLEET Panamax Product Tankers Omega Queen A 2004 74,999 LR1 May-06 $26,500(3) May-09 Omega King A 2004 74,999 LR1 Jun-06 $26,500(3) Jun-09 Omega Lady Sarah C 2004 71,500 LR1Ice Jun-06 $24,000(4) Jun-09 Class 1C Omega Lady C 2003 71,500 LR1Ice Aug-06 $24,000(4) Jul-09 Miriam Class 1C Omega Emmanuel D 2007 73,000 LR1-Ice Mar-07 $25,500(7) Apr- Class 1A Jun-10 Handymax Product Tankers Omega Prince B 2006 36,680 Ice Jun-06 $21,000(5) Jun-09 Class 1A Omega Princess B 2006 36,680 Ice Jul-06 $21,000(5) Jun-09 Class 1A TOTAL (DWT): 439,358 Additional Vessels (With Expected Delivery Date)(6) Omega Theodore D 2007 73,000 LR1-Ice Apr-07 $25,500(7) Apr-10 Class 1A Total (DWT): 73,000 Additional Vessels on Option Panamax TBN 3 D 2007 73,000 LR1Ice Sep-07 Class 1A Panamax TBN 4 D 2007 73,000 LR1-Ice Oct-07 Class 1A Total (DWT): 146,000(1) Each vessel is a sister ship of each other vessel that has the same letter. (2) This table shows gross charter rates and does not include brokers' commissions, which are 1.25% of the daily time charter rate. (3) The Company has granted Torm the option to extend the charter for 24 months at a minimum daily time charter hire rate of $28,500. (4) Plus any additional income under profit sharing provisions of the Company's charter agreement. (5) Plus any additional income under profit sharing provisions of the charter agreements with D/S Norden A/S. The Company has granted the charterers the option to extend the charter for 12 months at a minimum daily time charter hire rate of $24,000. (6) Omega Navigation announced on February 12, 2007, that it has agreed to acquire two newbuilding Ice Class 1A Panamax product tankers, named the "Omega Emmanuel" and the "Omega Theodore." The "Omega Emmanuel" was delivered on March 28, 2007; the "Omega Theodore" is currently under construction at STX Shipbuilding Co., South Korea and is scheduled to be delivered to Omega Navigation in April 2007. (7) Plus any additional income under profit sharing arrangements, according to which charter earnings in excess of $ 25,500 per day will be divided equally between Omega Navigation and ST Shipping. When the vessels trade in ice conditions, the profit sharing between Omega Navigation and ST Shipping is 65/35% respectively. About Omega Navigation Enterprises, Inc. Omega Navigation Enterprises, Inc. is an international provider of global marine transportation services through the ownership and operation of eight double hull product tankers. The current fleet includes seven double hull product tankers with a carrying capacity of 439,358 dwt. These seven product tankers are chartered out under three-year period time charters. Furthermore, with the delivery of the recently announced acquisition of the "Omega Theodore," the Company will own eight product carriers with a combined cargo carrying capacity of 512,358 dwt. The Company also has options to acquire two additional double hull Ice Class 1A Panamax product carriers currently under construction at STX Shipbuilding in South Korea which are expected to be available for delivery between August and September 2007. The Company was incorporated in the Marshall Islands in February 2005. Its principal executive offices are located in Piraeus, 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." Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "except," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" pending and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, the Company's management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that the Company will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for product tanker and dry bulk shipping capacity, changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company's vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see the Company's filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Contact Information: Contacts: Company Contact: Gregory A. McGrath Chief Financial Officer Omega Navigation Enterprises, Inc. PO Box 272 Convent Station, NJ 07961 Tel. (551) 580-0532 E-mail: gmcgrath@omeganavigation.com www.omeganavigation.com Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com www.capitallink.com