Omega Navigation Enterprises Inc. is an international provider of marine transportation services focusing on seaborne transportation of refined petroleum products. ONE is a global maritime company whose shares are traded on the NASDAQ National Market under the ticker symbol "ONAV" and are also listed on the Singapore Stock Exchange under the symbol "ONAV 50".

Our company owns and operates 11 high specification double hull product tankers, with an average age of less than 3.6 years and with a combined cargo carrying capacity of 634,563 dwt. One of the vessels, namely the Omega Duke, is owned through a 50% controlled joint venture with Topley Corporation, a wholly owned subsidiary of Glencore International AG (Glencore).

We have also formed an equal partnership (50/50) joint venture company with Topley Corporation, namely Megacore Shipping Ltd, through which we have and are expected to acquire in total 9 newbuilding vessels consisting of two 37.000 dwt product/ chemical tankers (MR1s) and seven 75,000 dwt product/oil tankers (LR1s), all under construction in Huyndai Mipo Dockyard, in South Korea. Two of these product tankers 37.000 dwt have been delivered in the 1st and 2nd quarter of 2010 and we are in progress to deliver one more product tanker during the 2nd quarter of 2010.The other four of these product tankers are scheduled for delivery in 2010 and two in 2012.We have also formed one more equal partnership (50/50) joint venture company with Topley Corporation for the purchase of Alpine Marina a 46,000 dwt product/chemical tanker (MR2, ), sistership to the Omega Duke, which is due to be delivered at the end of 2010.

Our Company is providing the technical, operating and administrative services to the joint venture companies and ST Shipping& Transport Pte Ltd is providing commercial management.

With the addition of these vessels, Omega's fleet will expand to 19 product tankers, with a total deadweight capacity of 1,198,563 dwt.

We are generating revenues by employing vessels on term time charters with well established charterers.

Technical management is provided by third party ship management companies as well as our own fully integrated management company, namely Omega Management Inc.

Commercial management is provided by our wholly owned subsidiary, Omega Management Inc.