Omega Navigation Enterprises, Inc. [www.omeganavigation.com]

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Fleet Profile & Employment

Vessel	Sister Ship (1)	Year Built	Deadweight (DWT)	Type	Delivery Date	Daily Hire (2)		Re-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	LR1-Ice Class 1C	Jun-06	$24,000	(4)	Jun-09
Omega Lady Miriam	C	2003	71,500	LR1-Ice Class 1C	Aug-06	$24,000	(4)	Jul-09
Omega Emmanuel	D	2007	73,000	LR1-Ice Class 1A	Mar-07	$25,500	(6)	Apr-10
Omega Theodore	D	2007	73,000	LR1-Ice Class 1A	Apr-07	$25,500	(6)	May-10
Handymax Product Tankers
Omega Prince	B	2006	36,680	MR1 - Ice Class 1A	Jun-06	$21,000	(5)	Jun-09
Omega Princess	B	2006	36,680	MR1 - Ice Class 1A	Jul-06	$21,000	(5)	Jun-09
FLEET TOTAL			512,358
Additional Handymax Vessels
TBN1	E	2010	37,000		Mar-10
TBN2	E	2010	37,000		Jul-10
TBN3	E	2010	37,000		Sep-10
TBN4	E	2010	37,000		Dec-10
TBN5	E	2011	37,000		Feb-11
TBN6	F	2009	47,000		2Q 2009
TBN7	F	2010	47,000		3Q 2010
TOTAL (DWT)			279,000

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. 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.