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

Home | Contact Us

Fleet Profile and Employment:

The table below describes the profile and employment of the Company's fleet:*

Vessel	Sister Ship (1)	Year Built	Deadweight (dwt)	Type	Delivery date	Daily Hire rate (2)		Latest Re-delivery
CURRENT FLEET
*Panamax product tankers*
Omega Queen	A	2004	74,999	LR1	May-09	Base rate plus profit share		Evergreen, subject to termination notice of 2 months
Omega King	A	2004	74,999	LR1	May-09	$16,500	(3)	May-10
Omega Lady Sarah	C	2004	71,500	LR1-Ice Class 1C	Jun-09	$25,500	(4)	Q3-12
Omega Lady Miriam	C	2003	71,500	LR1-Ice Class 1C	Aug-06	$24,000/$25,500	(5)	Q3-12
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			(7)
Omega Princess	B	2006	36,680	MR1 - Ice Class 1A			(7)
TOTAL (DWT):			512,358
*Vessel owned through 50% controlled joint venture*
Omega Duke	F	2009	47,000	MR2	Apr-09	Base rate plus profit share		Apr-14
*Handymax vessels under construction*
TBN1	E	2010	37,000	MR1	Mar-10	Confidential		Mar-13
TBN2	F	2010	47,000	MR2	Jul-10	$21,135	(8)	Jul-13
TBN3	E	2010	37,000	MR1	Jul-10
TBN4	E	2010	37,000	MR1	Sep-10
TBN5	E	2010	37,000	MR1	Dec-10
TBN6	E	2011	37,000	MR1	Feb-11
TOTAL (DWT):			232,000

*This table assumes the full performance by each our current and anticipated customers under our current and contracted charters.
(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) Average base rate for the first year is $16,500 plus profit share. Torm has the option to extend the charter for an additional year at a daily rate of $20,000 with a profit sharing arrangement with earnings above that base level shared equally between Omega and Torm.
(4) Plus any additional income under profit sharing agreements, according to which charter earnings in excess of $25,500 per day will be divided equally between Omega Navigation and ST Shipping.
(5) In 3rd quarter 2009 the Omega Lady Miriam will enter into a new charter with ST Shipping at a rate of $25,500. Plus any additional income under profit sharing agreement, according to which charter earnings in excess of $25,500 per day will be divided equally between Omega Navigation and ST Shipping.
(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.
(7) The actual earnings of these vessels will be pooled with 7 vessels of similar operating characteristics all managed by ST.
(8) Plus 50% of any trading income in excess of the daily hire.