Omega Navigation Enterprises, Inc. Restructures Debt Into a Non Amortizing Facility

PIRAEUS, GREECE, Mar 31 (MARKET WIRE) --
Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a
provider of global marine transportation services focusing on product tankers,
announced today it has completed a restructuring of its current senior debt
facility and has entered into a new junior debt facility.

Debt Restructuring

Effective March 28, 2007 Omega has completed a restructuring of its
currentdebt facility with HSH Nordbank as agent of a syndication of Banks and
entered into a new junior facility with NIBC Bank N.V. and Bank of
Tokyo-Mitsubishi UFJ Ltd.

The Senior Facility will be reduced from its current outstanding balance
of$284.2 million to $242.7 million. This facility is secured by a first
mortgage on the Company's current fleet of eight vessels. The facility will
have
a term until April of 2011 and will be non amortizing. The facility is
priced at a margin grid ranging from 0.9% up to 1.10% above LIBOR based on the
Loan to Value ratio. Presently the rate is calculated at 0.9% above LIBOR.

The Junior Facility, in the amount of $42.5 million, will be used to
partially repay the senior facility together with relevant fees and is
secured by a second mortgage on our current fleet of eight vessels. The
facility will also be non amortizing. The term will be consistent with
theterm of the senior facility and will be priced at a margin grid ranging
between
2.25 to 3.00% above LIBOR based on the Loan to Value ratio of both the Senior
and Junior facilities. Presently the rate is calculated at 2.5% above LIBOR.
The entire Junior Facility will be fixed through a 3-year interest rate swap
with the swap rate of approximately 2.96%.

While the overall debt level of the Company remains approximately the
same,currently at about 55% Loan to Value on the fleet of 8 vessels, the
restructuring significantly increases the financial flexibility of the
Company while at the same time lowers our overall cost of borrowing. The non
amortizing facilities, which will free up approximately $15 million of cash
flow in 2008 and about $41.4 million until the maturity, will allow the Company
to reserve more cash for potential acquisition opportunities. Also, we believe
the
covenants associated with both facilities are now further improved and more
in line with industry standards. Because of the young age (less than three
years old) and quality of our existing fleet the Company expects to be able
to refinance the fleet at the end of the term of the facilities.

George Kassiotis, President and CEO of the Company commented, "We are
extremely pleased to have concluded this restructuring of our debt,
particularly in these challenging times for the credit markets, exhibiting the
confidence of our lenders in our Company and its fundamentals. The
restructuring increases the financial flexibility of the Company to a very
large degree. The non amortizing aspect of both facilities gives more
visibility to our partial payout structure as the Company retains further
reserves enhancing its ability to take advantage of potential accretive
opportunities in the market while our current quarterly dividend policy is
protected by the fixed charters on our vessels and by our subordinated share
structure
in favor of our public shareholders."

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 eight double hull product
tankers with a carrying capacity of 512,358 dwt. These eight product tankers
are chartered out under three-year period time charters. Furthermore, the
company
recently announced the signing of shipbuilding contracts to construct and
acquire five
newbuilding double hull Handymax product tankers each with a capacity of 37,000
dwt scheduled for delivery between March 2010 and early in 2011. With the
addition
of these five vessels, the Omega fleet will expand to 13 product tankers with
a total deadweight capacity of 697,358 tons.

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," "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
variousassumptions, 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
aredifficult 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
theCompany'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
fluctuationsin 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
politicalevents, 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.

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

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