UPDATE 1-Omega Navigation Q3 adj profit beats market

* Q3 adj. profit $0.12/basic shr vs est. $0.02

* Q3 rev falls 27 pct

* Sees oil products demand boosting rates

Dec 18 (Reuters) - Marine transportation provider Omega Navigation Enterprises Inc ONAV.O (ONEN.SI) reported an adjusted third-quarter profit that handily beat estimates, helped by term employment of its vessels.

The company said its vessels employed through term time charters has enabled it to present profitable operating results, even in these uncertain times and depressed tanker market.

"While rates remain somewhat depressed, we believe we are now seeing some signs of a rebound in demand for oil products which should help stimulate rates going forward," Chief Executive George Kassiotis said in a statement.

For the quarter, net income was $125,000, or 1 cent per basic share, compared with $5.2 million last year.

Excluding items, Omega earned 12 cents a share.

Quarterly voyage revenue fell 27 percent to $14.3 million.

Analysts on average had expected the company to post earnings of 2 cents a share, excluding items, on revenue of $14.1 million, according to Thomson Reuters I/B/E/S.

Shares of Piraeus, Greece-based company closed at $2.73 Friday on Nasdaq. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Unnikrishnan Nair)