Key Developments For Omega Navigation Enterprises, Inc.
Omega Navigation Enterprises, Inc. (ONAV.O) (Consolidated Issue listed on NASDAQ Global Market)
Omega Navigation Enterprises, Inc. Announces New Time Charter on the Omega King
Omega Navigation Enterprises, Inc. announced that it has entered in to a new time charter agreement on the Omega King for a period of one year with an option period of one year with Torm A/S (Torm). Effective May 23, 2009, the Omega King entered into a new one year time Charter with its current charterer, Torm, with Torm having the option to extend the charter for an additional year at a higher rate. The vessel will be chartered for the first year at an average base rate of $16,500 per day with a profit sharing arrangement between Omega and Torm. That base rate the second year increases to $20,000 per day with a profit sharing arrangement with earnings above that base level shared equally between Omega and Torm.
Omega Navigation Enterprises, Inc. Announces Time Charter Agreement For Omega Queen; Temporary Suspension Of Dividends
Omega Navigation Enterprises, Inc. announced that they have entered into a time charter agreement with ST Shipping & Transport Pte Ltd. on the Omega Queen with profit share, on an evergreen basis subject to termination notice of two months. The base rate fully covers operating expenses and debt service. The Company also announced that Board of Directors decided to temporarily suspend the Company's dividends. This action will enhance the Company's liquidity and overall financial flexibility enabling it to continue with its growth plans even in these most uncertain times funding its newbuilding program through internally generated funds and bank debt.
Omega Navigation Enterprises, Inc. Declares Quarterly Dividend
Omega Navigation Enterprises, Inc. announced that its Board of Directors have declared a quarterly dividend with respect to the fourth quarter of 2008, in the base dividend amount of $0.50 per common share payable on March 9, 2009, to shareholders of record on February 24, 2009.
Omega Navigation Enterprises, Inc. Declares Quarterly Cash Dividend Of $0.50 Per Common Share
Omega Navigation Enterprises, Inc. announced that its Board of Directors declared a quarterly cash dividend with respect to the second quarter of 2008 of $0.50 per common share payable August 29, 2008, to shareholders of record on August 18, 2008.
Omega Navigation Enterprises, Inc. To Acquire Two Newbuilding Double Hull Handymax Product Tankers
Omega Navigation Enterprises, Inc. announced that it has agreed to acquire two resale newbuilding double hull handymax oil product/chemical IMO III tankers for $55.5 million each from an unaffiliated third party. The vessels each have a capacity of approximately 47,000 dwt and are both currently under construction at Hyundai Mipo Shipyard, South Korea. The first vessel is expected to be delivered on or about the second quarter of 2009 and the second vessel is expected to be delivered on or about the third quarter of 2010. Payment terms provide for a 10% deposit payment, payable now, and the balance of 90% at the respective deliveries of each vessel. The Company has secured bank financing at competitive terms for 90% of the deposit payment and 75% of the entire purchase price.
