Omega Navigation Takes Delivery of Tanker

Omega Navigation Enterprises, Inc. took delivery of its Panamax (LR1) double hull product tanker, the Rudolf Schulte, to be renamed the Omega Queen. The Omega Queen is a Panamax (LR1) double hull product tanker of 74,999 deadweight ton (dwt) built by Hyundai Heavy Industries, South Korea in 2004. The acquisition was funded by in part from proceeds of the Company's initial public offering and debt under a senior secured credit facility provided by HSH-Nordbank AG. The Omega Queen is employed under a long-term time charter to A/S Dampskibsselskabet TORM until May 2009 at a daily time charter hire rate of $26,500. The company has granted Torm an option to extend the charter for 24 months at a minimum daily time charter hire rate of $28,500. The Company has selected Singapore-based Eurasia International as the vessel's technical manager. Eurasia International has managed the Omega Queen since its original delivery from the shipyard.