Omega Navigation Enterprises, Inc. (NASDAQ:ONAV)
Industry: Services
Omega Navigation Enterprises, Inc., incorporated on February 28, 2005, is an international provider of marine transportation services that owns and operates, through its subsidiaries, two drybulk carriers, which is known as Initial Fleet. The Company's Initial Fleet consists of two Handymax drybulk carriers. These drybulk carriers transport a range of drybulk cargoes, such as coal, iron ore and grain. Its Initial Fleet has a combined cargo-carrying capacity of 105,600 dead weight tons (dwt) and an average age of approximately two years. The two vessels in the Company's Initial Fleet are employed on medium-term time charters. Omega Navigation Enterprises, Inc. has entered into long-term time charters for the six double hull product tankers in its fleet that will start when the Company will take delivery of the vessels. It provides commercial management for its vessels through its wholly owned subsidiary, Omega Management, Inc. Omega Navigation Enterprises, Inc. has agreed to purchase two Ice Class 1A double hull Handymax (MR) product tankers built, in 2006, and four double hull Panamax (LR1) product tankers. The Company will purchase these tankers from unaffiliated third-party sellers. Omega Navigation Enterprises, Inc. also has an option to purchase up to four additional Ice Class 1A double hull Panamax product tankers. The Company's tankers are designed to transport several different refined petroleum products simultaneously in segregated, coated cargo tanks. These cargoes include gasoline, jet fuel, kerosene, naphtha, gas oil and heating oil. Ice class product tankers are constructed in compliance with Finnish-Swedish ice class rules, with strengthened hulls, a sufficient level of propulsive power for transit through ice-covered routes and specialized machinery and equipment for cold climates. Ice class tankers can also operate in warmer, non-icy climates alongside other tankers.
As Of: 09/12 13:39 ET
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