Omega Navigation Enterprises, Inc. Announces That the Joint Venture Company, Megacore Shipping Ltd., Has Taken Delivery of Three
14 Febbraio 2011 - 10:05PM
Marketwired
Omega Navigation Enterprises, Inc. (NASDAQ: ONAV), a leading
provider of Marine Transportation services specializing in product
tankers, announces that Megacore Shipping Ltd., its previously
announced joint venture with a wholly owned subsidiary of Glencore
International AG, has taken delivery from Hyundai Mipo Dockyard in
S. Korea of the Megacore Philomena during the fourth quarter of
2010 and of the Megacore Pacifica and the Megacore Philothea during
January 2011, each a 74,000 dwt. coated Panamax product carrier.
Megacore Shipping Ltd. has contracted to acquire two Handysize
double hull chemical / product tankers and seven Panamax double
hull product tankers to be constructed at Hyundai Mipo Dockyard in
South Korea. The two handysize vessels, the 37,000 dwt. Megacore
Honami and Megacore Hibiscus, were delivered in February and May
2010.
The construction and acquisition of these vessels has been
funded with bank debt and equity contributions from the joint
venture shareholders.
The Megacore Philomena, Megacore Pacifica and Megacore Philothea
represent the third, fourth and fifth in a series of nine
newbuildings for Megacore. In addition to these vessels, Megacore
is scheduled to take delivery of an additional 4 newbuilding
Panamanx product carriers, including 2 vessels in 2011 and 2
vessels to be delivered in 2012. The addition of the Megacore
Philomena, Megacore Pacifica and Megacore Philothea brings the
Omega fleet to 15 vessels in total.
Omega Navigation also announces that an unaffiliated third party
has purchased at Omega's original book cost a 20% minority equity
interest in the Omega subsidiary that owns a 50% interest in
Megacore Shipping Ltd. Omega retains full control of this
subsidiary, 80% of the shares of which remain under the ownership
of Omega. The proceeds from the sale are used by Omega to fund
newbuilding payments on the Panamax product tankers for the joint
venture.
The sale of the minority stake has limited the equity
requirements by Omega for the purchase of the newbuildings.
About Omega Navigation Enterprises, Inc.
Omega Navigation Enterprises, Inc. is an international provider of
global marine transportation services through the ownership and
operation of double hull product tankers. The current fleet
includes fifteen double hull product tankers, which includes seven
that are owned through joint ventures with wholly owned
subsidiaries of Glencore International AG, with an aggregate
carrying capacity of 902,358 dwt., six of which are under fixed
rate time charter contracts with an average age of the entire fleet
of less than five years. In addition, the Company, through its
joint venture Megacore, is scheduled to take delivery of 4
additional LR1 product carriers in 2011 and 2012. With the addition
of these four vessels, Omega's fleet will expand to 19 product
tankers with a total deadweight capacity of 1,198,358 dwt.
The Company was incorporated in the Marshall Islands in February
2005. Its principal executive offices are located in Athens, 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 various assumptions, 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 are
difficult 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 the Company'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 fluctuations in 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 political events, 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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