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Omega Navigation Enterprises, Inc.(fka ONAVQ)

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Last Post: 5/23/2013 5:46:54 PM - Followers: 9 - Board type: Free - Posts Today: 0

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Overview


Omega Navigation is an international provider of marine transportation services focusing mainly on refined petroleum products such as gasoline, diesel oil, gasoil, fuel oil, jet fuel as well as edible oils and chemicals.

We are an international provider of marine transportation services which focuses on seaborne transportation of refined petroleum products.  We currently own and operate 8 high specification double hull product tankers with an average age of 1.8 years and with a combined cargo carrying capacity of 512,358 dwt.

We announced on June 19, 2007 that we signed shipbuilding contracts with Hyundai Mipo Dockyard, a preeminent shipyard, in South Korea, to construct and acquire five newbuilding double hull handymax product tankers each with a capacity of 37,000 dwt. Four of these product tankers are scheduled for delivery in 2010 starting in the first quarter of 2010, with the fifth scheduled for delivery for February 2011.

On May 19, 2008, we announced our agreement to acquire two resale newbuilding double hull handymax oil product/chemical IMO III tankers. 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.

With the addition of these vessels, Omega's fleet will expand to 15 product tankers, including seven newbuilding handymax vessels with a total deadweight capacity of 791,358 dwt.

We are generating revenues by employing vessels on long term time charters

Technical management is provided by third party ship management companies

Commercial management is provided by our wholly owned subsidiary, Omega Management Inc.

Business Strategy

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  • Generate stable cash flows through time charters. We seek to generate steady cash flow through fixed period time charters. As we expand our fleet, we will seek to optimize our mix of short-, medium- and long-term charters in light of prevailing market conditions in our industry, which is highly cyclical. We believe this will reduce our exposure to short-term market volatility.
     
  • Strategically expand the size of our fleet. We intend to grow our fleet through selective acquisitions of vessels, focusing primarily on double hull product tankers. However, we intend to continue to monitor market developments and conditions and may acquire additional vessels, including other types of vessels that may serve different shipping sectors and markets, when those acquisitions would, in our view, present favorable investment opportunities.
     
  • Maintain and grow a high quality fleet of vessels. We intend to maintain a high quality fleet of vessels that meet rigorous industry standards as well as our charterers' and Oil Majors' requirements. We believe that our customers prefer the better reliability, fewer off-hire days and greater operating efficiency of high quality vessels. We intend to maintain the quality of our fleet through our Managers' comprehensive planned maintenance and preventive maintenance programs.
 



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OS: 19.5M


PostSubject
#326   ONAVQ: Plan of Bankruptcy Effective; All Shares Cancelled. Renee 05/23/13 05:46:54 PM
#325   you too srm4u 05/23/13 12:43:46 PM
#324   Thanks good luck money8547 05/23/13 12:43:11 PM
#323   yes, check with your broker. they have 1 srm4u 05/23/13 12:41:54 PM
#322   Does that mean we common shareholder lose everything money8547 05/23/13 12:40:28 PM
#321   they will emerge from chapter 11 ( whats srm4u 05/23/13 12:04:21 PM
#320   I know I should have said that money8547 05/23/13 11:51:10 AM
#319   they did make it public....they wanted to pay srm4u 05/23/13 11:43:00 AM
#318   I guess that means the company went bankrupt. money8547 05/23/13 11:35:20 AM
#317   yup srm4u 05/23/13 11:32:01 AM
#316   All shares cancelled as of today mkinhaw 05/23/13 11:31:22 AM
#315   deleted symbol srm4u 05/23/13 11:19:05 AM
#314   Hi.. any updates on omega? hem2998 02/28/13 07:27:12 PM
#313   omega wants to liquidate to pay off the srm4u 01/31/13 02:21:11 PM
#312   Does that mean that the court will allow money8547 01/31/13 01:13:39 PM
#311   this is the withdrawal their talking about srm4u 01/31/13 12:58:48 PM
#310   Hey srm4u, sorry I missed your post back money8547 01/31/13 12:03:46 PM
#309   NOTICE OF WITHDRAWAL OF PLAN, srm4u 01/14/13 02:47:55 PM
#308   [867] Debtors’ Motion Pursuant to Bankruptcy Rule 9019 srm4u 01/14/13 01:18:20 PM
#307   Why Omega Navigation Bankruptcy (ONAVQ) is Worth Following? srm4u 09/09/12 04:21:44 PM
#306   AMENDED NOTICE OF HEARING ON DEBTORS’ EMERGENCY MOTION FOR srm4u 09/09/12 02:18:44 PM
#305   ONAVQ : IN THE UNITED STATES BANKRUPTCY COURT srm4u 09/04/12 10:57:39 AM
#304   In the second lawsuit, Omega asserts, among other srm4u 08/06/12 10:30:16 AM
#303   Because the Plan does not propose to pay pennyexpert247 08/05/12 10:15:26 PM
#302   Not a law dog here so take this brwtrpilot 08/04/12 03:52:29 PM
#301   looking at the L2, there must have been srm4u 08/04/12 10:29:46 AM
#300   looks like its up to the senior lenders srm4u 08/04/12 10:07:45 AM
#299   Well this ones going to no bid in EZmoneyED 08/03/12 08:01:35 PM
#298   OMEGA NAVIGATION ENTERPRISES FILES CHAPTER 11 PLAN OF REORGANIZATION srm4u 08/03/12 04:39:59 PM
#297   ATHENS, GREECE, Jun 01, 2012 (MARKETWIRE via COMTEX) srm4u 06/01/12 12:26:24 PM
#296   Hey board, it been so long sense anybody money8547 03/12/12 11:54:38 AM
#295   Got me a few with the little money EZmoneyED 01/06/12 03:04:39 PM
#294   now's your chance RonnieD 01/06/12 10:32:17 AM
#293   According to Lloyd's List - a leading publication srm4u 01/05/12 08:57:53 PM
#292   Someone just dumped ten grand worth. They may EZmoneyED 01/05/12 04:12:45 PM
#291   been watching the board, things looking good here srm4u 12/25/11 06:20:26 PM
#290   Sounds good to me seems like its fairly EZmoneyED 12/25/11 06:00:09 PM
#289   Omega Navigation scores Chapter 11 victory over HSH Nordbank RonnieD 12/22/11 11:37:26 AM
#288   Omega Navigation Enterprises Defeats Lender Motions RonnieD 12/22/11 11:29:39 AM
#287   Thanks I figured I would throw a couple EZmoneyED 12/20/11 12:05:54 PM
#286   going to need to wait and see if RonnieD 12/20/11 12:04:34 PM
#285   Thanks man what is your take on this? EZmoneyED 12/20/11 12:01:45 PM
#284   time to pay close attention here, a ruling RonnieD 12/20/11 11:59:35 AM
#283   Good Moring Board, I agree at these levels money8547 12/14/11 10:15:58 AM
#282   I would have to go back and read EZmoneyED 12/13/11 10:28:57 PM
#281   That is asking for quite a bit. Asset Jenny11 12/13/11 10:16:14 PM
#280   Hey guys with the stock here its all EZmoneyED 12/13/11 09:56:35 PM
#279   I am liking this, what are the sales Jenny11 12/13/11 02:10:49 PM
#278   Good Morning board, this is first time posting money8547 12/13/11 10:09:12 AM
#277   Seeing that the management part of onav (Omega HoopsIHub 12/12/11 08:17:53 PM
PostSubject