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.
- 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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