Omega Navigation Enterprises, Inc.(fka ONAVQ)

[finbar99]

Assets:

According to the Fleet page on ONAVs website, they have outright 6 Panamax and 2 Handymax. I see the 2nd hand pricing for a 5 year old Panamax is about 37.5mm and about 31.5 for a Handy. http://www.platou.com/dnn_site/Tables/Secondhandpricesof5yearoldBulkcarriers.aspx

Then it looks like 4 Handy's and 3 Panamax's that they own a 50% interest in.

Adding it all up, a little over 400 mm in vessels, plus the value of the time charters that still have time left at rates above spot.

I'm picking up shares today. Plenty can go wrong, but I like 16 million shares being out - leaves an assymetrical oppty if things even slightly work out.