Contact Information: 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
Omega Navigation Enterprises, Inc. Declares Quarterly Cash Dividend of $0.50 Per Common Share and Announces Date for the Release of Second Quarter 2008 Results, Conference Call and Webcast
| Source: Omega Navigation Enterprises, Inc.
PIRAEUS, GREECE--(Marketwire - August 6, 2008) - Omega Navigation Enterprises, Inc. (NASDAQ : ONAV ) (SGX: ONAV50), a provider of global marine transportation services
focusing on product tankers, announced today that its Board of Directors
declared a quarterly cash dividend with respect to the second quarter of
2008 of $0.50 per common share payable August 29, 2008 to shareholders of
record on August 18, 2008. This is the ninth consecutive dividend of $0.50
per share paid to investors since the Company went public in April, 2006.
Omega Navigation Enterprises also announced that it will release its
results for the second quarter ended June 30, 2008 after the close of the
market on Monday, August 25, 2008.
On Tuesday, August 26, 2008 at 10:00 A.M. EDT, the company's management
will host a conference call to discuss the results.
Conference Call Details:
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1-866-819-7111 (US Toll Free Dial In),
0800-953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard
International Dial In). Please quote "Omega."
In case of any problem with the above numbers, please dial 1-866-223-0615
(from the US), 0800-694-1503 (from the UK) or +44 (0) 1452-586-513 (all
other callers). Quote "Omega."
A telephonic replay of the conference call will be available until
September 2, 2008 by dialing 1-866-247-4222 (US Toll Free Dial In),
0800-953-1533 (UK Toll Free Dial In) or +44(0)1452-55-00-00 (Standard
International Dial In). Access Code: #3663884.
Slide and Audio Webcast:
There will also be a live, and then archived, webcast of the conference
call, that can be accessed through Omega Navigation's website at
www.omeganavigation.com. Participants to the live webcast should register
on the website approximately 10 minutes prior to the start of the webcast.
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 eight double hull
product tankers with a carrying capacity of 512,358 dwt which are chartered
out under three-year time charters with an average age of less than three
years. The company has also announced the signing of shipbuilding contracts
to construct and acquire five additional product tankers with a capacity of
37,000 dwt each scheduled for delivery between March 2010 and early in 2011
and two additional product tankers with a capacity of 47,000 dwt the first
scheduled for delivery on or about the second quarter 2009 and the second
scheduled for delivery on or about the third quarter 2010. With the
addition of these seven vessels, Omega's fleet will expand to 15 product
tankers with a total deadweight capacity of 791,358 dwt.
The Company was incorporated in the Marshall Islands in February 2005. Its
principal executive offices are located in Piraeus, 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," "except," "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.