Omega Navigation Enterprises, Inc. Announces Entering Into an Amendment of the Maturity Date of Its Current Debt Facilities
12 April 2011 - 10:05PM
Marketwired
Omega Navigation Enterprises, Inc. (NASDAQ: ONAV), a leading
provider of Global Marine Transportation services specializing in
product tankers, announces that it has reached an agreement with
its lenders to amend the maturity date of both the current senior
and junior loan facilities.
With this agreement the new maturity date will be May 10, 2011
on both facilities, amended from the current maturity date of April
12, 2011.
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.
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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