Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a
provider of global marine transportation services focusing on
product tankers, announced today its financial and operational
results for the quarter and nine months ended September 30, 2009.
Conference Call Details:
The Company's management has rescheduled its conference call so
that it can also update the investment community on the progress of
and revisions to its newbuilding program.
The Conference Call is now scheduled for Wednesday, December 23,
2009 at 10:00am EST.
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".
A telephonic replay of the conference call will be available
until December 30, 2009 by dialling 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#.
Third Quarter 2009 Results
For the quarter ended September 30, 2009, Omega Navigation
reported total revenues of $14.3 million and Net Income of $1.9
million, or $0.12 per basic share, excluding losses on interest
rate derivative instruments and incentive compensation grants
expense. Including these items the Company reported Net Income of $
0.1 million or $0.01 per basic share. Adjusted EBITDA for the third
quarter of 2009 was $8.0 million. Please see below for a
reconciliation of Adjusted EBITDA to Cash from Operating
Activities.
Operating Income included revenue of $0.8 million attributable
to profit sharing.
The Company owned and operated an average of eight product
carriers during the third quarter of 2009, the same number as in
the third quarter of 2008. In addition since April 2009, the
company has held a 50% interest in a joint venture, which owns an
additional product carrier vessel. While all nine vessels are on
time charter, two of the vessels, the Omega Prince and the Omega
Princess results are based on the actual earnings of a pool of
seven vessels of similar characteristics which are operating in the
spot market. The earnings for these vessels have been above spot
market indices but below the level of earnings achieved in the
third quarter of 2008. In addition, the Omega King and the Omega
Queen entered into new time charters during the second quarter of
2009 but these rates were also lower than those in the third
quarter of 2008. These lower rates were partially offset by
somewhat higher time charter rates on the Omega Lady Sarah and the
Omega Lady Miriam, which commenced toward the end of the third
quarter of 2009. Excluding profit share, the Panamax vessels
averaged $ 20,219 per day per vessel and the MR's averaged $11,935
per vessel per day (net of voyage expenses) for the third quarter
of 2009. In the third quarter of 2008, the Panamax vessels averaged
$25,035 per day per vessel and the MR's averaged $20,788 per day
per vessel (net of voyage expenses).
Since the inception of our product tankers' charters through the
end of the third quarter of 2009, the profit sharing element of
those charters that we have or are entitled to receive amounted to
approximately $14.1 million. The Company has already received $13.8
million of such amount in cash and has recorded profit share
revenues of $14.0 million, and currently expects to record an
additional $0.1 million in quarters to follow for voyages performed
through the third quarter of 2009. The table below presents the
amount of profit share revenues recorded per quarter.
Amount of profit
share revenues
Quarter recorded per quarter
-----------------
1st Quarter 2007 $ 1.1 million
2nd Quarter 2007 $ 1.0 million
3rd Quarter 2007 $ 1.3 million
4th Quarter 2007 $ 0.6 million
1st Quarter 2008 $ 1.2 million
2nd Quarter 2008 $ 1.6 million
3rd Quarter 2008 $ 1.8 million
4th Quarter 2008 $ 2.2 million
1st Quarter 2009 $ 1.7 million
2nd Quarter 2009 $ 0.7 million
3rd Quarter 2009 $ 0.8 million
Total $ 14.0 million
Operating expenses for our MR product tankers averaged $5,356
per day per vessel in the third quarter of 2009, versus $4,972 per
day per vessel in the third quarter of 2008. Our Panamax product
tankers averaged operating expenses of $6,298 per day per vessel in
the third quarter of 2009, versus $5,577 per day per vessel in the
third quarter of 2008. The increase of the daily operating expenses
of the vessels relates primarily to increased crew wages, the
timing of crew traveling expenses and some repairs to the anchor
system of the Omega Lady Miriam as well as repair to the piping
system of the Omega Lady Sarah.
First Nine Months 2009 Results
For the nine months ended September 30, 2009, Omega Navigation
reported total revenues of $ 49.7 million and Net Income of $ 11.6
million, or $ 0.74 per basic share excluding a loss on interest
rate derivative instruments, a gain on warrants revaluation, non
cash incentive compensation grants and a loss related to the
termination of a purchase agreement. Including these items, Net
income was $4.8 million or $0.31 per share. Adjusted EBITDA for the
first nine months of 2009 was $ 27.8 million. Please see below for
a reconciliation of Adjusted EBITDA to Cash from Operating
Activities.
Operating Income included revenue of $ 3.2 million attributable
to profit sharing.
The Company owned and operated an average of eight product
carriers during the first nine months of 2009, the same as in the
first nine months of 2008. In addition since April 2009, the
Company has held a 50% interest in a joint venture which owns an
additional product carrier. Excluding profit sharing, the Company's
Panamax product carriers earned an average time-charter equivalent
rate of $ 22,501 per day per vessel during the first nine months of
2009, versus $ 25,054 per day per vessel (net of voyage expenses),
during the first nine months of 2008. The Company's Handymax
product tankers earned an average time charter equivalent rate of $
17,222 per vessel per day during the first nine months of 2009
versus $ 20,763 per day per vessel (net of voyage expenses) during
the first nine months of 2008.
Operating expenses for the MR product tankers averaged $ 5,317
per day per vessel in the first nine months of 2009 versus $ 4,880
per day per vessel in the first nine months of 2008. Panamax
product tankers averaged operating expenses of $ 6,072 per day per
vessel in the first nine months of 2009 versus $ 5,353 per day per
vessel in the first nine months of 2008. The increase in operating
expenses was primarily related to maintenance expenses incurred
during scheduled drydockings in the first half of 2009, insurance
deductible incurred related to a minor collision on the Omega
Theodore, an increase in crew wages, the timing of crew travel and
some other maintenance and repair expenses during the third quarter
of 2009.
Recent Fleet Developments
With the announcement in the second quarter of 2009 of the
delivery of the newbuilding vessel Omega Duke to a joint venture in
which Omega Navigation has a 50% shareholding, Omega's current
operating fleet includes nine double hull product tankers with an
aggregate carrying capacity of 559,358 dwt. The Omega Duke has been
time chartered to ST Shipping (Glencore International AG) for a
period of five years until mid 2014, with a base rate that fully
covers operating expenses and debt service and has a profit sharing
arrangement. With the additional announcements that the Omega Queen
and the Omega King, have been time chartered out, seven of the nine
product tankers are currently employed under fixed rate time
charters, The other two vessels results are derived by the actual
operating earnings of a pool of similar vessels which currently
trade on the spot market. The recent time charters are to
established counterparties, ST Shipping and Torm A/S. Currently
seven of Omega's nine vessels have profit-sharing arrangements
associated with them which enable the Company to share in the
charter market's upside potential.
With these recent charters concluded, the Company has for the
remainder of 2009 and until mid 2010 fixed rate time charter
coverage of 79%, inclusive of the joint venture, all with
profit-sharing arrangements allowing the Company to take advantage
of any upside in the charter market. The Company has entered the
Omega Prince and Omega Princess into floating rate time charters
with rates based on the market results of a pool of similar vessels
commercially managed by ST Shipping and through these arrangements
enjoy high utilization rates and above spot market charter rates.
All of the time charters recently concluded are for relatively
short periods of time which increases the Company's flexibility to
terminate those on short notice in case the market improves and
thereby take advantage of improved market conditions. Also, with
these time charters we have continued full utilization of the fleet
without experiencing any unscheduled off hire time.
While the global economy improved in the third quarter of 2009,
the entire tanker market has remained under extreme pressure and
has had a severe impact on rates and asset values. Omega's strategy
of owning young, high quality assets and employing its vessels
primarily through term time charters has enabled the Company to
present profitable operating results, even in these uncertain times
and depressed tanker market. While oil demand has contracted and
oil product inventories remain high, we have seen the overall
economic climate recovering. As the economic recovery progresses,
we would expect to see an increase in oil demand and the resultant
increase in rates and asset values.
Management Commentary:
George Kassiotis, President and Chief Executive Officer of Omega
Navigation, commented: "We are pleased to have concluded our
fourteenth consecutive quarter with profitable operating results,
since our IPO in April 2006. We attribute our profitable operating
results to our strategy of acquiring high quality modern vessels
and seeking predictable and stable cash flows through the term
employment of our vessels. In addition, the fact that the charters
on seven of our nine product tankers have profit sharing has
enabled us to participate in any upside of the charter market and
thereby maximize our profitability.
"We continue to return profitable operating results even in this
most challenging economic environment. We have seen signs that the
economic environment is improving and with that expect that demand
for oil and oil products should gradually return as well. We would
expect that once demand improves and current high inventory levels
decrease, we should see an improving rate environment and asset
values should also improve. Based on our current charter rates and
the continued performance of each of our charterers, we believe
that we are well positioned to continue to show profitable
operating results even in this economic climate. While rates remain
somewhat depressed, we believe we are now seeing some signs of a
rebound in demand for oil products which should help stimulate
rates going forward.
"We seek to optimize the management of our capital exposure,
de-lever our balance sheet and create synergies which will enhance
our ability to fund our growth plans and take advantage of
opportunities during challenging times.
"In this respect, we are pleased to enjoy a strong business
relationship with Glencore, one of the largest commodities traders
in the world. The joint ownership of the Omega Duke is further
evidence of the high standards of operating performance that our
Company offers to its customers and end users of its vessels and
also demonstrates our ability to create synergies in a challenging
environment.
"We also believe that we continue to have strong relationships
with our commercial lenders, which are comprised of large European
and Asian banks which have continued to offer their support to the
Company.
"We would like to reiterate that we are continuing to pursue a
strategy of prudent growth, gradually expanding our fleet and our
revenue and profit generation potential.
"We remain optimistic about the long term fundamentals of the
product tanker market, the area of our strategic focus. We believe
that we enjoy strong competitive advantages in this market with our
focused business strategy, our fleet of young high quality vessels,
term employment with established charterers, a solid and flexible
capital structure and a strong management team, enabling us to
continue delivering strong, stable and predictable results for our
shareholders."
Gregory McGrath, Chief Financial Officer of Omega Navigation,
commented, "As of September 30, 2009, the Company had a ratio of
net debt to net capitalization of about 64%, which we believe is
modest for industry standards given our strong time charter
coverage and the young age and quality of our fleet.
"We continue to have a strong relationship with our commercial
lenders and have received their ongoing support and commitment to
the Company, even in this very challenging credit market. Our
balance sheet was also recently strengthened by the formation of
the joint venture company which owns the Omega Duke and the
consequent novation of the debt associated with that vessel from
Omega to the joint venture."
Fleet Data
Panamax Tankers Handymax Tankers
Three months ended Three months ended
-------------------------- --------------------------
September September September September
30, 2009 30, 2008 30, 2009 30, 2008
------------ ------------ ------------ ------------
Number of vessels
at end of period 6 6 2 2
Average age of
fleet (in years) 4 3 3 2
Ownership days(1) 552 552 184 184
Available days(2) 552 543.19 184 184
Operating days(3) 552 543.19 184 184
Fleet Utilization(4) 100% 100% 100% 100%
Voyage revenues
(net of voyage
expenses)(7) $ 11,160,988 $ 13,598,722 $ 2,195,984 $ 3,824,960
Time charter
equivalent (TCE)
rate $/day(5)(7) 20,219 25,035 11,935 20,788
Vessel operating
expenses $ 3,476,371 $ 3,078,328 $ 985,531 $ 914,902
Daily vessel
operating
expenses $/day(6) 6,298 5,577 5,356 4,972
------------ ------------ ------------ ------------
Nine months ended Nine months ended
-------------------------- --------------------------
September September September September
30, 2009 30, 2008 30, 2009 30, 2008
------------ ------------ ------------ ------------
Number of vessels
at end of period 6 6 2 2
Average age of
fleet (in years) 4 3 3 2
Ownership days(1) 1,638 1,644 546 548
Available days(2) 1,605.80 1,635.19 546 548
Operating days(3) 1,590.41 1,635.19 545.23 548
Fleet Utilization(4) 99% 100% 100% 100%
Voyage revenues
(net of voyage
expenses)(7) $ 36,132,408 $ 40,967,355 $ 9,403,458 $ 11,378,182
Time charter
equivalent (TCE)
rate $/day(5)(7) 22,501 25,054 17,222 20,763
Vessel operating
expenses 9,946,471 $ 8,799,990 $ 2,903,324 $ 2,674,263
Daily vessel
operating
expenses $/day(6) 6,072 5,353 5,317 4,880
------------ ------------ ------------ ------------
(1) Ownership days are the aggregate number of days in a period
during which each vessel in our fleet has been owned by us.
Ownership days are an indicator of the size of our fleet over a
period and affect both the amount of revenues and the amount of
expenses that we record during a period.
(2) Available days are the number of our ownership days less the
aggregate number of days that our vessels are off-hire due to
scheduled repairs or repairs under guarantee, vessel upgrades or
special surveys. The shipping industry uses available days to
measure the number of days in a period during which vessels should
be capable of generating revenues.
(3) Operating days are the number of available days in a period
less the aggregate number of days that our vessels are off-hire due
to unforeseen circumstances. The shipping industry uses operating
days to measure the aggregate number of days in a period during
which vessels actually generate revenues.
(4) We calculate fleet utilization by dividing the number of our
operating days during a period by the number of our available days
during the period. The shipping industry uses fleet utilization to
measure a company's efficiency in finding suitable employment for
its vessels and minimizing the number of days that its vessels are
off-hire for reasons other than scheduled repairs or repairs under
guarantee, vessel upgrades, special surveys or vessel
positioning.
(5) Time charter equivalent, or TCE, is a measure of the average
daily revenue performance of a vessel on a per voyage basis. Our
method of calculating TCE is consistent with industry standards and
is determined by dividing voyage revenues (net of voyage expenses)
by available days for the relevant time period. Voyage expenses
primarily consist of port, canal and fuel costs that are unique to
a particular voyage, which would otherwise be paid by the charterer
under a time charter contract, as well as commissions. TCE is a
standard shipping industry performance measure used primarily to
compare period-to-period changes in a shipping company's
performance despite changes in the mix of charter types (i.e., spot
charters, time charters and bareboat charters) under which the
vessels may be employed between the periods.
(6) Daily vessel operating expenses, which include crew wages
and related costs, the cost of insurance, expenses relating to
repairs and maintenance (excluding drydocking), the costs of spares
and consumable stores, tonnage taxes and other miscellaneous
expenses, but excludes any pre-delivery expenses incurred at or
prior to the delivery of the product tankers, are calculated by
dividing vessel operating expenses by ownership days for the
relevant period.
(7) For the three months ended September 30, 2009, excludes $
0.8 million of profit sharing revenue booked in the third quarter
of 2009 related to profit sharing on charters of the vessels Omega
Lady Sarah, Omega Lady Miriam, Omega Emmanuel and Omega Theodore.
For the nine months ended September 30, 2009 excludes $ 3.2 million
of profit sharing revenue booked in the first nine months of 2009
related to profit sharing on charters of the vessels Omega Lady
Sarah, Omega Lady Miriam, Omega Emmanuel and Omega Theodore.
Omega Navigation Enterprises Inc
Consolidated Statements of Income
(All amounts expressed in thousands of U.S. Dollars)
Three months ended Nine months ended
September September September September
30, 2009 30, 2008 30, 2009 30, 2008
--------- --------- --------- ---------
(unaudited) (unaudited)
CONTINUING OPERATIONS
Revenues:
Voyage revenue 14,322 19,495 49,710 57,647
Expenses:
Voyage expenses 198 262 967 740
Vessel operating expenses 4,462 3,993 12,850 11,474
Depreciation and amortization 4,847 4,749 14,323 14,092
Management fees 318 312 969 933
General and administrative
expenses (including non cash
compensation expense of $262,
and $ 208 for the quarter
ended September 30, 2009 and
2008 respectively and $ 1,170
and $ 1,151 for the nine
months ended September 30,
2009 and 2008 respectively) 1,391 1,346 4,724 4,795
Foreign currency
(gains)/losses 15 (87) 94 (12)
--------- --------- --------- ---------
Income from vessels operation 3,091 8,920 15,783 25,625
--------- --------- --------- ---------
Loss on Termination of
purchase agreements - (3,000) -
Income/(Loss) from Joint
Venture companies 83 - (396) -
--------- --------- --------- ---------
Operating Income/(Expense) 3,174 8,920 12,387 25,625
--------- --------- --------- ---------
Other income (expenses)
Interest and finance costs (1,702) (3,146) (5,618) (10,339)
Interest income 22 205 103 466
Change in fair value of
warrants - 1,105 1,127 369
Gain/(Loss) on derivative
instruments (1,369) (1,904) (3,177) (740)
--------- --------- --------- ---------
Total other income
/(expenses), net (3,049) (3,740) (7,565) (10,244)
--------- --------- --------- ---------
INCOME/(LOSS) FROM CONTINUING
OPERATIONS 125 5,180 4,822 15,381
DISCONTINUED OPERATIONS
Income from discontinued
operations of the bulk carrier
fleet - - - 20
--------- --------- --------- ---------
INCOME FROM DISCONTINUED
OPERATIONS - - - 20
--------- --------- --------- ---------
Net income 125 5,180 4,822 15,401
========= ========= ========= =========
Omega Navigation Enterprises Inc
Consolidated Balance Sheets
(All amounts expressed in thousands of U.S. Dollars)
September 30, December 31,
2009 2008
(unaudited)
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 22,356 16,811
Accounts receivable, trade 446 596
Inventories 660 602
Prepayments and other 1,510 506
Restricted cash 308 123
------------ ------------
Total current assets 25,280 18,638
------------ ------------
FIXED ASSETS:
Vessels, net 428,468 442,485
Property and equipment, net 163 64
Advances for vessels' under construction and
acquisition 52,615 57,672
------------ ------------
Total fixed assets 481,246 500,221
------------ ------------
OTHER NON CURRENT ASSETS:
Deferred charges 2,279 1,154
Restricted cash 5,105 5,174
Investments in Joint Venture companies 5,229 -
Other non current assets - 109
------------ ------------
Total other non current assets 12,613 6,437
------------ ------------
------------ ------------
Total assets 519,139 525,296
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long term debt 2,953 138
Accounts payable 2,420 1,804
Accrued and other current liabilities 3,654 1,815
Deferred revenue 3,665 1,368
Warrants - 3,941
Derivative liability 8,500 5,839
Dividends payable 166 87
Due to related parties 7 -
------------ ------------
Total current liabilities 21,365 14,992
------------ ------------
NON-CURRENT LIABILITIES:
Long term debt, net of current portion 328,136 335,112
Derivative liability 2,874 8,409
Dividends payable 105 174
Other long term liabilities 1 5
------------ ------------
Total non-current liabilities 331,116 343,700
------------ ------------
------------ ------------
COMMITMENTS AND CONTINGENCIES: - -
------------ ------------
Stockholders' equity:
Common stock 158 151
Additional paid-in capital 201,382 198,402
Accumulated deficit (34,882) (31,949)
------------ ------------
Total stockholders' equity 166,658 166,604
------------ ------------
------------ ------------
Total liabilities and stockholders' equity 519,139 525,296
============ ============
Omega Navigation Enterprises Inc
Consolidated Statements of Cash Flows
(All amounts expressed in thousands of U.S. Dollars)
Three months ended Nine months ended
September September September September
30, 2009 30, 2008 30, 2009 30, 2008
(unaudited) (unaudited)
--------- --------- --------- ---------
Cash flows from operating
activities
Net income from continuing
operations 125 5,180 4,822 15,381
Net cash provided by
continuing operating
activities 6,807 10,441 19,391 29,490
--------- --------- --------- ---------
Net cash provided by
continuing and discontinued
operating activities 6,807 10,441 19,391 29,490
--------- --------- --------- ---------
Cash flows used in investing
activities
Net cash used in investing
activities-continuing
operations (288) (340) (335) (12,341)
--------- --------- --------- ---------
Net cash used in investing
activities-continuing and
discontinued operations (288) (340) (335) (12,341)
--------- --------- --------- ---------
Cash flows (used in)/provided
by financing activities
Net cash (used in)/provided by
financing activities-continuing
operations 33 (7,486) (13,511) (12,200)
--------- --------- --------- ---------
Net cash (used in)/provided by
financing activities-continuing
and discontinued operations 33 (7,486) (13,511) (12,200)
--------- --------- --------- ---------
Net increase in cash and cash
equivalents 6,552 2,615 5,545 4,949
Cash and cash equivalents at
the beginning of the period 15,804 11,227 16,811 8,893
--------- --------- --------- ---------
Cash and cash equivalents at
end of period 22,356 13,842 22,356 13,842
========= ========= ========= =========
Reconciliation of Adjusted EBITDA (1) to Cash from Operating Activities
(All amounts expressed in thousands of U.S. Dollars)
CONTINUING & DISCONTINUED
OPERATIONS Three months ended Nine months ended
September September September September
30, 2009 30, 2008 30, 2009 30, 2008
(unaudited) (unaudited)
--------- --------- --------- ---------
Net cash from operating
activities 6,807 10,441 19,391 29,490
Net increase/(decrease) in
current assets and non
current assets (2,571) (239) 796 (92)
Net (increase)/decrease in
current liabilities excluding
bank debt 126 (329) (4,760) 851
Net interest expense 4,077 3,628 11,566 10,618
Warrants settled liability - 1,105 1,127 369
Stock based compensation
expense (262) (208) (1,170) (1,151)
Payments for drydocking costs (7) 528 1,521 528
Amortization of financing
costs (149) (152) (633) (507)
--------- --------- --------- ---------
Adjusted EBITDA 8,021 14,774 27,838 40,106
========= ========= ========= =========
(1) Adjusted EBITDA represents net income before interest,
taxes, gains/losses on derivative instruments, depreciation and
amortization. Adjusted EBITDA does not represent and should not be
considered as an alternative to net income or cash flow from
operations, as determined by US GAAP and our calculation of
adjusted EBITDA may not be comparable to that reported by other
companies. Adjusted EBITDA is included here because it is a basis
upon which we assess our liquidity position because we believe it
presents useful information to investors regarding our ability to
service and/or incur indebtedness.
About Omega Navigation Enterprises, Inc.
Omega Navigation Enterprises, Inc. is an international provider
of global marine transportation services.
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," "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.
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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