Omega Navigation in jv to acquire newbuilding

Omega Navigation Enterprises, Inc., a provider of global marine transportation services focusing on product tankers, has taken delivery of the first of its seven 47,000 dwt newbuildings, the ‘Omega Duke’.

In May 2008, Omega announced it had entered in to an agreement with an unrelated third party to purchase two newbuilding 47,000 dwt coated product / chemical tankers under construction at Hyundai Mipo Dockyard in South Korea. Omega and Glencore International AG (through wholly owned subsidiaries) have agreed to enter into an equal partnership joint venture for the purchase of the first of the above vessels.

Consequently, the ‘Omega Duke’ was recently purchased by a company belonging to the joint venture at a price based on current market valuation. The owning company has time chartered the vessel to ST Shipping (Glencore International, AG) at current market rates for a period of five years.