Omega Navigation Enterprises, Inc. Announces Shipbuilding Contracts

Piraeus, Greece – Omega Navigation Enterprises, Inc. a provider of global marine transportation services focusing on product tankers announced today that it has signed shipbuilding contracts with Hyundai Mipo Dockyard, a preeminent shipyard, in South Korea, to construct and acquire five newbuilding double hull handymax product tankers each with a capacity of 37,000 dwt. Four of these product tankers are scheduled for delivery in 2010 starting in the first quarter of 2010, with the fifth scheduled for delivery for February 2011.