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 second quarter ended June 30, 2007.
The Company had previously announced the declaration of its quarterly cash dividend with respect to the second quarter of 2007 of $0.50 per share payable on August 31, 2007 to stockholders of record on August 17, 2007.
Omega Navigation Enterprises, Inc. was incorporated in the Marshall Islands in February 2005. On April 7, 2006, the Company successfully completed its Initial Public Offering of 12,000,000 Class A Common Shares at $17 per share raising a total of $204 million in gross proceeds. Omega Navigation's Class A Common Shares commenced trading on the NASDAQ National Market on April 7, 2006 and on the Singapore Exchange Securities Trading Limited on April 10, 2006.
For the quarter ended June 30, 2007, Omega Navigation reported total revenues from continuing and discontinued operations of $18.0 million and Net Income of $3.8 million, or $0.25 per share. The Company booked an expense of $394 thousand, or $0.03 per share, related to the initial outfitting and other expenses associated with the delivery of the Omega Theodore, which the Company took delivery from the shipyard on April 26, 2007. Excluding these expenses, Net Income was $4.2 million or $0.28 per share. EBITDA from continuing and discontinued operations for the second quarter of 2007 was $12.1 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.
Net Income included $953 thousand of revenues from profit sharing on charters of the vessels Omega Lady Sarah and Omega Theodore.
Discontinued operations refer to the operation of the two dry bulk carriers that the Company agreed to sell in September 2006 and delivered on schedule to their new owners in January 2007.
The Company owned and operated an average of 7.7 vessels during the second quarter of 2007 versus an average of 2.6 vessels during the second quarter of 2006. Excluding profit sharing, the Panamax product carriers earned an average time-charter equivalent rate of $25,017 per day per vessel versus $26,421 in the second quarter of 2006. The Handymax product tankers earned an average time charter equivalent (excluding profit sharing) of $ 20,799 per vessel per day versus an average time charter equivalent of $20,788 per day in the second quarter of 2006. During the second quarter of 2006, the Company's fleet also included two dry bulk carriers, which as mentioned above were sold in September 2006 and delivered to their new owners in January 2007.
The Company had previously announced the declaration of its quarterly cash dividend with respect to the second quarter of 2007 of $0.50 per share payable on August 31, 2007 to stockholders of record on August 17, 2007.
Omega Navigation Enterprises, Inc. was incorporated in the Marshall Islands in February 2005. On April 7, 2006, the Company successfully completed its Initial Public Offering of 12,000,000 Class A Common Shares at $17 per share raising a total of $204 million in gross proceeds. Omega Navigation's Class A Common Shares commenced trading on the NASDAQ National Market on April 7, 2006 and on the Singapore Exchange Securities Trading Limited on April 10, 2006.
For the quarter ended June 30, 2007, Omega Navigation reported total revenues from continuing and discontinued operations of $18.0 million and Net Income of $3.8 million, or $0.25 per share. The Company booked an expense of $394 thousand, or $0.03 per share, related to the initial outfitting and other expenses associated with the delivery of the Omega Theodore, which the Company took delivery from the shipyard on April 26, 2007. Excluding these expenses, Net Income was $4.2 million or $0.28 per share. EBITDA from continuing and discontinued operations for the second quarter of 2007 was $12.1 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.
Net Income included $953 thousand of revenues from profit sharing on charters of the vessels Omega Lady Sarah and Omega Theodore.
Discontinued operations refer to the operation of the two dry bulk carriers that the Company agreed to sell in September 2006 and delivered on schedule to their new owners in January 2007.
The Company owned and operated an average of 7.7 vessels during the second quarter of 2007 versus an average of 2.6 vessels during the second quarter of 2006. Excluding profit sharing, the Panamax product carriers earned an average time-charter equivalent rate of $25,017 per day per vessel versus $26,421 in the second quarter of 2006. The Handymax product tankers earned an average time charter equivalent (excluding profit sharing) of $ 20,799 per vessel per day versus an average time charter equivalent of $20,788 per day in the second quarter of 2006. During the second quarter of 2006, the Company's fleet also included two dry bulk carriers, which as mentioned above were sold in September 2006 and delivered to their new owners in January 2007.