PIRAEUS, GREECE -- (Marketwire) -- 08/25/08 -- Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced today that it has concluded an agreement to charter one of its five 37,000 dwt. newbuilding product tankers to NYK Line for three years commencing on delivery of the vessel from the shipyard. The vessel is scheduled to be delivered from Hyundai Mipo shipyard around March 2010.

The charter on the vessel is expected to generate annual EBITDA of approximately $ 6 million per year. Also, at the expiration of the initial three year charter period, NYK has the option to extend for two one year periods at higher rates.

The charterer, NYK Line, is a very large Japanese shipowner, operator and logistics company with operations worldwide. They have interests in the liner/container, cruise, terminalling, dry bulk and tanker businesses. They have an asset base of over $22 billion and in their most recent fiscal year generated revenues of almost $26 billion had an operating profit of $2 billion and net income of over $1 billion. They own and/or operate approximately 777 vessels of all types of which 79 are tankers with a capacity in excess of 12 million deadweight tones, as well as 30 LNG carriers.

George Kassiotis, President and CEO of Omega, commented: "We are extremely pleased to announce the time charter of the third of our seven newbuilding vessels. We had previously announced the charter of our two 47,000 dwt. vessels to ST Shipping (Glencore International, AG), the first of which is expected to be delivered in June 2009 and the second in July of 2010.

"This charter of the high specification 37,000 dwt. newbuilding product tanker to NYK Line is a very exciting development for Omega Navigation. In addition to securing a very profitable three year timecharter, we have expanded our customer base to include an extremely strong counter party. Also, we have expanded the geographical area of our customer base, into Asia, which we believe could generate further growth opportunities for us. NYK is a first class company with a very strong balance sheet and access to markets all over the world. We hope this leads to a very strong partnership between the two companies and anticipate creating further operational synergies between us in the future."

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 eight double hull product tankers with a carrying capacity of 512,358 dwt which are chartered out under three-year time charters with an average age of less than three years.