PIRAEUS, GREECE -- (Marketwire) -- 05/26/09 -- Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SES: ONAV50), a provider of global marine transportation services focusing on product tankers, announced today that it has entered in to a new time charter agreement on the Omega King for a period of one year with an option period of one year with Torm A/S (Torm).

Time Charter of the Omega King

Effective May 23, 2009, the Omega King entered into a new one year time Charter with its current charterer, Torm, with Torm having the option to extend the charter for an additional year at a higher rate. The vessel will be chartered for the first year at an average base rate of $16,500 per day with a profit sharing arrangement between Omega and Torm. That base rate the second year increases to $20,000 per day with a profit sharing arrangement with earnings above that base level shared equally between Omega and Torm.

This charter gives the Company 100% time charter coverage currently. For the second half of 2009 until mid 2010 the Company currently has 75% time charter coverage on its current fleet.

George Kassiotis, President and CEO of Omega commented, "We are extremely pleased to continue our excellent relationship with Torm, who has been chartering the Omega King since its delivery from the shipyard. Torm is a valuable partner in the product tanker market and an extremely good counterparty, having been founded in 1889 and is listed on both the Copenhagen stock exchange and the NASDAQ. This recent fixture is expected to generate EBITDA, before any additional income from the profit sharing arrangement, of approximately $3.9 million in the first year and $5.1 million in the second year if the option is declared. Even in this very challenging economic climate and difficult shipping markets, Omega is coming closer to having its entire fleet chartered out to be better able to weather these current conditions."

About Omega Navigation Enterprises, Inc.

Omega Navigation Enterprises, Inc. is an international provider of global marine transportation services through the ownership and operation of nine double hull product tankers. The current fleet includes nine double hull product tankers with a carrying capacity of 559,358 dwt., of which one double hull product tanker, with a capacity of 47,000 dwt, is owned through a 50/50 joint venture with Glencore International AG (through wholly owned subsidiaries). These nine product tankers are chartered out under period time charters. Furthermore, the company has also announced the signing of shipbuilding contracts in June of 2007 to construct and acquire five additional product tankers with a capacity of 37,000 dwt each scheduled for delivery between March 2010 and early in 2011.