Omega Acquires Two Newbuilds From STX

Panamax Products Tankers named OMEGA THEODORE and OMEGA EMMANUEL

Omega Navigation Enterprises, Inc. a provider of global marine transportation services focusing on product tankers, announced today that it has agreed to acquire two newbuilding Ice Class 1A Panamax product tankers. The vessels, which will be named the "Omega Emmanuel" and the "Omega Theodore" upon their delivery to the Company, each have a capacity of approximately 73,000 dwt. and are both currently under construction at STX Shipbuilding Co., South Korea.

The "Omega Emmanuel" is expected to be delivered on March 23, 2007 and the "Omega Theodore" is expected to be delivered on April 26, 2007. Following the delivery of these vessels, Omega Navigation will have a fleet of eight product carriers with a combined cargo carrying capacity of approximately 512,358 dwt. The Company also has options to acquire two additional double hull Ice Class 1A product carriers currently under construction which are expected to be available for delivery between August and September 2007.

The agreed purchase price of the "Omega Emmanuel" and the "Omega Theodore" is $64.5 million per vessel.

George Kassiotis, President and CEO of Omega commented: "The acquisition of these vessels is a continuation of the Company's commitment to the product tanker sector. The acquisition of this new type of vessel offers the Company access to the niche Panamax ice class market, which we believe has significant upside potential, while still offering maximum commercial flexibility. It solidifies our position in this market and our status as the only pure play product tanker company listed on a U.S. exchange. We also continue to implement our strategy of investing in modern, high quality assets, while at the same time increasing shareholder value.

Omega Navigation Enterprises, Inc. is an international provider of global marine transportation services through the ownership and operation of six product tankers. The current fleet includes 6 double hull product tankers with a total cargo-carrying capacity of 366,358 dwt. All six product tankers are chartered out on 3 year period time charters. Furthermore, with the delivery of the Omega Emmanuel and Omega Theodore mentioned above, the Company will have eight product carriers with a combined cargo carrying capacity of 508,758 dwt. The Company also has options to acquire two additional double hull Ice Class 1A product carriers currently under construction which are expected to be available for delivery between August and September 2007.

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