Omega Navigation Enterprises Vessel Rescues Man at Sea

January 9, 2008 Piraeus, Greece, – Omega Navigation Enterprises, Inc. (NASDAQ:ONAV, SGX:ONAV50), a provider of global marine transportation services focusing on product tankers announced today that on January 3, 2008, the crew of its product tanker M/V Omega Lady Sarah rescued an American citizen whose yacht sank off the coast of the Bahamas.

The M/V Omega Lady Sarah was on a laden voyage from New Orleans to Gibraltar when its crew members intercepted, off the coast of the Bahamas, a distress call from the sailing yacht “Alchemy”. The vessel diverted from its course and with seas swelling to approximately 11.5 feet recovered the 32 year old American citizen shortly before his yacht sank. The crew members administered first aid and provided warm clothing, food and water to the survivor, who according to his statement had spent 42 days at sea the last 4 of which without food.

Following the recovery, the Omega Lady Sarah was contacted by the U.S.. Coast Guard and instructed to divert to Nassau, Bahamas, where the recovered sailor was delivered to local authorities and received medical attention. After Nassau, the M/V Omega Lady Sarah returned to its original itinerary, towards Gibraltar. George Kassiotis, President and Chief Executive Officer of Omega Navigation, commented: “We applaud and congratulate the captain and the crew members of the M/V Omega Lady Sarah for this rescue operation. Their quick response and well coordinated action were critical in rendering the proper assistance and saving the life of a fellow mariner. This rescue action is a testament to the commitment of Omega Navigation Enterprises to put the well being of a human life above all other priorities at sea.” For a detailed account of the rescue and for pertinent pictures please visit our corporate website at www.omeganavigation.com

About Omega Navigation Enterprises, Inc.
Omega Navigation Enterprises, Inc. is an international provider of global marine transportation services through the ownership and operation of eight double hull product tankers. The current fleet includes eight double hull product tankers with a carrying capacity of 512,358 dwt. These eight product tankers are chartered out under three-year period time charters. Furthermore, the company recently announced the signing of shipbuilding contracts to construct and acquire five newbuilding double hull Handymax product tankers each with a capacity of 37,000 dwt scheduled for delivery between March 2010 and early in 2011. With the addition of these five vessels, the Omega fleet will expand to 13 product tankers with a total deadweight capacity of 697,358 tons.

Omega Navigation Enterprises, Inc.