Omega Navigation Enterprises, Inc. Announces Its Joint Venture Company, Megacore Shipping Ltd., Has Taken Delivery of Mr1 Product Carrier Megacore Honami and Commencement of Time Charter Contract with Nippon Yusen Kaisha (NYK Line)

March 15, 2010

Athens, Greece, March 15, 2010 - Omega Navigation Enterprises, Inc., (NASDAQ:ONAV, SGX: ONAV50),a leading provider of Marine Transportation services specializing in product tankers, announced today the delivery on February 25, 2010 from Hyundai Mipo Dockyard in S. Korea of the Megacore Honami, a 37,000 dwt. product/chemical carrier. The vessel is owned by a company fully owned by Megacore Shipping Ltd., an equal partnership joint venture between Omega and a wholly owned subsidiary of Glencore International, A. G. The Megacore Honami represents the first in a series of nine newbuildings (2 MR1s and 7 LR1s) for Megacore. In addition to this vessel, Megacore is scheduled to have 2 additional deliveries in 2010, 4 newbuilding vessels in 2011 and 2 vessels to be delivered in 2012. The addition of the Megacore Honami brings the Omega fleet to 10 vessels, either owned directly or through joint venture companies. The Megacore Honami, immediately subsequent to the delivery, commenced a three year time charter with NYK Line.

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 ten double hull product tankers (two through joint ventures) with a carrying capacity of 596,358 dwt, all of which are under time charter contracts with an average age of less than four and ½ years. In addition to the above mentioned nine newbuilding vessels the Company has also announced the purchase of an additional product tanker with a capacity of 47,000 dwt (through a joint venture) scheduled for delivery in the third quarter 2010. With the addition of these ten vessels, Omega's fleet will expand to 19 product tankers with a total deadweight capacity of 1,252,358 dwt.

The Company was incorporated in the Marshall Islands in February 2005. Its principal executive offices are located in Athens, Greece and it also maintains an office in the United States.

Omega Navigation's Class A Common Shares are traded on the NASDAQ National Market under the symbol "ONAV" and are also listed on the Singapore Exchange Securities Trading Limited under the symbol "ONAV 50."

Omega Navigation Enterprises, Inc.