Omega Navigation Enterprises, Inc. (Omega) is a holding company. The Company owns and operates a fleet of six double hull Panamax (LR1) product tankers and two Ice Class 1A double hull Handysize (MR1) product tankers. The Company also participates in a 50% controlled joint venture, which owns and operates a double hull Handymax (MR2) product tanker that was delivered in April 2009. It generates revenues by employing the vessels in its fleet on long–term time charters with durations of approximately three years from the commencement of the charter. For the eight wholly owned vessels in its fleet, the Company provides the commercial management in-house through a wholly owned subsidiary, and has entered into technical management agreements for its vessels with unaffiliated third parties. For the vessel owned by the 50% controlled joint venture, it provides the technical management of the vessel.