Omega Navigation Enterprises, Inc.

1
Omega Navigation Enterprises, Inc.

• Jefferies Third Annual Shipping Conference
• September 27, 2006

2
Forward Looking Statements

• Statements in this presentation which are not
  statements of historical fact are
  forward-looking statements. These
  forward-looking statements are based on the
  information available to, and the expectations
  and assumptions deemed reasonable by, the Company
  at the time this presentation was made. Although
  the Company believes that the assumptions
  underlying such statements are reasonable, it can
  give no assurance that they will be attained.
  Factors that could cause actual results to differ
  materially from expectations include the risks
  detailed under the caption Risk Factors in the
  Companys registration statement. The statements
  in this presentation are summary and are
  qualified by reference to the Companys
  registration statement, which you should read in
  its entirety.

3
Omega Management
Robert Flynn, Chairman

• President of Mallory Jones Lynch and Flynn
  Associates, Inc., a Stamford, CT and Geneva,
  Switzerland tanker brokerage firm focusing on
  chartering, sales and purchase, new building
  contracts and consulting
• Joined the firm at its inception in 1979
• Five years as a commissioned officer in the U.S.
  Coast Guard
  
• U.S. Coast Guard academy graduate

George Kassiotis, President, CEO and Director

• 15 years of experience in the shipping industry
• President, CEO and Director of Omega since
  Companys inception in February 2005
  
• Commercial Director of Target Marine since 1996
  and Senior Executive Director since 1999
  
• Responsible for vessel sale and purchase, project
  development, financing and other transactions
  effected by other shipowning affiliatesof Target
  Marine

Gregory McGrath, Chief Financial Officer

• Over 30 years of experience in the
  shipping/energy industry
  
• Vice President of Finance and Administration at
  American Eagle Tankers from 1995 to 2004
  
• Vice President of Finance and Administration at
  Marine Transport Lines from 1990 to 1995
  
• Held various financial/shipping/supply positions
  with Mobil Oil Corp. (now ExxonMobil) for 16
  years

4
Omega Navigation key developments
Successful Global IPO

• Raised 204 million
• Offered 12,000,000 Primary Class A shares at 17
  per share
  
• Trades on NASDAQ (ONAV) and in Singapore

Fleet Development

• All six identified product tankers delivered by
  August 1st, 2006
  
• On Sept. 20, 2006, agreed to sell dry bulk fleet,
  becoming a pure play product tanker company

Secure long-term fleet deployment

• All product tankers entered into minimum 3-year
  time charters with first class charters
  
• Profit split on four of the six tankers provides
  upside potential

Quarterly Dividend

• Paid first quarterly dividend of 0.50 per share
  to all shareholders on August 31st, 2006
  
• At recent share price of 15.00 the dividend
  yield is 13.3

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Key investment highlights
Disciplined Growth Strategy with Stable Dividend
Payout
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Key product tanker industry dynamics

• Product tanker expected to benefit from material
  ton-mile demand expansion
  
• Strong global oil consumption growth
• Growing dislocation between refining and
  consuming areas
  
• Attractive demand/supply dynamics
• Majority of current orderbook set to replace
  aging, non double-hull fleet
  
• IMO and other regulations will further enhance
  the employment of product tankers in the future
  
• Reflecting a strong orderbook, global product
  tanker fleet capacity is expected to increase
  between 2006 and 2007 when Omega's fleet has full
  charter employment
• Charter rates have remained strong
• Increased focus on certainty of product transport
  access
  
• Rising product values
• Growing arbitrage

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Refinery Capacity is Not Meeting Demand
Crude Refining Capacity vs. Consumption
New Refineries and Expansions (2005-2015)
MM B/D
Surpluscapacity
MM B/D
Represents 16 of global refinery expansion
Source ICF Consultants Refinery Report 2005
Source Wood Mackenzie
Over the next 10 years, the Middle East will
account for 27 of global refinery
capacity expansion, while increases in domestic
product demand accounts for only 17 of the globa
l demand increase
Much of the expansion will take place in
oil-producing regions, increasing ton-mile
demand in the product sector
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and Products are Replacing Crude in Seaborne
Trade
Crude Oil and Oil Products Seaborne Trade
Refined Product Surplus / Deficit
Source Cambridge Energy Research Associates, Inc.
Source Clarkson
High consumption levels and limited increases in
capacity in North America and China are driving
long haul product voyages of refined products
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Young, High Quality Fleet
Agreement to sell as of 9/20/2006
With an average age of 1.6 years Omega has the
youngest fleet among its peers
10
Fleet Employment and charter coverage
Overview of Charter Parties
Percent of operating days already secured under
time charters (Subsequent to sale of vessels as
of 9/20/2006)

Time charters with blue chip charterers provide
downside protection with upside potential on
profit sharing arrangements
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Omega Navigation- A pure play product tanker
company
Agreement to sell dry bulk fleet (9/20/2006)

• For a total gross consideration of 82.5
  million
  
• Delivery between November 15, 2006 and January
  15, 2007

Use of proceeds

• About half of the proceeds will pay down a
  portion of existing debt
  
• Enhances our ability to further invest in product
  tanker sector
  
• Other general corporate purposes

Omega Navigation the only US listed pure play
product tanker company
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International Team of Directors and Managers
London

• Nicolas Borkmann
• Director
• Senior Shipbroker at ACM Shipping Ltd.
• Kevin Harding
• Director
• Former Senior VicePresident of Star Reefers UK
  Ltd.

• Shariq Azhar
• Director
• Vice Chairman of Injaz Mena Investment

Connecticut
Athens
Abu Dhabi
New York
Singapore

• Robert Flynn
• Chairman
• President of MJLF(Shipbrokers)
• Matthew McCleery
• Director
• President of Marine Money International

• Gregory McGrath
• CFO
• Former Vice President-Finance of American Eagle
  Tankers

• George Kassiotis
• President, CEO, Director
• President since inception
• Former Executive Director atTarget Marine
• Harilaos Loukopoulos
• Executive VP, COO,
• General Counsel, Director
• Executive VP, COO, GeneralCounsel since inception

• Dr. Chiang Hai Ding
• Director
• Former Advisor to CEO of Neptune Orient Lines

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Q2 and six months 2006 highlights
OperationalHighlights

• All six vessels delivered and operational by
  August 1st, 2006
  
• 100 fleet utilization achieved since delivery

FinancialPerformance

• Q2 and six months voyage revenue of 5.2mm and
  9.1mm respectively
  
• Q2 and six months EBITDA of 3.3mm and 10.9mm
  respectively
  
• EPS of 0.20 and 1.01 for Q2 and six months
  respectively
  
• Paid 0.50 dividend on August 1st, 2006

CapitalStructure

• Moderate leverage with debt to total
  capitalization of 53 afterdelivery of 6th
  vessel
  
• Excess capacity of 53 million in our existing
  credit line
  
• Interest expense certainty on term facility

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Dividend Subordination Policy
Quarterly cash dividends to equal cash flow from
operations less cash expenses and reserves
Public InvestorsClass A Shares 79.3 of
outstanding
ONE Holdings, Inc.Class B Shares 20.7 of
outstanding

• Receive 2.00 per share before any dividends to
  subordinated shares
  
• Receives arrearages
• One vote per share

• Receive dividends only after full dividend is
  paid to common shares
  
• No arrearages
• Indefinite subordination period conversion
  based on tests
  
• One vote per share

Subordinated share structure enhances ability to
pay dividends to public shareholders
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Strong Platform for Growth
Focus on strong anticipated demand for product
transportation
Operate high-qualitymodern fleet
Strong growthwith stable dividends
Maintain high level of charter coverage with
reputable charterers
Maintain cost-efficient operations
Management focused ongrowth via acquisitions
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Attractively positioned versus peers
Fleet Age (years)
International Product Exposure¹
NA
NA
NA
2006E Dividend Yield
Source Public filings and research. Stock price
as of 9/13/06
1 Weighted by dwt
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Appendix
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Q2 and Six Months 2006 Operational Highlights
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Q2 Six Months 2006 Financial Highlights
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Strong Balance Sheet
Moderate Leverage Net debt to cap June 30, 2006
48 - After delivery of 6th vessel 53
Excess capacity of 53 million in our existing
credit line Interest expense certainty on term f
acility Fixed payment for yr 1 Floor
Ceiling for yrs 2-3
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Contacts

• Company Contact
• Gregory A. McGrath
• Chief Financial Officer
• Omega Navigation Enterprises, Inc.
• PO Box 272
• Convent Station, NJ 07961
• Tel. [phone]
• E-mail gmcgrath_at_omeganavigation.com
• Web www.omeganavigation.com
• Investor Relations / Financial Media
• Nicolas Bornozis
• President
• Capital Link, Inc.
• 230 Park Ave., Suite 1536
• New York, NY 10169
• Tel. [phone]
• E-mail nbornozis_at_capitallink.com