Message Font: Serif | Sans-Serif
No. of Recommendations: 1
I am wondering if you can shed any light on this industry/company for me. Quick look at the financials seems very odd to me in that the listed assets were $500M+ vs $275M in liabilities and the forecasted MOR for July showed them cash flow positive. Both strange, no?

I think Omega Navigation is a minnow, and likely a dead minnow, at that. From what I recall,
ONAVQ used to own a bunch (less than 10) of product tankers. The
company also got involved
in a JV deal with Glencore. I think one of their existing vessels got moved into the JV deal.
From browsing the BK filing, I think I remember the company saying the JV assets were excluded.

You think the 8-10 vessels are worth $500M? I don't.
I think the vessels are modern (each LT 10 years old), but that doesn't mean they have retained their value.
I'm not so familiar with the product side of tankers. But I also don't think the sector can obtain the
type of rates the spot crude tanker markets can obtain with above average, or even average rates.
Again, I have no horse in this race. YMMV.
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.