ONAV Omega Navigation Enterprises, Inc. (MM)

MicroStockProfit.com announces a stock report featuring Omega Navigation Enterprises Inc. (Nasdaq:ONAV). The report briefly notes the company's most recent developments and news, and outlines its financial position, market performance, and comparison against industry peers.

The full report is available at: www.microstockprofit.com/lp/ONAV

Omega Navigation Enterprises Inc. (ONAV) is an international provider of marine transportation services focusing on seaborne transportation of refined petroleum products. The Company owns and operates 15 high specification double hull product tankers, with an average age of less than 3.5 years and with a combined cargo carrying capacity of 904.245 dead weight tons (dwt). Two of the vessels, namely the Omega Duke and the Alpine Marina, are owned through two 50% controlled joint ventures with Topley Corp., a wholly owned subsidiary of Glencore International AG (Glencore). ONAV has also formed an equal partnership joint venture company with Topley Corp., through which it is expected to acquire a total of nine newbuilding vessels.

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In the report, the analyst notes:

"ONAV saw its stock rise as much as 72.4% in Thursday's trading, a day after the products tanker operator announced that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has granted all of the interim relief that the Company requested."

"ONAV and certain of its subsidiaries filed for Chapter 11 bankruptcy in the U.S. on July 8. The Company believes the Chapter 11 bankruptcy process will facilitate restructuring, which is intended to restore the Company to long-term financial health."

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