Omega Navigation Declares Quarterly Cash Dividend

Omega Navigation Enterprises, Inc. announced that its Board of Directors declared a quarterly cash dividend with respect to the second quarter of 2008 of $0.50 per common share payable August 29, 2008 to shareholders of record on August 18, 2008. This is the ninth consecutive dividend of $0.50 per share paid to investors since the Company went public in April, 2006.

Omega Navigation Enterprises also announced that it will release its results for the second quarter ended June 30, 2008 after the close of the market on Monday, August 25, 2008.

On Tuesday, August 26, 2008 at 10:00 A.M. EDT, the company's management will host a conference call to discuss the results.