Contract for transfer of drinkable water from Greece and financial condition of Ocean Tankers

Ocean Tankers and the Board of Directors would like to inform the Cyprus Stock Exchange, the Securities and Exchange Commission and the investing public the following:

A) Contract for transfer of water from Greece

The Company and the Board of Directors would like to express their discontent for the libel by newspaper “Politis”, when on October 25, 2008 it claimed that according to a well-informed Agricultural Ministry source, Ocean Tankers faces liquidity problems and is unable to meet its financial obligations, with the risk of interrupting the contract.

Ocean Tankers would like to inform the CSE authorities, the SEC, its shareholders, the investing public and the government that this article is nit true.

Also, the Company would like to announce that the transfer of drinkable water from Greece continues and it deals successfully with the problems that emerge from time to time, respecting the contract signed with the Republic of Cyprus.

B) Background – financial condition

- It is the first and only shipping company that joined the Cyprus Stock Exchange on December 6, 2006 with three double-hull tankers
- Within the period of two years, the Company multiplied its fleet by five and its transfer ability by ten.
- The Company enforced its 5-year plan in two years only, using the equity of its major shareholders and hardly ten million dollars by the public.
- The Company’s fleet has 15 tankers and will receive its 16 newly-fangled tanker in late November – early December.
- All tankers are of double-hull, new technology and of an average age of six years.
- Its strong share structure is a guarantee for the future. The major shareholders, who hold 90% of the Company, are Michalis Ioannides, Polys Loucas Hadjiioannou, Marfin Bank, Bank of Cyprus and other firms. The remaining 10% is held by the public.

Ocean Tankers Holdings Public Company Limited