Ocean: Reorganization of fleet

25/11/2008

Ocean Tankers Holdings Public Company Limited would like to inform the Cyprus Stock Exchange and the investing public that after a market research, it decided to sell tanker M/T Gemi at the price of $28 million. The newly-fangled tanker had been acquired by the Company at $22.945 million.

The net profit that will result from the sale above stands at $5 million.

The Board of Directors decided to sell M/T Gemi taking into account the global economic crisis and in an effort to secure the shareholders’ interests enjoying a net profit of $5 million.

The sale of the tanker entails the drop in the Company’s borrowing by $18.2 million, which improves its balance sheet and the economic indices (Leverage).

According to the current economic conditions and the crisis in the global credit industry, the Board of Directors believes that the sale of M/T Gemi was at a privileged price and at the right moment.

Further to the announcement dated November 14, 2008, the Company will receive on November 28, 2008 the latest newly-fangled tanker M/T Vasi of 12,800 tones. The tanker has already been chartered for its first trip from Korea to Europe with a daily charter of $14,000. The Board of Directors’ decision on the sale of M/T Vasi will depend on the economic conditions and its time charter.

Ocean Tankers Holdings Public Company Limited