Ocean: Term sheet with ABN Amro Bank
for re-planning of existing loan

08/02/2010

The Board of Directors of Ocean Tankers Holdings Public Company Limited is pleased to announce the signing of a term sheet between the Company and ABN Amro Bank SA as agent of the remaining six mortgage banks, for the re-planning of its existing loan.

The main terms of the agreement that will help the Company face the shipping crisis are the following:

1. All instalments for 2010 and until April 30, 2011 will be capitalized and will be added at the expiry of the loan on December 31, 2017.

2. From January 1, 2010 to June 30, 2010 all accumulated interests (Libor plus 2.5% margin) will be capitalized and will be added at the expiry of the loan on December 31, 2017.

3. From January 30, 2010 to September 30, 2010 the Company will pay loan interests with Libor plus 1.5% margin, while the libor plus 1% margin difference will be capitalized and will be added at the expiry of the loan on December 31, 2017.

4. From September 30, 2010 onwards the Company will pay libor plus 2.5% margin.

5. The Company’s economic commitments that are related to Security Value Maintenance, Corporate Leverage, ratio of EBITDA over Interest Expense, and Minimum Corporate Liquidity are lifted for the period until April 30, 2011.

Further information will be included in the indicative and final results for 2009.

Based on those developments, the Company’s financial condition is boosted in a period of crisis for shipping. Both its modern fleet and the recovery of the global economy contribute to the enforcement of its strategic planning in the global shipping.

Ocean Tankers Holdings Public Company Limited