EMS, Eletson Sign Training Agreement

EMS Ship Management and Eletson Corporation signed an agreement for Training of Eletson Officers for LPG Trade. The agreement involves a two-year Training Program run by EMS Ship Management and its affiliate EMS Crew Management onboard the LPG Carriers managed by them, to ensure that Senior seagoing Officers of Eletson Corporation are trained to operate/manage LPG Carriers. Both EMS Ship Management and Eletson Corporation are leading companies in their respective fields of ship management and ship owning. Eletson’s move into LPG marks its new growth strategy into a sector expected to play an increasingly important role in the global gas and energy supply picture. In embarking on this new venture, the Company will apply the same values and commitment that have made Eletson a market leader in product tankers. Eletson owns and operates one of the world's largest fleets of medium and long range product tankers comprising 28 double hull tankers with a combined capacity of 1,842,301 dwt. All vessels sail under the Greek flag. The Company has on order six 52,000 dwt IMO III product tankers, four 35,000 cbm LPG/NH3 carriers at Hyundai Mipo, South Korea and two 51,000 dwt IMO III product tankers at SLS, South Korea. The vessels are scheduled for delivery from 2008 to 2010.