of Stamford, Ct., announced that on February 26, 2004 it had taken delivery of the LOIRE, the first of seven 37,000 dwt product carriers designated
as ice-class 1A, being built for it by Hyundai Mipo Dockyard Co. in Ulsan, Korea. The vessel has commenced a five year time charter party with a major oil company at a base rate with profit sharing in excess of the base rate.
Craig H. Stevenson, Jr., Chairman and Chief Executive Officer said "we continue our strategy of growth with secure revenue. This vessel and four of the six sisters to follow are time chartered for five years from delivery, adding to our secured growth, improving our age profile and putting us in a leading position in ice-class product carriers."