Delivery, Charter of Maria Princess

Friday, October 24, 2008

On delivery, the Maria Princess commenced a 30-90 day repositioning time-charter to a major international oil trader at a $50,000 per day rate. A similar charter has also been arranged for the Nippon Princess. Upon conclusion of these charters, the vessels will be located to their natural trading area, the Mid-Atlantic basin, where management will determine the next employment from the various options currently available.

These Aframaxes are part of the eight vessel-Princess series the Company inaugurated in March 2007 with the delivery of the Izumo Princess, christened by Her Imperial Highness Princess Hisako Takamado of . The Company expects to take delivery of the remaining five vessels, including the Nippon Princess, over the next six quarters.

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