of Stamford, Connecticut has ordered one 37,000 dwt ice-class 1A product carrier to be built by Hyundai Mipo Dockyard
Co., Ltd., Ulsan, Korea. The vessel is scheduled to be delivered in June of 2005.
Craig H. Stevenson, Jr., Chairman and Chief Executive Officer, said "we continue to grow our core business of double hull product carriers
and Suezmaxes; this is the fifth sister product carrier
on order, three of which will commence five year time charters upon their deliveries in 2004. We maintain our optimistic outlook for both time charter and spot market business."