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V.Ships Wins easyCruise Contract

Maritime Activity Reports, Inc.

April 14, 2004

V.Ships Leisure, the passenger ship arm of V.Ships, the world’s leading ship manager and marine services group, has been nominated by easyGroup as the manager for it’s new easyCruise venture.

easyCruise will commence operations in the West Mediterranean in Spring 2005. V.Ships Leisure will include marine planning, technical management and provision of deck and engine crew in its package of services.

The 1990-built Neptune 2 (ex-Renaissance 2), recently acquired by easyGroup, will be delivered on April 15 and immediately taken to Singapore where she will be refurbished and converted into a quality 180-passenger capacity easyCruise vessel.

Commenting on the award of the new contract, Roberto Giorgi, CEO, V.Ships Shipmanagement said: "We are very pleased to be working with easyGroup on this exciting new project. V.Ships is seeking to provide easyCruise with a cost-effective ship management solution while maintaining high service quality and operating standards".

Stelios Haji-Ioannou, founder of easyGroup, added: " I am delighted that easyCruise will get the benefit of the experience of the world’s leading cruise ship management company in the crucial first three years of operation when its reputation will be established in the market place. Together we are determined to show the world that low prices and quality operations can go together thanks to innovation!"

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