Tony Crawford News

MC Shipping announces that with effect from August 1st, Tony Crawford, CEO of V.Ships Financial Services & Projects Division, will take up the position of CEO and President of MC Shipping. On secondment from V.Ships, Tony takes over from Enrico Boggazzi as CEO and Guy Morel as President. Crawford will also replace Tullio Biggi on the Board of Directors of the Company. The new management will implement a business plan which will grow MC Shipping's activity around a number of market opportunities including the LPG sector. The Board also announces the formation of a Nominating and Governance Committee made up of the independent directors. This Committee is being formed a year ahead of the time mandated by current legislation.

MC Shipping Inc. announced a Net Income for the quarter ended June 30, 2004 of $670,800 or $0.08 per share, compared to a net income of $515,231 or $0.06 per share in the corresponding period in 2003. Total revenues in the second quarter of 2004 were approximately $7.9 million compared to $9.9 million in the corresponding quarter of last year. The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $3.1 million, and the ratio of EBITDA to interest was 3.4x. In the corresponding quarter of 2003, EBITDA was approximately $4.7 million and the ratio of EBITDA to interest was 3.7x. In the first six months of 2004, Net Income totaled $1,530,484 or $0.18 per share compared to a net income of $983,959 in the first six months of 2003.

In a move to expand the group’s range of financial services, V.Ships has appointed Jesper Clausen as Managing Director of V.Ships Denmark. V.Ships Denmark, forms a part of V.Investments, the financial services arm of the V.Ships group which is responsible for its investment in MC Shipping, the Amex-listed ship owner, its chartering venture and its advisory and arranging services. Jesper assumes a senior position in building the financial team and in continuing to expand the range of V.Ships Group activities. This move builds on V.Investments’ portfolio of financial services which includes a joint venture with KGAL, AL Ships, GIE financing through V.Ships France, and more general advisory and arranging work performed from offices in London, Singapore and Rotterdam.