Dorado Tankers News

Heidmar Inc. announced on Feb. 12 that longstanding pool member, Tsakos Shipping and Trading S. A., entered the M/T Selini into the Star Tankers pool on January 12, 2009. A second new building, the M/T Salamina, is scheduled to enter the Star Tankers pool in mid-February. Both vessels were built at Sungdong Shipyard in Korea. Heidmar also announced that Sanko Steamship Co. has committed two additional vessels to the Star Tankers pool. The M/T Moonlight Venture entered the pool on January 17, 2009 and the M/T Larvik will enter in March. With the delivery of these four vessels, the Star Tankers pool will consist of a fleet of 35 modern, double hull panamax tankers, which trade on a world-wide basis and carry both crude oil and petroleum products.

Heidmar Inc. announced that Mercator Lines Limited of India China Shipping Development and Conti Reederei of Germany will be joining the Sigma Tankers pool and that Emirates Trading Agency of Dubai an existing member of both Sigma and the Heidmar managed Dorado Tankers pool, will be entering two more vessels into Sigma Tankers. Mercator and China Shipping, also members of the Dorado Tankers pool, will enter one vessel each into Sigma Tankers. Conti will take delivery of two coated LR2 tankers from Hyundai Heavy Industries in 2009. These two vessels have been fixed on time charters and will be entered into Sigma Tankers at the end of these charters. Sigma Tankers recently entered the clean LR2 trade with the delivery of two newbuildings in July and September.

Heidenreich Marine plans to implement a new organizational structure. The purpose of the new structure is to better serve the company's existing customers and pool partners and to facilitate Heidmar's growth in oil transportation and related industries. A new parent company, which will be called Heidmar Inc. will be formed to provide oversight of all the Heidmar companies and to manage the strategic growth of the organization. Per Heidenreich, currently the President of HMI, will become the Chairman and CEO of Heidmar. Charles Tammara, who is currently a Vice President and CFO of HMI, will become an Executive Vice President and CFO of Heidmar.

Heindenreich Marine has created a new global clean petroleum product tanker pool - Dorado Tankers - to be managed from Heidmar's new office in Darien, Conn. The focus of the new company will be to operate product tankers under a common umbrella - similar to the Star Tankers' panamax pool. Heidmar also reported that it has elected David G. Palmer as vice president of the company, as well as managing director of Dorado Tankers. Palmer previously served as CEO of the International Product Carriers Pool and as senior executive with Stolt-Nielsen.