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Another Brostrom Newbuilding Launched

Maritime Activity Reports, Inc.

October 6, 2003

At a ceremony on October 4 at the Shipyard Ferus Smit in the Netherlands, another product tanker was launched and named. The vessel was given the name BRO GRATITUDE by her Godmother Mrs Karla Peijs, Minister of Transport, Public Works and Water Management in the Dutch Government. In her speech to the participants attending the launching Mrs Peijs emphasized the growing importance of quality shipping as part of the European infrastructure. She also commented that shipping policy in Europe has made great progress during the past few years but there is still potential for improvements aiming at further increasing the benefits of efficient shipping services in European waters. "The comments made by the Dutch Minister confirms that Broström's strategy in building a strong market position with modern quality oil product tonnage in Europe is right", says Broström's CEO Lennart Simonsson. The BRO GRATITUDE is the seventh in a series of eight similar 6,900/7,600 dwt double-hulled product tankers and will after delivery later this year join the Broström fleet of modern product tankers serving under cargo contract that Broström has with major oil companies. The other vessels delivered in this series so far are BRO GRACE, BRO GLORY, BRO GLOBE, BRO GALAXY, BRO GEMINI and BRO GENIUS. BRO GRATITUDE, together with her sister vessels, is owned by Broström and Erik Thun by 25% each, the balance being owned by Dutch investors.

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