Hext to Lead V. Ships Marine Services Division

As part of a Group re-organisation, V.Ships, the world's largest provider of ship management and related marine services, has appointed Richard Hext as Chief Executive Officer of the Groups' Marine Services Division. The move follows a restructuring of the Group into two operating divisions; Ship Management and Marine Services. The newly formed Marine Services Division will oversee all activities of the Group other than ship management, including commercial management, ship agency, consulting, travel, insurance, IT and various other support activities. Roberto Giorgi continues to head up the Ship Management Division, overseeing all cargo and leisure ship management activities within the group. Mr. Hext joins V.Ships from LevelSeas, where he was Chief Executive. LevelSeas, which was acquired by Clarksons in January, was a significant online chartering initiative backed by 34 major players in bulk shipping, including V.Ships. Before LevelSeas, Mr. Hext worked for the Swire Group from 1978-2000. He was Managing Director of P&O Swire Containers from 1991-1995, based in Sydney, and Managing Director of China Navigation Company from 1996-2000, based in Hong Kong. In 2000, Mr Hext was appointed to the boards of John Swire and Sons (HK) Ltd., Modern Terminals Ltd., Hong Kong United Dockyard and Hong Kong Salvage and Towage. Mr. Hext holds an M.A. degree in History and Economics from Worcester College, Oxford. Mr Hext, reporting to Tullio Biggi, President of V.Ships, will oversee operations from the Group's London Office, starting on 7th April, 2003. In commenting on his appointment Mr Hext said : "I am delighted to be joining V.Ships, an ambitious company which befits its market leading status. I look forward to making a significant contribution to the company's future development". Tullio Biggi, President of V.Ships added : "The appointment of Richard Hext will further strengthen our senior management team. Richard is a well known and highly regarded figure in international shipping who will help V.Ships to realise more potential in shipping services".