Ocean Tankers in positive profit warning

Ocean Tankers Plc (OCT) issued a positive profit warning for its 1H08 results on the back of an increase in the Company’s fleet. A year ago in 1H07 OCT posted a net profit figure of EUR 942.000. According to Management the improved profitability is mainly attributed to the full exploitation of 11 tankers during the period under consideration, compared to 5 tankers under operation during first half in 2007. In addition to the 2 tankers that have been received on April 23 2008, the Company’s fleet is expected to increase to 16 tankers by the end of 2008, with addition of 3 more tankers.