Ocean Tankers to receive two Korean tankers

Ocean Tankers Holdings Public Ltd (OCT) announced that on July 22 2008 it will receive the first of the two tankers constructed at the STX Shipyard in South Korea.

The first tanker is of 12,800 tonnes capacity and is called M/T GEMI. With the receipt of this ship, the Company’s fleet will increase from 13 to 14 tankers. According to the announcement, with the increase of the fleet and the delivery of two more tankers, M/T Stavrodromi (first 10 days of September 2008) and M/T VASI (December 2008) respectively, the Company’s turnover and profitability will increase significantly in 2008.

In the meantime, OCT will proceed with the issue and allocation of 161,631,810 rights to all shareholders who will hold shares on June 30, 2008. For every existing share, 1 right will be allocated. Every 5 rights exercised will be converted into 2 new ordinary shares of nominal value $0.20 each with an exercise price of EUR0.55 for every new share allocated. If all rights are exercised OCT expects to raise approximately EUR35.3 mln which will be used to partly finance the expansion of its fleet.