MAMIDAKIS BROTHERS GROUP - FUTURE STRATEGY IN SHIPPING

FUTURE STRATEGY IN SHIPPING

The management realized that under the present environmental restrictions applied in the tanker market the old overaged deep sea tankers could not make profits in the spot market any longer. To this respect the overage tanker fleet was sold during 1994 and 1995. The company may reinvest in older tanker units only to service, if necessary, the international trade needs of the affiliate oil trading companies of the Group.

The Company will consolidate her position in the dry cargo market with 4 to 5 older, but well maintained, Panamas and Handy max units.

The management is considering investing into one or two 15 year-old product tankers in the immediate future. The employment of the first product tanker may be supported by the bulk trading of petroleum products in the spot market.

The management is also considering purchasing a smaller products tanker of 3000 to 5000 DWT to service the trading needs of the Group's affiliate Cos in smaller quantities of Clean Petroleum Products to Albania and New Yugoslavia.

MAMIDAKIS BROTHERS GROUP