Eletson announces the retirement of Gregory B. Hadjieleftheriadis

PIRAEUS, April 4, 2006 – Eletson Holdings Inc. announced today that its co-founder, shareholder, director and Eletson Corporation’s President & CEO, Mr Gregory B. Hadjieleftheriadis, has retired from the Company’s Board as well as from the Boards of all its subsidiaries with immediate effect.

Additionally, in a private transaction today, Mr Hadjieleftheriadis has sold his interest in the Company to the remaining shareholding families.

Mr Hadjieleftheriadis is the Company’s longest serving officer, has been a Director since its inception and President & CEO of Eletson Corporation since 1997.

In announcing his retirement Mr. Hadjieleftheriadis said “After over fifty years in shipping and on the 40 th anniversary of Eletson, a company originally established in 1966 by my father, his sons and sons in-law, I find it extremely hard to say goodbye to a company in which I see so much of myself. I am leaving Eletson with a tremendous feeling of pride and achievement, having exceeded my expectations and having substantially contributed in creating a first class product tanker operator. I sincerely hope that my dedication and commitment to the industry, has contributed to international tanker shipping becoming safer and more quality conscious. While wishing Eletson all the very best in its future, I would like to thank the Company’s managers and staff for their dedicated service and hard work over so many years. I would also like to extend my sincere appreciation to my many industry friends and associates for their long standing support.”

Mr John E. Karastamatis, President of Eletson Holdings Inc., said on the departure of Mr Hadjieleftheriadis “Gregory’s contribution to Eletson’s success, for which we are grateful, has been very substantial. During this time his relentless drive and efforts successfully helped build the Company into a major independent product tanker owner. He is a strong leader with an unwavering commitment to quality and modern shipping, while and he made sure his voice was heard both inside and outside the Company. The newly-invigorated Eletson family remains as committed as ever to continue and work hard to maintain its market leading position in our industry.”

Concurrently, Costis E. Kertsikoff was appointed new CEO of Eletson Corporation. Costis has been with the Company since 1996, most recently as head of Chartering. Throughout this time he has developed a very active role in all Company operations

Mr Hadjieleftheriadis shall retain his office within Eletson Corporation premises for the immediate future.

Eletson owns and operates one of the world’s largest fleets of medium and long range product tankers. The fleet consists of 25 double hull tankers with a combined capacity of 1,630,225 dwt. All vessels sail under the Greek flag.