ELETSON ORDERS TWO AFRAMAX PRODUCT TANKERS

PIRAEUS, April 2, 2001 - Eletson Holdings Inc. ("Eletson") announced today an additional order for two 105,500 deadweight (dwt) product tankers from Korea-based Hyundai Heavy Industries. The fully coated Aframax newbuildings are scheduled for delivery during the first and second quarter of 2004.

The vessels are to be classed with Lloyd's Register of Shipping and shall incorporate a number of additional features which will enhance their operational capabilities. They will be sisterships to and compliment the two Aframaxes being delivered in the second and third quarter of 2002 from Hyundai.

The order allows Eletson shareholders to deploy capital at attractive terms with the aim of building further value into Eletson. It fits strategically with the Company's goal of continuously meeting its customer's changing requirements by providing high quality, efficient transportation services in the Handymax, Panamax, and Aframax product carrier sector.

Eletson owns and operates one of the world's largest fleets of medium-size product tankers. The fleet presently consists of 20 double hull tankers, all of which were delivered after 1989, with a combined capacity of approximately 1,134,000 dwt and four 105,500 dwt vessels on order with the Hyundai shipyard in Korea, two to be delivered in the middle of 2002 and two in the first half of 2004. All vessels sail under the Greek flag.

Eletson contact:
Costis E. Kertsikoff, Piraeus +30 1 4598383
Vasilis A. Hadjieleftheriadis, Piraeus +30 1 4598335.

For further information visit our website at www.eletson.com