ELETSON ORDERS MR PRODUCT TANKERS

Piraeus, August 1st 2006 – Eletson Holdings Inc. (“Eletson”) today announced the signing of a newbuilding contract with Hyundai Mipo Dockyard Co., Ltd., for the construction of four, option two 52,000 dwt, hi-spec, state of the art product tankers.  The vessels are scheduled for delivery during the second half of 2009 and the first quarter of 2010.  Commercial terms were not disclosed.

Eletson is actively looking for further growth opportunities to enhance its market leading position and optimally service its customer base.

Concurrently, the Company announced the appointment of Gerhard Kurz, formerly President of Mobil Shipping and Transportation Co. and President and CEO of Seabulk International Inc., as a non-Executive Director in the Board of Eletson Holdings, effective immediately.

Gerhard Kurz is expected to offer a wealth of industry expertise and professional acumen as the Company moves forward to implement its growth strategy.

Eletson owns and operates one of the world's largest fleets of medium and long range product tankers.  The fleet presently consists of 25 double hull Greek-flag vessels with a combined capacity of 1,630,533 dwt.

Eletson contact:  Vasilis A. Hadjieleftheriadis, Piraeus +30 210 4598237