ELETSON ORDERS TWO PANAMAX PRODUCT TANKERS

PIRAEUS, June 6, 2001 - Eletson Holdings Inc. ("Eletson") announced today an order for two 70,000 deadweight (dwt) product tankers from Korea-based Hyundai Heavy Industries. The fully coated Panamax newbuildings are scheduled for delivery during the first and second quarter of 2003.

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. The new order further consolidates the Company's position in the Panamax sector which it currently serves with nine double hull units built 1992 onwards and addresses our customers' need for a rejuvenation in the Atlantic based Panamax fleet.

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. The Company has on order six newbuildings with the Hyundai shipyard in Korea. Four 105,500 dwt vessels two to be delivered in the middle of 2002, two in the first half of 2004 and two 70,000 dwt vessels to be delivered in 2003. All vessels sail under the Greek flag.

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

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