ELETSON AFFILIATES ORDER 2 AFRAMAX PRODUCT TANKERS

PIRAEUS, May 22, 2000-- Eletson Holdings Inc. ("Eletson") affiliates today announced their 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 second and third quarter of 2002. Upon delivery, the vessels are intended to be operated by Eletson under long-term bareboat charters.

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 order allows Eletson shareholders to deploy capital at attractive terms and fits strategically with the Company's goal of continuously meeting its customer's changing requirements by providing high quality, efficient transportation services, always in line with the aim of building value in Eletson.

Eletson owns and operates one of the world's largest fleets of medium-size product tankers. The fleet presently consists of 20 double hull Greek-flag vessels, all of which were delivered after 1989, with an average age of approximately 6.7 years and a combined capacity of 1,126,000 dwt.

Eletson contacts: Gregory B. Hadjieleftheriadis, Piraeus + 30 1 4598123 (for marketing): Costis E. Kertsikoff, Piraeus +30 1 4598383