Freshly Minted – September 2, 1999

LION AWAKES

We are pleased to report that the long slumbering ship finance community is beginning to stir. With good tans and depleted bank accounts, shipowners and bankers are wandering back into the offices to try to make something happen sooner rather than later. Based on what we’ve been seeing and hearing, we think we will see

a very active 4th quarter in terms of loan volume and deal flow. On the high yield shipping front, September will be a decidedly active month for TBS and Global and its bondholders. As restructuring proposals are being passed around, investors must now decide whether or not to become restricted. There has also been a bit of job hopping. As reported last week Chris Thomas has left Economou interests (Alpha and Drytank). From 1st September he has joined Panayotides interests to become CFO of Excel Maritime, which is listed in New York on Equimar’s former Amex listing. According to recently released figures Excel had profits of $634,000 for the first half of 1999 after acquiring two tankers in March and two bulkers in May. With a newly appointed CFO it appears that the company has plans to expand and develop. Next stop, Athens Stock Exchange!!!

SHIP FINANCE GREECE

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