MC Shipping Appoints New CEO

MC Shipping announces that with effect from August 1st, Tony Crawford, CEO of V.Ships Financial Services & Projects Division, will take up the position of CEO and President of MC Shipping. On secondment from V.Ships, Tony takes over from Enrico Boggazzi as CEO and Guy Morel as President. Crawford will also replace Tullio Biggi on the Board of Directors of the Company. The new management will implement a business plan which will grow MC Shipping's activity around a number of market opportunities including the LPG sector. The Board also announces the formation of a Nominating and Governance Committee made up of the independent directors. This Committee is being formed a year ahead of the time mandated by current legislation. The company also announces that the annual meeting of shareholders will be held in Monaco on Friday, September 17th 2004.