Capital Ship Management Corp. is awarded ISO and OHSAS certification

Athens, Greece, March 8, 2009 - Capital Ship Management Corp. was recently awarded the ISO 9001, ISO 14001 and OHSAS 18001 certificates and also received one of the first approvals worldwide acknowledging its successful implementation of an "Integrated Management System Certification" by the Lloyd's Register Group. Furthermore, Capital Ship Management Corp. became the first shipping company that will adopt the "Business Continuity Management" principles in cooperation with Lloyd’s Register Group.

The successful certification process for Capital Ship Management Corp. was planned by the Lloyds Register Group and included certification of both the office and the vessels with a focus on the human resources aspect. Capital’s excellent performance has been repeatedly confirmed in the past, by oil majors, major charterers and major traders in the industry and now also by Lloyds Register Group.

On the 4th of March 2009, in a ceremony, in the presence of Mr. Vangelis Marinakis, at the headquarters of Capital Ship Management Corp. in Piraeus, the CEO of the Lloyd's Register Group, Mr. Richard Sadler, honoured Capital Ship Management’s ongoing commitment to and maintenance of the highest quality, health, safety and environmental standards throughout its fleet.

Mr. Sadler underlined the necessity - especially in these times of uncertainty for the global economy - of an integrated Business Assurance approach which, using established management systems, can enhance a company’s reputation and confidence in its capabilities. Tangible benefits of the value of such integrated management systems can be seen in the improvement of financial performance, effectiveness, efficiency and sustainable development.

The growing operational complexity of shipping and the tightened regulation in the industry requires ship management companies to continuously improve their performance and comply with ever increasing requirements.

Capital and its predecessor companies have a history of more than 75 years in the shipping industry. The group of companies has grown exponentially, reaching in 2005 a peak of 60 vessels: 40 vessels in the water and 20 new buildings on order. Capital Ship Management Corp. currently manages 30 tankers and 2 bulk carriers.