HMD has been awarded a contract from Schoeller Holdings Ltd. in Cyprus to build two 35,000 DWT product/chemical tankers with options for two plus two additional vessels.

The execution of the contract was made by the representative of HMD and Mr. H. Schoeller, chairman of Schoeller Holdings Ltd. on August 22, 2001 at the buyer's office in Limassol, Cyprus.

The vessels are scheduled to be delivered to the buyer in August and October 2003 respectively.

The Schoeller Holding Ltd. was established in 1978 and controls a number of ship owning and management companies. Currently, the company maintains a fleet of more than 120 vessels and owns over 30 vessels and various other investments.