TO THE MEMBERS

ANNUAL GENERAL MEETING - 11TH OCTOBER, 2001

At the Annual General Meeting held on 11th October, 2001, the Report and Accounts as audited and certified for the period ended 20th February, 2001 were adopted by the Meeting.

The retiring Directors offering themselves for re-election were all re-elected. In addition, the following persons were also elected to the Board:

Mr A. Lemos Ceres - Hellenic Shipping Enterprises Ltd

Mr O. Lorentzon - Frontline Management A/S

Mr Sun Jiakang - China Ocean Shipping (Group) Co

The proposed amendments to the Rules and to the Bye-Laws were approved and the two resolutions as set out in the agenda were passed by the Meeting.

Messrs Moore, Stephens & Butterfield were appointed as the Association's auditors.

At the Directors' meeting following the Annual General Meeting, Mr A.G. Kairis was unanimously elected as Chairman and President of the Association. Mr T. Biggi, Mr K.G. Kleberg and Mr T.R. Moore were unanimously elected as Deputy Chairmen and Vice-Presidents.

Yours faithfully,

 THOMAS MILLER (BERMUDA) LTD.

Dear Sirs