Skaarup Announces Personnel Changes

Ole Skaarup, chairman of Skaarup Shipping Corporation of Greenwich, Conn., has announced that William O. Gray has been appointed president of Skaarup Oil Corporation and that Capt. Lawrence Tzou has assumed full responsibility for ship operations and management for Skaarup Shipping Corporation.

Mr. Gray assumes the position of president after several years as executive vice president of Skaarup Shipping Corporation, and 23 years with Exxon. He will continue to develop Skaarup Oil Corporation's historic businesses as well as explore oil and gas tanker shipping opportunities.

Mr. Gray is also currently vice chairman of the National Academy of Sciences Committee which is studying the technical issues involved in tanker designs, including double bottoms and other alternatives.

Captain Tzou maintains operational control of the Skaarup owned and managed fleet from the Group's headquarters in Greenwich, Conn.

The Skaarup group of companies own, charter and manage vessels providing professional and innovative cargo transportation services to the industrial sector. The personnel moves are unrelated to the recently announced union of Mitsui O.S.K.

Lines Ltd. and Skaarup Shipping Corporation

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