Heidenreich Marine Reorganizes Companies

Heidenreich Marine has reorganized to pool partners and to facilitate Heidmar's growth in oil transportation and related industries.

A new parent company, which will be called Heidmar Inc. will be formed to provide oversight of all the Heidmar companies and to manage the strategic growth of the organization. Per Heidenreich, currently the president of HMI.

will become the Chairman and CEO of Heidmar. Charles Tammara, who is currently a vice president and CFO of HMI, will become an executive vice president and CFO of Heidmar.

Timothy Brennan, who has been with HMI for almost ten years and is currently a vice president and general manager of Chartering and Operations, will become the new President of HMI.

HMI will continue to be responsible for the commercial management for all vessels under Heidmar's commercial control and will continue to serve as the general agents for the Star Tankers Pool and the Dorado Tankers Pool.

All Information Technology activities within the Heidmar group will be consolidated into one company, which will be called Heidenreich Innovations Inc.

Fritz Heidenreich, who is currently HMI's Vice President of Information Technology, will become the President of HII.

In addition to providing shipowners with Q88.com and QBulk.com, HII will also market its Vessel Management System as QFleet.com, which will provide shipowners, ship managers and charterers with a web-based program that calculates voyage results, maintains voyage statistics, keeps track of vessel positions and provides real-time voyage information.

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Maritime Reporter Magazine, page 8, May 2002

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