Heidmar Inc. Announces Agreement with Shipping Pool Investors Inc

NORWALK, Conn., April 16 /PRNewswire/ -- Heidmar Inc. ("Heidmar")
announced today that Shipping Pool Investors Inc ("SPII") has entered into a
definitive agreement to purchase a 49% stake in the company. In a related
transaction, senior members of Heidmar's management will purchase a 2% equity
stake in the company. Morgan Stanley, through its subsidiary Morgan Stanley
Capital Group Inc. ("MSCGI"), will retain a 49% ownership stake in the
company. It is anticipated that, subject to the receipt of necessary
regulatory approvals, both purchase transactions will close within 30 days.
SPII is a company affiliated with the Cardiff Group ("Cardiff") whose
founder is Mr. George Economou. Cardiff has extensive interests in the dry and
wet freight shipping industry. Ten of Cardiff's vessels currently participate
in two of the Heidmar shipping pools.
"We are delighted with SPII's investment in Heidmar and the resulting
combination of MSCGI's commodities trading expertise with Mr. Economou's
experience as a ship owner and manager," said Tim Brennan, President and CEO
of Heidmar. "This will serve as a nucleus for the growth of our existing pools
and the establishment of a VLCC pool, which will benefit Heidmar's employees,
customers, and pool partners."
"We have worked with Heidmar for eight years and have always admired their
professionalism and expertise in the commercial management of tankers. This
investment will further solidify our valuable relationship," said George
Economou. "We look forward to combining our core shipping knowledge with
MSCGI's commodities expertise."
"MSCGI has enjoyed an excellent relationship with Heidmar and we remain
committed to growing the business," said Olav Refvik, Global Head of Oil
Liquids at MSCGI. "We look forward to the opportunity to partner with Mr.
Economou."
Heidmar, through its offices in the United States, England, and Singapore
employs 96 people and commercially operates a fleet of over 90 tankers.
Heidmar is the general agent and commercial manager of five pools: Star
Tankers Inc. (panamax/LR1 tankers between 55,000 and 75,000 DWT); Sigma
Tankers Inc. (aframax/LR2 tankers between 90,000 and 120,000 DWT); Dorado
Tankers Pool Inc. (mid-range product tankers between 37,000 and 55,000 DWT);
Marida Tankers Inc. (short-range product tankers between 10,000 and 18,000
DWT) and Blue Fin Tankers Inc. (suezmax tankers between 140,000 and 180,000
DWT).
Public Relations Contact:
Jim Lawrence
MTI Network
Direct :+1-203-406-0106 ext 3713
Mobile: +1-203-550-2621

SOURCE Heidmar Inc.

Jim Lawrence of MTI Network for Heidmar Inc., +1-203-406-0106, Ext. 3713,
Mobile, +1-203-550-2621