The Company assisted HERALD HOLDINGS LIMITED of Majuro, in an newbuilding program consisting of three 160,000 DWT tankers, one 73,000 DWT tanker and two 46,000 DWT product oil carriers all delivered between 2002 and 2003. These vessels were managed until sold in 2004. Therafter the Company commercially operated four product oil carriers taken on long time charter by FR8 Corporation Inc, Panama and two new building 51,000 DWT product oil carriers.