Port Security Conference

April 15 2003

CEO appointment at V.Ships
As part of a group reorganization, V.Ships, the world's largest provider of ship management and related marine services, has appointed Richard Hext as Chief Executive Officer of the groups' Marine Services Division.

The move follows a restructuring of the Group into two operating divisions; Ship Management and Marine Services.

The newly formed Marine Services Division will oversee all activities of the group other than ship management, including commercial management, ship agency, consulting, travel, insurance, IT and various other support activities.

Roberto Giorgi continues to head up the Ship Management Division, overseeing all cargo and leisure ship management activities within the group.

Hext joins V.Ships from LevelSeas, where he was Chief Executive. LevelSeas, which was acquired by Clarksons in January, was a significant online chartering initiative backed by 34 major players in bulk shipping, including V.Ships.

Before LevelSeas, Hext worked for the Swire Group from 1978-2000. He was Managing Director of P&O Swire Containers from 1991-1995, based in Sydney, and Managing Director of China Navigation Company from 1996-2000, based in Hong Kong. I

In 2000, Hext was appointed to the boards of John Swire and Sons (HK) Ltd., Modern Terminals Ltd., Hong Kong United Dockyard and Hong Kong Salvage and Towage. Mr. Hext holds an M.A. degree in History and Economics from Worcester College, Oxford.

Hext reports to Tullio Biggi, President of V.Ships, overseeing operations from the group's London Office.

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