MC Shipping Announces Acquisition of Liquefied Petroleum Gas Vessel

MC Shipping Inc., an expanding international shipping company focused on the transportation of liquefied petroleum gas (“LPG”) and a portfolio company of BSMB, announced that it has acquired the Keswick, an LPG vessel, from a subsidiary of Vitol SA. The vessel, built in 2003, is a pressurized LPG tanker with 11,028 cubic meters of capacity.

The vessel was delivered on July 3, 2008 and simultaneously time-chartered back to Vitol SA for an initial period of three years.

“We are pleased to add the Keswick to our fleet. The vessel fits well with our strategic and financial goals and builds on our aim of expanding our relationship with key customers. We are actively considering other individual vessel and fleet acquisition opportunities,” said Tony Crawford, Chief Executive Officer, MC Shipping, Inc.

Following the delivery of this LPG tanker, MC Shipping Inc. controls or has commitments to a fleet of 23 LPG vessels ranging from 3,000 to 77,000 cubic meters capacity. The Company also retains a minority investment in three container carriers. Coupled with the recent acquisition of the Henley Bridge, the Company continues to be an active acquirer of LPG vessels.

Ted Young, a Partner at BSMB, noted, “Since the completion of our acquisition of MC Shipping in September 2007, management has completed four vessel acquisitions and has turned in strong financial results. BSMB looks forward to continuing to support MC’s management in the execution of its long-term growth plan.”