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Main Chronological Developments

1996

Relocation of Navipower Compania Naviera in Piraeus.

1997

Delivery of “Achilleas Fragistas” bulker (1980, 35,000 dwt)

1998

ISO 9002 completed

ISM certification of office & vessel

Moved to new larger premises in Athens

1999

Changed the name to Paradise Navigation SA

Delivery of M/V Stefania bulker (1981, 65,000 dwt)

Delivery of M/V Natalie bulker (1981, 65,000 dwt)

Fleet Renewal for 19m period with Gjensidige Marine &

Energy, conditions updated to 1999 Norwegian Plan

2000

Delivery of M/T Redina, the Company’s 1st Tanker (1988/ 61000dwt)

2001

Redina fixed to StenTex for 3 years on time charter (18000/day)

2002

Order for newbuilding panamax product tanker M/T Aspropyrgos placed with Hudong shipyard in Shanghai.

JV formed with Heidmar to participate with 25% in M/T Aspropyrgos.

JV formed with Sargeant Marine (US) to participate with 50% in M/T Ikaros, sistership of Aspropyrgos.

2003

Order placed for 3rd Panamax Tanker in Hudong series, M/T Stena Chiron, 100% for Paradise Navigation’s account.

2004

ISO 14000 documentation completed and approved by DNV.

Paradise Navigation becomes a member of the Heidmar run panamax tanker STAR pool.

M/T Redina’s time charter with Stentex has been extented for another 2 years ending spring 2007.

Delivery of M/T Aspropyrgos (72,000 dwt) from shipyard trading into the STAR pool.

Delivery of M/T Ikaros (72,000 dwt) from shipyard trading into the STAR pool.

2005

Delivery of M/T Stena Chiron (72.000dwt) from shipyard trading into the STAR pool.

2006

M/T Redina sold to B+H Equimar – Singapore.

2007

M/T Polar taken under Paradise Navigation S.A management.

2008

Stena Bulk AB, one of the world's leading shipowners, acquired a 35% equity stake in Paradise Tankers Corp, the owner of all vessels (excl M/T Polar), currently managed by PNSA.