Credit Watch

Standard and Poor’s placed its double BB- minus corporate credit rating and senior unsecured ratings of Alpha Shipping PLC on CreditWatch with negative implications. The Credit Watch listing reflects deterioration in the company’s financial profile due primarily to a continuing decline in the dry bulk carrier freight rates. Alpha Shipping’s capital structure is aggressive, with total debt to capital of 85% at the end of April 1998. For the six months ended April 30, 1998 the company reported a net loss of $4.5 million, compared with a net income of $11.8 million (including a gain of $11.1 million on the disposal of vessels) in the same period the preceding year. The Credit Watch action is expected to be resolved after discussions with Alpha Shipping’s management.

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