NEW DOUBLE-HULL TANKER FOR ELETSON CORPORATION IS CHRISTENED AT NEWPORT NEWS SHIPBUILDING

NEWPORT NEWS, Va., February 3, 1998 – Newport News Shipbuilding (NYSE:NNS) christened the double-hull petroleum products tanker Agathonissos today. This ship, built for affiliates of Eletson Holdings, Inc., of Piraeus, Greece, is the first vessel built by an American shipbuilder for an international customer in more than 40 years. The tanker meets U. S. and international environmental and safety requirements set forth by the U.S. Oil Pollution Act of 1990, which requires all ships carrying petroleum products in U. S. coastal waters be double-hulled by the year 2015.

"My partners and I most heartily welcome the upcoming delivery of the M.T. Agathonissos. I consider this a valuable addition to our fleet, helping our constant aim to serve our customers safely and efficiently worldwide, " said Eletson CEO and President Gregory B. Hadjieleftheriadis.

"Agathonissos is a wonderfully-crafted ship that I’m sure will be a fine addition to Eletson, owners of one of the largest and most modern fleets in the world," said NNS Chairman and CEO Bill Fricks.

Principal speaker for the christening was John Graykowski, Acting Administrator for the United States Maritime Administration. The sponsor for the ship’s christening was Mrs. Elisabeth M. Makris of Athens, Greece.

Agathonissos is the first of three Double Eagle-class double-hull tankers that Newport News Shipbuilding is building for Eletson. Upon delivery the vessel will commence operating under a 12-year, option 13-year, bareboat charter by Eletson Chartering Inc., a wholly-owned subsidiary of Eletson Holdings, Inc. Eletson will employ the 46,000 dead-weight-ton Agathonissos to transport refined petroleum products such as gasoline, fuel oil and diesel oil. Newport News is also building five Double Eagle-class ships for a domestic customer.

Eletson owns and operates one of the world’s largest fleets of medium-sized product tankers. The fleet presently consists of 19 double hull Greek-flag vessels, all of which were delivered after 1989, with a combined capacity of approximately 1,000,028 dead-weight-tons.

Newport News Shipbuilding is America’s premier shipbuilding company with annual revenues of approximately $1.8 billion and 18,000 employees. The company is the leader in the design and construction of nuclear-powered aircraft carriers and submarines for the U.S. Navy and produces a variety of ships for domestic and international customers.