Re Alliance

Seascope Shipping Holdings PLC
24 January 2001


  Leading London-based shipbrokers and oil brokerage house
                    form Freight Forwards
                              
                              
Braemar   Tankers  Ltd.,  Galbraith's  Ltd.,   E.A.   Gibson
Shipbrokers  Ltd.,  PVM  Oil Associates  Ltd.  and  Seascope
Shipping Ltd. have formed 'Global Freight Forwards Limited'.

The  company  has been created initially to  broker  forward
freight  swaps for the tanker market segment  in  key  trade
routes.

Contracts  have been devised to meet multi-client needs  and
in  response  to  Owners' and Charterers'  requirements  for
freight protection without taking physical delivery.

Global Freight Forwards Limited will be supported by four of
the  leading  London based shipbrokers with a global  client
base  together  with PVM Oil Associates,  the  foremost  oil
brokerage  house,  which brings its years of  experience  of
screen and paper oil markets.

The  company will be based in London and expects to commence
transacting business in March 2001.


For further information, please contact:

Jon Deakin          Galbraith's         44 (0) 20 7378 6361
Iain Shaw           Seascope            44 (0) 20 7903 2600
David Hufton        PVM                 44 (0) 20 7355 4400
Alf Miller          Braemar             44 (0) 20 7535 2626
Malcolm Dunks       Gibson              44 (0) 20 7667 1000