Rigel Shipping Canada Inc.

Rigel Shipping Canada Inc. is a Canadian domiciled and registered ship chartering and operating company. The company is a subsidiary of Rigel Schiffahrts GmbH, of Bremen, Germany and operates three Canadian flagged, modern, double hulled, ice strengthened, highly sophisticated, chemical/petroleum product tankers of 10,500 cubic metre capacity, built in Wismar, Garmany in 1992/1993. The multiple grade cargo flexibility, built-in safety features, and highly skilled personnel, along with ISO 9002 and ISM Certification, make our company the leader in the Canadian Liquid Transportation Industry.

Rigel Shipping was specifically established to provide high quality petroleum and chemical tanker shipping services to the Canadian petroleum and petrochemical industries. In 1993, the Canadian flag operations commenced with the entry into Canada of the sister ships MT Emerald Star and MT Diamond Star, followed by a third sister ship MT Jade Star in March 1994. Our well-experienced and fully qualified seagoing personnel, who constantly receive the benefit of new training programs and upgrading of knowledge and skills, operate under a zero tolerance Drug and Alcohol Policy.

Senior shore management consists of over forty highly skilled professionals, on two continents, covering every aspect of ship management including technical, operational, chartering, quality and financial management. Ten of the management staff is located at the Canadian headquarters in Shediac, New Brunswick. Marine superintendents, office staff and external contractors as required support the senior management.

The Company employs around 100 people. Each ship has a crew of 15 persons. The officers have a - two months on board, two months on leave - rotation system. The steady crews and constant, year-round employment make our personnel loyal, productive and efficient in the discharge of their duties. The company is ISO 9002 and ISM (International Safety Management) Certified.

The high cargo transportation capacity, low emissions, impeccable safety record, and qualified and licensed operating personnel make shipping the most cost effective, environmentally friendly, reliable and sustainable mode of transportation.

Shediac in New Brunswick, where the Head Office is located, is the lobster capital of the world. Through an encircling fibre optic cable network, New Brunswick boasts an enviable telecommunication platform that is unrivalled in Canada. This makes it possible to remain in constant touch with the ships, customers, port personnel, service firms, business partners and support organizations.

The cost advantages of operating a Company in a small town like Shediac cannot be overemphasized. The relatively low costs of housing, land, property taxes, corporate taxes and transportation make Shediac an ideal business location. Nearby Moncton has a well-connected international airport and is centrally located in the trading region of our ships.

Over the past nine years, the Company has improved, developed and matured in every area of the business, to take its rightful place as a respected, organized, stable and visionary establishment in the transportation sector of Eastern Canada.

New opportunities for growth will indubitably present themselves in the future when Rigel Shipping Canada Inc. will be poised to exploit the numerous benefits of modern technology as well as those of living and working in the most beautiful place on earth - Shediac Cape.

During the first decade of our existence we have come a long way from being the new kid on the block to being a respected name in the North American Product and Chemical Tanker Shipping Industry. The challenges of stringent regulations, mounting operating costs, fairly static revenues, onerous labour contracts, ISO/ISM Certification and competition from other modes of transport have been successfully dealt with and Rigel Shipping Canada Inc. continues to lead the Industry at the end of the first ten years of operation.

The next decade however will have its share of challenges which we endeavor to anticipate and prepare for. The security concerns, burdensome regulations, strengthening Canadian dollar, burgeoning maintenance costs as the ships age, shrinking tanker shipping industry, loss of ports and trading routes, emission controls and replacement of tonnage are issues that will be on the forefront in the first decade of the new millennium. The momentum, vitality and stability engendered during the first decade of our existence give us the confidence to face and overcome with gusto these new challenges of the second decade.

Rigel Shipping Canada Inc. has indeed been the trailblazer of the Canadian Tanker Shipping Industry and has developed the resilience to forge ahead and conquer the commanding heights of success in the Tanker market of the new millennium.

Transportation is the crucial artery of development and transportation by ships is the vital mode that determines the competitiveness and progress of a nation in the free markets of a global economy.

As responsible citizens it is imperative that we take steps to understand the critical importance of shipping as a prominent link in the supply chain playing a cardinal role in the maintenance of our standard of living, and take steps to protect, harness and improve the enormous potential of shipping in our vast nation - in our own interest as well as in the interest of future generations.