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Tue 18 May 2004, 10:52 DEALINGS IN SECURITIES BY A DIRECTOR
SPECTRUM SHIPPING LIMITED - DEALINGS IN SECURITIES BY A DIRECTOR                
  Spectrum Shipping Limited                                                       
  (Incorporated in the Republic of South Africa)                                  
  (Registration number 1998/018118/06)                                            
  JSE Share code: SUM                                                             
  ISIN: ZAE000037446                                                              
  ("Spectrum" or "the company")                                                   
  DEALINGS IN SECURITIES BY A DIRECTOR                                            
  In accordance with the requirements of paragraphs 3.63 to 3.74 of the Listings  
  Requirements of the JSE Securities Exchange South Africa, the following should  
  be noted:                                                                       
  Director:                               Karl Gribnitz                           
  Date/s of transaction/s:                13 May 2004                             
  Price:                                  7 cents per share                       
  Number of securities:                   220 000                                 
  Total value:                            R15,400.00                              
  Class of security:                      Ordinary shares                         
  Nature of transaction:                  Sale                                    
  Nature and extent of interest:          Indirectly Beneficial                   
  Clearance given in terms                                                        
  of paragraph 3.66:                      Yes                                     
  18 May 2004                                                                     
  Date: 18/05/2004 10:20:10 AM Produced by the JSE SENS Department                
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