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Spectrum Shipping Ltd.- Cautionary Announcement                                 
SPECTRUM SHIPPING LTD.                                                          
(`THE COMPANY`)                                                                 
Registration no: 1998/018118/06                                                 
Share Code: SUM                                                                 
ISIN NO: ZAE000037446                                                           
Cautionary announcement                                                         
Shareholders are advised that Spectrum Shipping Limited have entered into       
negotiations which, if successfully concluded, may have a material effect on    
the price of the companies securities.                                          
Accordingly, shareholders are advised to exercise caution when dealing in the   
companies securities until a full announcement is made.                         
By order of the board                                                           
JA Lupton, ACIS                                                                 
Secretary                                                                       
27 May 2005                                                                     
Sponsor                                                                         
RIVER GROUP                                                                     
Date: 27/05/2005 01:42:04 PM                 
Produced by the JSE SENS Department

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