EXHIBIT (a)(1)(xvi)


                              FOR IMMEDIATE RELEASE

      April 29, 2002

      SUPERIOR NAVIGATION ANNOUNCES COMPLETION OF SUBSEQUENT OFFERING PERIOD FOR
ANANGEL-AMERICAN SHIPHOLDINGS LIMITED TENDER OFFER

      Athens, Greece - Superior Navigation Ltd. today announced the completion
of the subsequent offering period relating to its cash tender offer for the
American Depositary Shares and Ordinary Shares of Anangel-American Shipholdings
Limited (NASDAQ: ASIPY) at a price of US$5.00 per share.

      The subsequent offering period expired at 5:00 p.m. EST, on April 26,
2002. Based on information from the depositary for the offer, Anangel-American
shareholders had tendered 139,376 of the ADSs and Ordinary Shares during the
subsequent offering period. Combined with the shares tendered during the initial
offering period, a total of 23,840,198 ADSs and Ordinary Shares of
Anangel-American were tendered pursuant to the offer. This brings the
Angelicoussis family interests' ownership in Anangel-American to approximately
99.44% of the outstanding shares.

      As previously announced, Superior Navigation intends to effect a
compulsory acquisition of the shares not tendered in the original or subsequent
offering periods as soon as permitted by the laws of the Cayman Islands.

      For further information, please contact: Demetrios A. Stylianou 30 10 946
7205