Common use of REASONS FOR THE ACQUISITION Clause in Contracts

REASONS FOR THE ACQUISITION. The Group's principal activities include international ship chartering and ship owning. The Acquisition will enable the Group to continuously maintain a young and modern owned fleet of vessels to serve the growing needs of our customers. The Group currently owns one modern Capesize, one modern Panamax and eighteen modern grabs fitted Supramaxes including two Supramaxes which will be disposed by the Group later in 2008 as announced by the Company on 11 April 2008 and 16 April 2008. Taking into account all existing commitments to acquire and dispose of other vessels as announced by the Company previously, the Group will have additional nineteen newly built grabs fitted Supramaxes, two newly built Post-Panamaxes, two newly built Panamaxes and one second hand Handymax for delivery going forward, where three of which will be delivered in 2008, seven in 2009, seven in 2010, four in 2011, two in 2012 and one in 2013. The terms and conditions of the First Agreement and the Second Agreement have been agreed on normal commercial terms following arm's length negotiations. The Board considers such terms and conditions are fair and reasonable and in the best interests of the Company and its shareholders as a whole. The Company believes it is an opportune moment during recent market situations to further expand its fleet of vessels in order to increase operating income for the Group.

REASONS FOR THE ACQUISITION. The Group's ’s principal activities include international ship chartering and ship owning. The Acquisition will enable the Group to continuously maintain a young and modern owned fleet of vessels to serve the growing needs of our customers. The Group currently owns one modern Capesize, one modern Panamax and eighteen nineteen modern grabs fitted Supramaxes including two three Supramaxes which will be disposed by the Group later in 2008 as announced by the Company on 11 April 2008 and 16 April 2008. Taking into account all existing commitments to acquire and dispose of other vessels as announced by the Company previously, the Group will have additional nineteen newly built grabs fitted Supramaxes, two newly built Post-Panamaxes, two newly built Panamaxes and one second hand Handymax for delivery going forward, where three of which will be delivered in 2008, seven in 2009, seven five in 2010, four in 2011, two in 2012 and one in 2013. The terms and conditions of the First Agreement and the Second Agreement Contract have been agreed on normal commercial terms following arm's ’s length negotiations. The Board considers such terms and conditions are fair and reasonable and in the best interests of the Company and its shareholders as a whole. The Company believes it is an opportune moment during recent market situations to further expand its fleet of vessels in order to increase operating income for the Group.. By order of the Board Xx Xxx Xxx Xxxxxx Managing Director

REASONS FOR THE ACQUISITION. The Group's principal activities include international ship chartering and ship owning. The Acquisition will enable the Group to continuously maintain a young and modern owned fleet of vessels to serve the growing needs of our customers. The Group currently owns one modern Capesize, one modern Panamax and eighteen modern grabs fitted Supramaxes including two Supramaxes which will be disposed by the Group later in 2008 as announced by the Company on 11 April 2008 and 16 April 2008. Taking into account all existing commitments to acquire and dispose of other vessels as announced by the Company previously, the Group will have additional nineteen newly built grabs fitted Supramaxes, two newly built Post-Panamaxes, two newly built Panamaxes and Panamaxes, one second hand Handymax and one newly built Handysize for delivery going forward, where three of which will be delivered in 2008, seven in 2009, seven in 2010, four in 2011, two three in 2012 and one in 2013. The terms and conditions of the First Agreement and the Second Agreement Contract have been agreed on normal commercial terms following arm's length negotiations. The Board considers such terms and conditions are fair and reasonable and in the best interests of the Company and its shareholders as a whole. The Company believes it is an opportune moment during recent market situations to further expand its fleet of vessels in order to increase operating income for the Group.. By Order of the Board Xx Xxx Xxx Xxxxxx Managing Director

REASONS FOR THE ACQUISITION. The Group's ’s principal activities include international ship chartering and ship owning. The Acquisition will enable the Group to continuously maintain a young and modern owned fleet of vessels to serve the growing needs of our customers. The Group currently owns one modern Capesize, one modern Panamax and eighteen seventeen modern grabs fitted Supramaxes including two Supramaxes one Supramax which will be disposed by the Group later in 2008 as announced by the Company on 11 April 2008 and 16 April 2008. Taking into account all existing commitments to acquire and dispose of other vessels as announced by the Company previously, the Group will have additional nineteen twenty newly built grabs fitted Supramaxes, two newly built Post-Panamaxes, two newly built Panamaxes and Panamaxes, one second hand Handymax and one newly built Handysize for delivery going forward, where three of which will be delivered in 2008, seven in 2009, seven in 2010, four five in 2011, two three in 2012 and one in 2013. The terms and conditions of the First Agreement and the Second Agreement Contract have been agreed on normal commercial terms following arm's length negotiations. The Board considers such terms and conditions are fair and reasonable and in the best interests of the Company and its shareholders as a whole. The Company believes it is an opportune moment during recent market situations to further expand its fleet of vessels in order to increase operating income for the Group.. By Order of the Board Xx Xxx Xxx Xxxxxx Managing Director