New Company to be Named Skaarup Shipbrokers

October 1, 2003

Skaarup Chartering Corporation of Greenwich, CT and Bulk Ocean Chartering of Stamford, CT, merge their respective ship and cargo brokerage operations into a newly formed company named Skaarup Shipbrokers, Inc. Mr. Skaarup will serve as Chairman Emeritus of the new company.

“We are pleased to bring together two staffs of great experience and professionalism into one global company that can equal more than the sum of its parts,” said Mr. Skaarup. “We are confident this new venture will be able to offer clients unmatched service, value and market knowledge.”

The new company will be located at 850 Canal Street in Stamford. Mr. Skaarup, who will maintain an office at the new facility, is joined at the merged company by Bob Del Vecchio, Gary Smith, John Keeshan, David Wold, and Timm Lange from Skaarup Chartering, as well as Philip Syrrist, George Kulagus, Theo Junkins, and Niall O’Connor from Bulk Ocean Chartering.