Skaarup Forms Strategic Partnership with Chinese Investors

June 8, 2005

Mr. Xingtao Sun, President of Fortune Ocean Shipping Ltd., visited Skaarup early this month. Mr. Skaarup received the Chinese visitors with great hospitality at his home. He said he was very pleased and excited with our plans to joint venture in China, and to make the first deal with the Ocean Fortune’s President, Mr. Sun.

The two sides signed strategic partnership agreements. Fortune Ocean Shipping decided to make significant investments in Skaarup ships to jointly develop international shipping markets. The first of the investments was already executed. The two sides also decided to invest a joint venture in Shanghai to explore the Fareast shipping market.

The Skaarup Group, headquartered in Greenwich, CT, has provided competitive bulk transportation services to industries worldwide for more than 50 years. Characterized by the legendary designs by Mr. Skaarup of the first modern bulk carrier and the ocean-going self-unloader, the strength of The Skaarup Group lies in its ability to create innovative and economic solutions to ever-changing transportation requirements.