Skaarup Executives Attend Cosco (America) Opening Ceremony

July 18, 2006

Thomas Bene, President of Skaarup Shipping, yesterday attended the Cosco (America) opening ceremony at Waldorf Hotel in New York. He congratulated Mr. Zhang Liang, President of Cosco Bulk, and Mr. Ning Dewei, General Manger of Cosco (America), among others. Cosco appreciated all the help from Skaarup.

They all were encouraged by the progress of ship chartering between the two companies over the past two years, on such ships as MV Moon Sea, MV Sun Sea and others. They pleasantly discussed other business potential and look forward to making most of it in the arena of shipping chartering and ship financing.

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.