11th July 2007

PRESS RELEASE

Commencing 35 years ago with the formation of Hanseatic in Cyprus, Bernhard Schulte has established a group of professional shipmanagement companies around the world which have developed independently and successfully. Eurasia is headquartered in Hong Kong, Dorchester Atlantic Marine in the Isle of Man and Bermuda, and VBSK in Hamburg.

In response to developments in the shipping industry, which require substantial investments in personnel, training, information technology and quality assurance resources, the managements of these companies have now agreed to join forces under a common name, Bernhard Schulte Shipmanagement.

The vision of Bernhard Schulte Shipmanagement is to be the best shipmanagement partner for responsible and demanding shipowners. With the long term commitment of the family owned parent company in Hamburg (www.schultegroup.com) and the combined strengths and resources of our shipmanagement entities, we are determined to meet the expectations of our clients.

Overall responsibility will be in the hands of the Executive Board, who will be pleased to respond to questions or requests:

Andreas Droussiotis	+357 25-846501 adroussiotis@hanseatic.com.cy
Holger Pittelkau	+357 25-846503 hpittelkau@hanseatic.com.cy
Rajaish Bajpaee	+852 2597-1301 bajpaee.r@eurasiagroup.com
David Furnival	+44 1624-878229 david.furnival@dorchesteratlantic.com
Jens Alers	+1 441-5052657 jens.alers@dorchesteratlantic.com
Henrik Jensen	+49 40-822265610 Jensen@vbsk.de