The new company will be named "COECLERICI CERES BULK CARRIERS NV " and will be 66% owned by Coeclerici Shipping N.V. and 34% by DryLog Ltd. a Livanos Family investment vehicle. It's combined fleet will consist of 19 ships in the Cape and Panamax sectors (Panamax size vessels ranging from 50,000 to 80,000 tons deadweight / Capesize vessels ranging from 120,000 to 170,000 tons deadweight) with a total deadweight of 2,3 million tonnes and an estimated market value in excess of USD $ 300 million.The motivation behind this transaction is their common objective of achieving industry consolidation, as well as better customer service capabilities, rationalised trading patterns and overall a more efficient fleet utilisation. The new company and its larger balance sheet will be able to use its financial strength to increase profitability through growth.

This transaction will position Coeclerici Ceres Bulk Carriers as one of the most important shipping operators in the dry bulk sector. It will maximise the synergies existing between Coeclerici and Ceres. The new Company will as a result benefit from greater economies of scale.

Coeclerici's vast know how and experience in fleet commercial management, together with Ceres technical skills and high quality ship operations will ensure the greatest degree of efficiency.

Coeclerici Ceres Bulk Carriers will become the new partner in the Panamax and Capesize Pools operating under the name of Coeclerici Transport. Currently the two Pools control around 85 Panamax and Capesize vessels with a capacity of in excess of 10 million tonnes deadweight, out of which 32 are participating vessels and the remaining are time-chartered tonnage.

Commenting on the agreement, Mr. Paolo Clerici, President of the Coeclerici Group, has said: "This transaction allows us to gain an excellent position in our traditional business. The strengthening of the shipping sector through the alliance with such a high level partner and the stabilization of business profitability are, in fact, in line with the global strategy of the Group." "Our goals are even more ambitious - continued Mr. Clerici - and we intend to further increase the new fleet through the acquisition of second hand units and new building vessels"

Mr.Peter Livanos, Chairman of Ceres, said: "It is a natural fit, we both have the same ethics in business. Integrity and quality are of paramount importance to both Families. We had started this amalgamation a few years ago through the creation of the CCT Pool, and it is only natural to complete the union through this merger".

Coeclerici Shipping NV is the ship owning and ocean shipping division of the Coeclerici Group. The Coeclerici Group, founded in Genoa in 1895, today stands among the world leaders of bulk raw material transportation by sea serving the international operators in the energy, steel and metallurgy industries.

Beside the shipping division, the Group is organized into two other divisions: Coeclerici Carbometal S.p.A. operates in raw materials trading and Coeclerici Logistics S.p.A. in transhipment, port logistics and coastal shipping sector.

Ceres Hellenic Shipping Enterprises is one of the world's largest shipping companies with a history dating back to 1824. Ceres is generally recognised for their expertise in ship management. Ceres has been ISO 9002 certified since 1998, and was the first major shipping company in the world to achieve the ISO 14001 environmental certification. Ceres has also been a major player in the chemical transportation industry for more than a decade.

ABS Quality Evaluations issues landmark certification Ceres Hellenic Shipping Enterprises Ltd. of Greece is the first ship-operating organization in the world to have been certified as meeting the new ISO 14001 environmental standard. The auditing and certification to these new quality standards was carried out by ABS Quality Evaluations, an affiliate of ABS. Long recognized as one of the most environmentally aware shipping companies.