Barwil Brasil Ltda. will commence operations as of March 1st 2005 in the Vitoria Port Complex.

The Vitoria office will be managed by Mr. Sergio Figueiredo. Figueiredo comes to Barwil with a wealth of experience in the Coal & Iron Ore and Steel trades. General Manage of Barwil Brazil, Mr. Armando Sampaio commented: "We are very pleased to establish ourselves in the most important region of the country which includes the ports of Vitoria, Tubarao, Praia Mole, Capuaba, Ponta de Ubu and Portocel. Barwil remains extremely confident in the Brazilian market potential, and will shortly announce further expansion of our port network here."

With this newest expansion of the network of port agencies in Brazil, Barwil will further strengthen the ability to serve the interest of shipowners, charterers, shippers and receivers active in this trade.

Barwil has also recently expanded in Chile, Peru and Colombia further evidencing management´s commitment to serve their current and potential clients active in this region.