Re: Mid-Atlantic Bulk Carriers Ltd.
Mid-Atlantic Bulk Carriers Ltd. (MAB) was established in Bermuda by a group of
investors to take advantage of the opportunities in the international dry bulk shipping
market. The investors are mainly Bermuda-based and made up of shipping and nonshipping related parties. Two of the investors - Fram Shipping Ltd., based in Bermuda and
established in 1974, and the undersigned - are primarily focused in shipping-related
activities.
On August 12th 2007, MAB took delivery of its first time chartered vessel, the 2007 built
21,057 dwt bulker, Eylul K. Subsequently, Mid-Atlantic has had the 1998 built 20,500 dwt
bulker, Lydia Oldendorff, the 2007 built 20,057 dwt bulker, Ismail K (sister ship of the
Eylul K), and the 2008 built 11,211 dwt bulker, Leandra, on time charter.
All vessel and cargo negotiations, as well as operating matters, are handled from MAB's
offices in Hamilton, Bermuda.
MAB enjoys close trading relationships with first class companies and has concluded
fixtures with the following charterers, the majority on a voyage basis:
Alfred C. Toepfer
Alliance Grain
American Metals Trading
Arcelor Mittal
Armada
Atlas Trading & Shipping
Bredero Shaw
Cargill
Compania Electrica Del Sur
Copenship
Cosmotrade
ED&F Man
Empros Lines
European Grain
Hagrprota
Helm Dungemitten Gmb
Marimed Shipping
Mid Continent Coal & Coke
Intersee Schiffahrtsgesellschaft
Peter Crown Shipping & Trading
Pioneer Navigation
Southern Aggregates
Spliethoff
Transgrain
TransAtlantic
Unicargo
Wagenborg Shipping
Not only has the Company built up an excellent trading relationship with these charterers,
MAB has also developed and nurtured a diverse network of shipping intermediaries all
over the world. MAB’s business to date has predominantly been focused in the handy
bulk sector. Trading of the Company’s tonnage has primarily been in the Atlantic basin.
MAB has experience in moving the following types of cargoes: coal, finished steel
products, fertilizers, grain, iron ore, pumice, salt, sugar and wood pellets.
MAB has very close relationships with producers (in the United States) and end users (on
the Continent, in the UK, and in Scandinavia) of biomass, predominantly wood pellets.
This emerging market segment is forecast to expand rapidly in the coming years and
MAB is well placed to leverage its position and be a leading shipper of these biomass
cargoes in the future. As of early 2010, MAB has moved and contracted to move
approximately 275,000 tonnes of wood pellets.
In addition to MAB’s ship operating expertise, the Company is affiliated with a
management company also based in Bermuda that has experience in overseeing the
technical and crew management of bulk carriers. MAB’s strategy is to capitalize on the
trading platform that has been developed and grow its position in the dry cargo market
through chartering in tonnage, third party commercial and technical management and
opportunistic vessel acquisitions.
Yours faithfully,
__________________
W. Forster Darling
Managing Director
Mid-Atlantic Bulk Carriers Ltd.