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Interorient Navigation Company Limited (Group of Companies) The parent company of the group INTERORIENT NAVIGATION COMPANY LIMITED ("INC") was incorporated in Cyprus in 1977 and commenced trading in 1979. The principal activity of INC since its incorporation is the provision of shipmanagement services. The Company has been led since its incorporation by its Chairman Adonis Papadopoulos, a Cypriot national who is active in the shipping industry since 1965. Mr. Papadopoulos was the first President of the Cyprus Shipping Council, elected in 1989 and re-elected in 1993, and has played a leading role in shaping the current shipping policies of Cyprus. Managing Director of INC is Captain Jan Lissow. He joined the Company in 1980 and is a member of the Executive Committee of the Cyprus Shipping Council since 1995. Today INTERORIENT NAVIGATION COMPANY LIMITED is the parent company of the "INC Group of Companies" which is engaged in a wide range of activities within the shipping industry and in particular in: Shipmanagement Crewmanagement Shipowning Container feeder services Shipping and forwarding agency Chartering Travel agency Consultancy The INC Group consists currently of the following companies : Company name Location Activity Interorient Navigation Co. Ltd Cyprus Shipmanagement INC Interorient Navigation Hamburg GmbH & Co KG Germany Shipmanagement Interorient Shipmanagement Inc. U.S.A. Shipmanagement Baltinter Crewing Agency Russia Crewing Agency INC Shipmanagement Inc. Philippines Crewing Agency INC Riga Shipmanagement Co. Ltd Latvia Crewing Agency Seascope Navigation Limited Cyprus Shipping and Forwarding Agents Mercurius Travel Limited Cyprus Travel agents Since 1979, INC has developed into one of the leading shipmanagement companies in Cyprus with currently about 250 shore-based employees and over 3.000 well-trained and experienced seamen on board the vessels under management. Full management includes technical and crew management, chartering, operations, sale and purchase, arranging H&M insurance as well as P&I Club covers and it further provides accounting services including monitoring of agreed operating budgets and cash flow control. Having the experience and the in-depth expertise INC is also providing Project Management and Newbuilding supervision. During the past eight years, INC has been assigned with the contracting and supervision of 19 Container vessels and Product Tankers. Presently INC is supervising a further 12 Newbuildings. Crewing services are provided to practically all different types of vessels. In order to ensure the supply of highly qualified seamen and in accordance with the company's human resources policy, INC has established its own crewing agencies in Manilla, St. Petersburg and Riga. INC is also cooperating with third party crewing agencies provided they meet the quality standards set up by the company and as required under STCW 95, ISM code and specific client requirements The full management fleet consists of modern double hull product tankers, container ships ranging from 300 TEU up to 3.000 TEU capacity, multi-purpose/Lo-Ro and Ro-Ro vessels, timber carriers and bulk carriers. Today INC is managing and operating a sizeable fleet of modern double hull product tankers. The Company has successfully passed office audits and on board inspections for its office and shipboard procedures and QA system for the product tanker fleet, and has obtained approvals from most of the major oil companies. The chartering/sale & purchase department of INC is currently responsible for all chartering needs and operational tasks of the fleet. The vessels are employed under short, medium or long term Time Charter contracts with first class Charterers. INC has been successfully audited in accordance to ISO 9001/2000 standards and to the ISM Code. The Company is constantly striving for high customer service, excellence through quality, protection of the environment and in particular well-being of their people as well as profitability for our clients. The management of INC firmly believes that the further success of the Company depends on the skills, the dedication and the teamwork of its employees on shore and on board. They focus on: Securing employment for the Full Management Fleet of INC, preferably on time charter basis Negotiating and concluding time charters and voyage charters for Container, Ro-Ro, MPP-Vessels, Timber Carriers and Product Tankers Providing Chartering and Operating services to third parties Sale and Purchase / Brokering services The principal activity of INC since its incorporation is the provision of shipmanagement services. Interorient Navigation Co Ltd (INC) (Group of Companies)