SMT Shipping and CSL Team Up in Global Cement Shipping Joint Venture

Limassol, Cyprus and Montreal (ots/PRNewswire) - SMT Shipping ("SMT")
and The CSL Group (https://www.cslships.com/en) ("CSL") today
announced they have entered into an agreement for CSL to acquire 50%
of Eureka Shipping Ltd. ("Eureka"), SMT's pneumatic cement vessel
business.

The new joint venture will allow Eureka and CSL to combine expertise,
resources and innovative technologies to expand services to customers
in the seaborne cement powder and fly ash transportation markets
around the world. CSL's Australian cement shipping business is not
included in the joint venture.

"The joint venture represents an important step in CSL's strategy to
increase its presence in the global construction material sector,"
said Louis Martel, President and CEO of The CSL Group. "We are
confident that the synergies between CSL and the Eureka team, along
with our common values and complementary skills will further
strengthen our ability to provide significant value to our customers
and an effective platform for growth."

"SMT Shipping is honored to partner with CSL in Eureka," said Mark
Voorham, CEO of SMT Shipping. "We feel the new joint venture will
harness the strengths of both respected companies, which will work
together seamlessly to serve our clients with the highest levels of
service and professionalism."

"For Eureka Shipping, the partnership with CSL provides a strong,
collaborative platform to further invest in innovative logistics
solutions to the benefit of our customers in the cement and building
materials industries," added Kai Grotterud, CEO, Eureka Shipping Ltd.

The partnership is a strong strategic fit, leveraging the companies'
respective strengths in the shipping and handling of dry bulk cargos.

There will be no change in the day-to-day management and operation of
vessels in the Eureka fleet. The transaction is subject to certain
regulatory conditions and is expected to close by end of June.

Eureka Shipping Ltd. operates a fleet of self-unloading cement
carriers in the Baltic Sea, the Atlantic Ocean, the Mediterranean
Sea, the Caribbean and Asia.

The SMT Shipping Group has, over the past 30 years, built a fleet of
about 45 vessels through a number of joint venture companies
operating in various bulk commodities markets, focusing on highly
efficient geared bulk carriers, floating storage/transhipment
terminals and belt-unloaders.

The CSL Group is the largest owner and operator of self-unloading
ships in the world. Headquartered in Montreal with divisions
operating throughout the Americas, Australia, Europe and Asia, CSL
delivers more than 70 million tonnes of cargo annually for customers
in the construction, steel, energy and agri-food sectors.

Media Contacts: THE CSL GROUP INC., Brigitte Hébert, Director,
Communications, 514-653-8854, [email protected] ; SMT
SHIPPING LTD., Marcel Heijnsbroek, Chief Financial Officer,
+31652368430, [email protected]

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