The international maritime shipping industry provides a practical and cost-effective means of transporting large volumes of cargoes. This is accomplished predominantly by the dry bulk and tanker sectors, while other related sectors tend to be specialized. The dry bulk sector involves the transportation of dry bulk and general cargoes, including, among other products, coal, minerals, ore, steel products, forest products, agricultural products, construction materials and heavy equipment, machinery and spare parts via dry bulk cargo vessels. The tanker sector involves the transportation of wet products such as crude oil, refined petroleum cargoes and liquid chemicals via different types of tankers. Related sectors comprise, but are not limited to, the operation of vessels such as containerships, liquefied gas carriers, offshore supply and anchor-handling vessels.

Dry bulk vessels are used to transport commodities such as iron ore, minerals, grains, forest products, fertilizers, coking and steam coal. The dry bulk sector can be divided into four major vessel categories with reference to size.

The world tanker fleet is divided into two primary categories, crude oil and product tankers. Tanker charterers of wet cargoes will typically charter the appropriate sized tanker based on the length of journey, cargo size and port and canal restrictions. Crude oil tankers are typically larger than product tankers.

As opposed to dry bulk vessels, which carry raw materials such as iron ore, minerals, grains, forest products, coking and steam coal, container vessels transport finished goods that are shipped in large containers. Instead of the number of dead weight tons that they can carry, container vessels are sized according to the number of containers that they can carry and whether the vessels can traverse the Panama Canal.

The Company believes that the international maritime shipping industry presents attractive opportunities for consolidation and growth. Furthermore, in light of the continued growth in global industrial and energy commodity demand, driven primarily by China, India and the U.S., the Company believes that the shipping industry represents a favorable area in which to attempt to consummate a business combination. The Company’s strategy is not limited to one sector within this industry in its endeavor to identify a suitable target business.

The Company’s executive officers and directors have extensive experience in the shipping industry as leading managers, principals or directors of some of the most prominent worldwide shipping companies. In addition, they collectively comprise a formidable pool of expertise covering the key areas of shipping, with more than 130 years of total experience in sourcing, negotiating and structuring transactions in the shipping industry. The Company intends to leverage the industry experience of its executive officers, including their extensive contacts and relationships, by focusing its efforts on identifying a prospective target business in the shipping and related industries.

The Company may seek to acquire a company with agreements to purchase individual vessels, a company with a fleet of vessels, a number of such companies as a group, or an entity which provides commercial management, operational and technical management or other services to one or more segments of the shipping industry. Related industries in which the Company may seek a business combination include, but are not limited to, the offshore industry, which would encompass offshore supply and anchor handling vessels.

The Company has not conducted any research with respect to identifying the number and characteristics of the potential acquisition candidates within any segment of the shipping or related industries, or the likelihood or probability of success of any proposed business combination. In addition, the Company has not compiled a database of entities that are suitable acquisition candidates.

The Company will use substantially all of the net proceeds of this offering available for its use to acquire a target business, including identifying and evaluating prospective acquisition candidates, selecting the target business, and structuring, negotiating and consummating the business combination.