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Georgetown, Grand Cayman 26 September
2007, CTI Group today announced that in partnership
with Saudi and Algerian concerns, CTI has acquired a
majority stake in the Algerian Ship Owning company,
International Bulk Carrier (IBC)., a wholly owned subsidiary
of Companie nationale Algerienne de Navigation (CNAN).
IBC currently has five Bulk Carriers and three General
Cargo Vessels ranging in size from 3,600DWT up to 64,000Dwt.
The Group's move into Bulk Carriers is aimed at taking
advantage of the current historical rise of daily rates
in the Dry Bulk Carrier market segment and protect CTI's
markets through support of its own trading activities.
This will also strengthen future moves to be announced
shortly to start cement activity operations in countries
that CTI has been studying for a while.
The vessels will be placed under
the commercial management of Sekur Operations, a wholly
owned subsidiary of CTI, which currently operates the
Group's fleet of Cement Terminals/Carriers and Bulk
Carriers. Following this acquisition, the total operated
fleet of the company stands today at 21 ships.
CTI's Mr. Mazen Dajani said: "We
are pleased to make this announcement today which is
in line with our strategic planning and our decision
to diversify more into shipping which ultimately will
give tremendous support to the core of our business
of cement/clinker trading. This contract comes as a
culmination of two years of shuttle negotiations with
the Algerian authorities, and we hope this is only the
beginning of further announcements which we will make
with regards to investments in Algeria".
Established in 1990, CTI Group is
specialized in the trading of cement and clinker and
owns and operates a fleet of cement terminals and cement
carriers worldwide. The company maintains offices in
8 countries including the USA, UAE and Malaysia.
For more Information visit
www.cti-grp.com
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