CERES TERMINALS INCORPORATED & YUSEN TERMINALS INC.
APPOINT CALABRASE AS CHIEF INFORMATION OFFICER, IT OPERATIONS

Ceres Terminals Incorporated (CTI) and Yusen Terminals Inc. (YTI) are pleased to announce the appointment of Anthony Calabrase as Chief Information Officer for both organization’s IT operations. Mr. Calabrase assumed his new position on September 20, 2006. Mr. Calabrase will be responsible for the development and implementation of CTI/YTI’s global network, supervising day-to-day IT operations, as well as strategizing and planning for future technological requirements.

During his eighteen year IT career, Calabrase has held senior management positions directing IT strategy, planning and services as well as research and development. Prior to joining CTI/YTI, he was an Associate Partner, Network Centric Operations for IBM Global Solutions where he managed and coordinated IBM’s resources for the US Military, Homeland Security and Fortune 500 companies. Prior to IBM, Calabrase was the Executive Director/Chief Technology Officer – Information Services and Operations of Newport News Shipbuilding. He holds a B.S. Degree in Computer and Electrical Engineering from Old Dominion University in Virginia.

Ceres Marine Terminals is pleased to announce that it has been named the stevedore of record for Royal Caribbean International’s Cruise Operations in the Port of Tampa and Port Canaveral. R. O. White & Company Inc., a wholly owned subsidiary of Ceres Terminals Incorporated, will be the stevedore for Royal Caribbean International in Port Everglades. Both companies will commence operations June 20, 2006.

Ceres/R.O. White Company will handle 356 vessel calls annually for Royal Caribbean International and Celebrity Cruises within the Ports of Tampa, Canaveral and Everglades. The companies will jointly process approximately 1.65 million passengers and will be responsible for providing cruise vessel stevedoring and other cruise-related terminal services.

“Ceres is excited to be an active participant in Royal Caribbean’s Florida cruise business. We are pleased to know that they are satisfied with the high quality standards that Ceres provides RCCL in other North America cruise ports and look forward to a longstanding relationship in Florida,” commented Lars Ljoen, Vice President, Business Development.

Ceres currently provides cruise vessel stevedoring and terminal services for Cape Liberty Cruise Port, Bayonne, New Jersey, Brooklyn Cruise Terminal, Brooklyn, New York, the Port of Baltimore, Maryland and the Port of Vancouver, B.C.

Royal Caribbean International is a global cruise brand currently with 20 ships in service which includes the newly-built, Freedom of the Seas, the largest cruise ship in the world. The line also offers unique land-tour vacations in Alaska, Canada and Europe through its cruise tour division.

Ceres Terminals Incorporated is pleased to announce the appointment of Michael DiVirgilio as Senior Vice President, Development, effective June 1, 2006. Mr. DiVirgilio will be assigned to Ceres’ Corporate Marketing Department based at Ceres' Weehawken, New Jersey headquarters.

Mr. DiVirgilio will be responsible for developing new business prospects and expansion opportunities for Ceres’ North America operations. DiVirgilio is a seasoned industry professional and comes to Ceres from NYK Line (NA) where he was a 30-year plus veteran of the company. He has held many management positions in the shipping industry throughout his career. Mr. DiVirgilio most recently served as Sr. Vice President of Trade Management for NYK Line (NA) where he was responsible for the company's marketing and pricing policy including bottom line financial results.

He is a graduate of Baruch University with a degree in International Economics. He began his maritime career in New York City with Moore-McCormack Lines. While building his career with NYK, DiVirgilio held many regional administrative responsibilities including management of NYK Line’s eastern region and head of North America sales.

“Mike’s experience, professionalism and high regard within the industry will strengthen Ceres’ position for future development opportunities. We welcome the addition of his talents which will enhance the steady progress that Ceres has achieved in North America,” commented Bruce Cashon, Sr. Vice President & Chief Commercial Officer.

Cerescorp Company is pleased to announce that it has purchased two of the world’s most technologically advanced, super post panamax cranes for the Fairview Cove Container Terminal facility in the Port of Halifax. With this purchase, Cerescorp will own and operate a total of six cranes at the terminal – three, 65-tonne, super post panamax cranes and three, 40-tonne, gantry cranes that will have the capability of handling a throughput in excess of 400,000 containers per annum.

The new cranes will be shipped from the Liebherr Container Cranes Ltd. facility in Killarney, Ireland. Liebherr is one of the world’s top crane manufacturers and has a strong reputation for its successful crane operations in U.S. East Coast Ports.

Cerescorp’s new super post panamax cranes can handle 22 containers across and are capable of working the world’s largest mega containerships. They also complement the Port of Halifax’s 16.8 m (55 ft.) deepwater berthing capability. Delivery is expected by Summer of 2007.

Some features of the Liebherr Cranes include:
• 65-tonne, 20/40/45ft. spreading, twin-twenty Bromma Spreaders
• High hoist and trolley speeds resulting in short cycle time (71/80m/min. hoist and 240m/min. trolley)
• Simultaneous hoisting, trolley traveling and gantry travel as standard
• 40m lift height above waterside rail
• The latest speed control systems
• Sophisticated crane management system providing extensive operational and crane performance data. (Winscan)
• Proven mechanical Anti-Sway System
• Proven high quality, steel structure design

“We are very excited about the added value and service that these new cranes will provide for Cerescorp’s operations in the Port of Halifax,” said Thomas Simmers, Cerescorp’s President and CEO. “Cerescorp plans to constantly move forward in the Port of Halifax to ensure that our customers are always getting superior service, equipment and technology.”

“We are extremely pleased with the latest investment by Cerescorp in the Port of Halifax. The Halifax Port Authority is committed to working closely with Cerescorp to continue to expand business opportunities in the Port of Halifax for our mutual customers. The introduction of additional super post panamax cranes ensures that the Fairview Cove Container Terminal is well positioned to take full advantage of its deep (55') berths and excellent rail connections,” commented George Malec, Vice President, Operations & Security, Halifax Port Authority.

Cerescorp Company is pleased to announce that Termont Montréal (TM), a subsidiary of Termont Terminal (Termont), has signed a long-term contract to handle all the business of Mediterranean Shipping Company, S.A. (MSC) at the Port of Montréal, QC. This encompasses the existing service of Holland Maas (two loops of three vessels serving North Europe and the Caribbean), as well as, the New Canada Service, which commences February 2006 (this service will operate three vessels on the North Atlantic).

Termont has also agreed to sell a one-third interest in TM to an affiliate company of MSC.

“MSC is a recognized leader in the global liner transport of containers. Cerescorp welcomes the opportunity to partner with a world class operation such as Mediterranean Shipping Company. We hope to grow with MSC in the Port of Montreal in a long and successful relationship,” stated Thomas J. Simmers, President/CEO, Cerescorp Company.
Termont is jointly owned by Logistec Stevedoring Inc. and Cerescorp Company and operates the Maisonneuve Container Terminal at the Port of Montréal.

MSC based in Geneva, Switzerland, is the second largest container shipping company in the world.VANCOUVER PORT

The Vancouver Port Authority (VPA) and Cerescorp Company (Ceres) have signed a 10-year cruise ship services and terminal management agreement for the port’s two cruise terminals at Canada Place and Ballantyne Pier, commencing with the 2006 cruise season.

Ceres was selected by the VPA following a competitive bidding process. “Ceres’s bid was consistent with the Port of Vancouver’s standards for providing world-class passenger services and facilities for the Alaska cruise market. They have also demonstrated a strong commitment to further develop Vancouver’s cruise industry,” said Captain Gordon Houston, President and Chief Executive Officer of the Vancouver Port Authority. Ceres will be responsible for providing cruise vessel stevedoring and terminal services at Canada Place and Ballantyne Pier.

The Port of Vancouver was recently named the most passenger-friendly cruise port in North America by London-based Berlitz travel publishing company, with top marks for user friendliness and luggage handling. “That’s a reputation the port wants to maintain,” said Houston.

John Hansen, President of the North West CruiseShip Association is looking forward to building a solid relationship with Ceres as it takes over operations in Vancouver. “Smooth terminal operations are a critical component of a successful cruise industry and we intend to work closely with Ceres to ensure Vancouver’s reputation is maintained and enhanced,” said Hansen.
Ceres Terminals Incorporated currently provides service at cruise terminals in Bayonne, NJ, Brooklyn, NY, and Baltimore, MD. “Ceres is pleased to be working with the Vancouver Port Authority and is fully committed to maintaining the world-class status of Vancouver operations. We look forward to welcoming our existing and new customers to Vancouver in the 2006 cruise season,” said Bruce Cashon, Senior Vice-President of Marketing and Development at Ceres.

The Port of Vancouver is Canada's largest and most diversified port, trading $43 billion in goods with more than 90 trading economies annually. With two downtown cruise terminals, Vancouver is a favorite home port for the Alaska cruise industry, handling more than 900,000 passengers from approximately 280 sailings every year.

Michael I. Kice has joined Ceres Terminals Incorporated as its Director of Safety - Gulf Region, effective December 12. His responsibilities will be focused on safety and security compliance/adherence and related issues throughout Ceres’ terminals operations in the U.S. Gulf. He is based in Houston and reports to Stephen R. Crouch, Ceres’ Corporate Director of Compliance and Safety.

Mr. Kice brings over 33 years of management experience in stevedoring and marine terminal operations and corporate security, safety and environmental issues to the Ceres organization. His duties have included port specific, applied safety, corporate safety, training, security and insurance, as well as, port operational supervision and management. While Kice began his maritime career in Brooklyn, New York, most of his working career has been centered in the Gulf Region, specifically in New Orleans for the past fifteen years. Prior to this current appointment, he was the Corporate Security Director of P&O Ports North America.

Kice is a graduate of the United States Merchant Marine Academy. He has certification in a myriad of safety, security, anti-terrorism and environmental training programs. He has also been involved in many local and national safety and security groups.

“Now that transportation safety and security is a national priority, we are pleased to have Mike Kice join the Ceres team. His experience alone brings an excellence to our ongoing efforts to enhance Ceres Terminals Incorporated’s core values of continuous improvement for its quality services and operations. Ceres is committed to always providing our customers, employees and vendors with safe, secure, and environmentally sound business surroundings. Mike will assist in helping us bring our safety and security program to a progressive higher level,” commented Stephen Crouch, Ceres’ Corporate Director of Compliance and Safety.

Ceres Terminals Incorporated announced the appointments of two new General Managers: Neil H. Mark, General Manager Equipment, North America operations and James B. Ziegler, General Manager of the Ceres Savannah Terminal operations.
Neil Mark holds degrees in Engineering and Business Administration. He has over twenty years maritime experience, eight of which were involved with capital equipment procurement, equipment engineering, budgeting and financial analysis. Mr. Mark will oversee all Ceres Terminals’ maintenance departments as well as address all marine terminal cargo handling equipment. He will also assist Ceres’ port managers with staffing, terminal layout, preventative maintenance, engineering services and technical support to all terminals as well as prepare Ceres’ annual corporate capital expenditure budget.

James Ziegler is a stevedoring veteran serving over twenty-five years in the maritime industry. Throughout his career, Mr. Ziegler was employed by major stevedoring companies, having experienced and managed all aspects of stevedoring, container and cargo handling and marine terminal operations. As Ceres’ Savannah Terminal General Manager, he will be responsible for the day-to-day operations of Ceres’ Garden City and Brunswick Terminals.

“Both Neil and James are seasoned professionals in their respective fields and I am pleased that they have joined the Ceres organization. Their talents will be a welcome addition to the quality service that Ceres provides to our customers in Savannah and throughout North America on a daily basis,” commented Thomas Simmers, President, Ceres Terminals Incorporated.

Thomas J. Simmers, President and CEO of Ceres Terminals Incorporated, announced the appointments of three executives to manage Ceres’ South Atlantic and Gulf operations. Dennis Weaver, Regional Vice President – South Atlantic, will oversee Ceres’ Charleston, Savannah and Jacksonville facilities; William Parker, Vice President, Hampton Roads, replaces Dennis Weaver at this operation; and Cameron Simmons, Vice President, will manage Ceres’ Texas operations.
Mr. Weaver and Mr. Parker’s promotions are effective May 1, 2005. Mr. Simmons’ promotion is effective June 1, 2005.

Dennis Weaver has been a part of the Ceres organization for thirty-two years and most recently served as Vice President of the Hampton Roads (Newport News, Norfolk, Portsmouth), Virginia facilities. As Regional Vice President – South Atlantic, Mr. Weaver will be based in Charleston and manage Ceres Marine Terminals’ day-to-day operations in Charleston, Savannah and Jacksonville. He is a seasoned industry veteran having extensive operations and labor management experience in the South Atlantic throughout his career.

William Parker formerly served as General Manager of Ceres’ Newport News operation. He will assume the role of Vice President of its Hampton Roads facilities replacing Dennis Weaver. Mr. Parker is also part of the long-term group of professionals with the Ceres management team, having served with Ceres Marine Terminals for the past twenty-one years.
Cameron Simmons will oversee operations in Houston’s Barbours Cut and City Docks and Galveston, as Vice President of Ceres Gulf, Inc. Texas. Mr. Simmons has a broad scope of experience serving with Ceres since 1978 in its Baltimore, Charleston and the Port of Odessa, Ukraine facilities.

Mr. Simmons will assume these additional duties from Kaare Eileraas who will now concentrate his activities on Ceres’ Great Lakes operations.

“I am very pleased to have such a high-caliber team of professionals managing Ceres’ South Atlantic and Gulf ports. Dennis, Bill and Cameron have been an indispensable part of the Ceres Marine Terminals and Ceres Gulf management team and offer valuable experience to the port operations. The continuity that Dennis, Bill and Cameron bring to these operations ensures the consistency and familiarity that Ceres’ customers have been accustomed to for so many years, ” commented Thomas Simmers, President and CEO, Ceres Terminals Incorporated.

An agreement was signed on Friday, April 1, 2005, between Federal Marine Terminals, Inc. (FMT) and Ceres Terminals Incorporated transferring Ceres’ operations to FMT at the Port of Cleveland.

Effective immediately, FMT will become the general cargo stevedore at the Port of Cleveland. FMT has made a commitment to ensure continuity in providing competitive and first-class services to Ceres’ former customers.

Brian S. Kern will join Ceres Terminals Incorporated as Vice President Marketing/Sales, effective April 18. He will be supporting Ceres’ North America terminal operations while servicing and developing the Company’s current sales base. He will operate from the Ceres’ New Jersey corporate headquarters in Weehawken.

Mr. Kern is a veteran of the maritime industry with over twenty-two years experience. He holds a B.S. degree in Nautical Industrial Technology from the California Maritime Academy.

Early in his career, Mr. Kern held the positions of chief mate, diving officer, and captain while working on oceangoing tugs, offshore supply, and research vessels. In 1986, Brian joined Matson Freight Agencies, Inc., a subsidiary of Matson Navigation Company. As Marine Operations Manager at Matson, and later NYK Line (North America) Inc., he supervised port and cargo operations for container, general cargo, automobile, and bulk vessels in California and Hawaiian port locations. In that capacity, Mr. Kern was responsible for over seven hundred vessel calls annually, managed staff and participated in regional liner consortium committees
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His most recent position was Director, North America Marine & Terminal Operations for NYK Line (North America) Inc. Brian’s was responsible for a wide range of operations including the negotiation and procurement of terminal/ stevedoring services, vessel planning and deployment and ongoing day-to-day operations.

“Brian will be a valuable asset to Ceres’ North America operations. His extensive knowledge of marine and terminal operations and long-term experience makes him a steadfast available resource for Ceres’ customers. I am very pleased to have Brian join our team, commented Bruce E. Cashon, Senior Vice President and CCO, Ceres Terminals Incorporated.

Ceres Terminals Incorporated has acquired R.O. White & Company Inc., a stevedoring firm licensed to operate in Miami and Port Everglades in the State of Florida. R.O. White & Company Inc. was founded ten years ago by R.O. "Del" White, a veteran of the stevedoring business and a recognized pioneer in the development of the industry in South Florida. As part of the transaction, Mr. White will remain on as Vice President of the company and will continue to manage operations in South Florida. No financial terms were disclosed.

"This move, along with our return to Jacksonville, will greatly accelerate the expansion plans that Ceres has for South Florida,” commented Thomas Simmers, President & CEO of Ceres Terminals Incorporated. “R.O. White is an established, highly regarded company – a perfect match for Ceres. We are very excited about this development as it enables Ceres to continue to broaden its presence in the growing Florida trade,” he said.

James J. White was appointed Senior Vice President and Chief Operating Officer of the CTI and YTI organizations. The appointment is effective March 7, 2005. Mr. White will be based in the Ceres Terminals Incorporated Weehawken headquarters.

Mr. White was formerly the Executive Director of the Maryland Port Administration (MPA). With more than 28 years of experience in the maritime field, White joined the MPA in 1993 as the Director of Operations and Executive Vice President of Maryland International Terminals (MIT), the MPA's private operating company offering cargo-handling services to ocean carriers. In 1999, he was appointed Executive Director of the MPA. In this capacity, he actively promoted the flow of waterborne commerce through the Port of Baltimore, directing and coordinating all divisions of the MPA.

Mr. White is a seasoned veteran of the maritime industry. He has built a well-respected reputation not only in Baltimore but also throughout the industry and has been the recipient of numerous Port and industry awards. Over the past seven years, he has been instrumental in bringing major customers as well as cargo growth into the Port of Baltimore. This has yielded some of the best operating results for the Port to date.

“Ceres is proud to have Jim join our management team. Over the past two years, we have expanded our scope of operations and Jim is a welcome addition that will help ensure Ceres’ continued progress,” commented Thomas Simmers, President and CEO, Ceres Terminals Incorporated and Yusen Terminals. Inc.

Lars Ljoen has joined Ceres Terminals Incorporated as Vice President of Business Development. His responsibilities will be focused initially on the cruise business throughout North America. He will be based in Miami.

Mr. Ljoen holds a B.S.B.A. in Nautical Science and Business Management from Haugesund Maritime College. Ljoen is a twelve-year veteran of the Maritime Industry, spending four of those years in the North Sea Offshore industry. Over the past eight years, he worked for Royal Caribbean Cruise Lines, serving the last four years as Director for Marine Operations. Ljoen’s overall responsibilities were maritime port operations, including stevedoring, port agent management and financial management of all port charges, fleet wide navigation issues, maritime training and deck operation. Mr. Ljoen was also responsible for setting-up operations at Cape Liberty Cruise Port for Royal Caribbean and acted as Manager for Cape Liberty LLC.

“Ceres is pleased to have Lars as a part of our team. His strong experience and knowledge of the cruise and maritime industries will be a positive addition to our business development strategies going forward, commented Thomas J. Simmers, President and CEO, Ceres Terminals Incorporated.

Mr. Ljoen resides in Weston, Florida with his wife and two children.

Ceres Terminals Incorporated and Yusen Terminals Inc. are pleased to announce the appointments of Bruce E. Cashon and Zoltan Martonffy to head departments for both companies. As Senior Vice President of Marketing and Development, Cashon will be responsible for the marketing and business development strategies of both Ceres Terminals Incorporated and Yusen Terminals Inc. Zoltan Martonffy’s appointment as Vice President of Information Technology will make him responsible for the IT Department operations and staffs of both Ceres and Yusen Terminals. Mr. Cashon is based at Ceres’ Weehawken, New Jersey corporate headquarters. Mr. Martonffy is based at Yusen Terminals in Los Angeles, California. Both appointments are effective immediately.

Mr. Cashon is a thirty-year veteran of the maritime and marine cargo handling industries. In the early 70’s, he began his career in Miami with Harrington & Company as an operations manager. During his career, he has held senior management positions with the Port of Miami, International Maritime Agency and the Jacksonville Port Authority. Mr. Cashon served four years with the Maryland Port Administration as the Director of Marketing and was responsible for sales and business development in the Port of Baltimore. He joined International Terminal Operating Co. Inc. (ITO) in 1993 as Vice President of Marketing and remained with the company during its acquisition by P&O Ports in 1999 as Vice President of Marketing for North America

Mr. Martonffy holds an MBA from California State University (Los Angeles) in Computer Information Systems. He has over fifteen years MIS experience serving in such management positions as IT Director, IT Manager and Senior Network Engineer for the University of Chicago, International Survey Research Corporation and Bay Resources, Inc. respectively. During the past four years, Mr. Martonffy has been Information Systems Manager for Yusen Terminals Inc. in Los Angeles, California. He was responsible for the installation and implementation of Yusen’s terminal operating system, including the design and implementation management of Yusen’s EDI processing engine and system interface. He is a passionate proponent of utilizing the unlimited potential that technology provides to ensure a business’ success and growth.

“We are experiencing rapid growth within the Ceres and Yusen Terminals’ organizations and are fortunate to have the experienced management available to answer the call to action. Both Bruce and Zoltan are assuming expanded roles in both Ceres and Yusen Terminals. Bruce has done an excellent job as the head of Marketing at CTI and will bring the same standard of service excellence to YTI. Zoltan has been a leading force at YTI, developing and implementing state-of-the-art IT systems. His strategy is to keep all communications between the terminal and customers and/or vendors easy, efficient and cost-effective as well as paperless. We expect this same vision to be applied to CTI,” commented Thomas Simmers, President/CEO of Ceres Terminals Incorporated and Yusen Terminals, Inc.

The Jacksonville Port Authority (JAXPORT) and Ceres Marine Terminals Inc., a major stevedore and terminal operating company in North America, well know for vehicle and container handling, have entered into a five-year operating and lease agreement, effective September 1, 2004.

Ceres will lease 13 acres from JAXPORT’s Blount Island Marine Terminal. The company is projected to handle some 44,000 vehicles and provide stevedoring services to approximately 100 vessels, annually, from the leased property. This agreement represents about $3.2 million in new revenue for JAXPORT over the term of the contract.

Operating since 1958, Ceres has major port operations on the U.S. East and Gulf Coasts, the Great Lakes, St. Lawrence Seaway, Canada and Europe. In October 2002, the company was acquired by Nippon Yusen Kaisha (“NYK”) and operates as a wholly owned subsidiary in the Harbors Division of the NYK Group. The Harbors Division also maintains operations in the ports of Oakland and Los Angeles, California; Tokyo and Kobe, Japan; and Kaoshiung, Taiwan. Ceres’ decision to further expand its operations to include JAXPORT is a result of existing and potential growth opportunities in serving East-West carriers such as NYK.

Bruce Cashon, Vice President of Marketing and Business Development for Ceres Terminals Incorporated was pleased to make the announcement. “Having operated here a number of years ago, Ceres is pleased to return to this expanding market in the South Atlantic,” Cashon said. “Jacksonville is growing in the same areas that we are, RoRo, Containers and Cruise, and we are eager to compete for future opportunities.”

Roy Schleicher, JAXPORT Senior Director of Trade Development and Marketing, said JAXPORT looks forward to the new partnership. “Ceres’ presence at JAXPORT will not only continue to enhance our service, but also add to our growth and new business potential,” he said.

Daniel Hall was appointed Senior Vice President of the YTI Los Angeles Terminal operation, effective July 28, 2004. In his new role, Mr. Hall will be responsible for the day-to-day operations of YTI. He will head all terminal functions including Operations, Accounting, Administration, IT and Human Resources Departments.

Mr. Hall will report directly to Thomas Simmers.

Dan Hall’s most recent position was Vice President of Ceres Marine Terminals, Inc.’s Charleston, South Carolina facilities. He was responsible for Ceres’ operations at the Columbus Street, North Charleston and Wando Walsh Terminals. He brings an extensive background in the marine cargo handling industry to YTI.

Mike Patalano, a Yusen Terminals veteran, has also been promoted to Vice President of Operations at YTI. Mr. Patalano has been with YTI for over nine years and most recently served as General Manager of Operations. Joe DiMassa, Vice President, will continue his role in the labor and public relations areas of the organization as well as serve as a senior advisor on other issues.

At Ceres’ Charleston operation, Mark Bunch was promoted to General Manager and will assume Dan Hall’s responsibilities. Mr. Bunch’s most recent assignment was as the Terminal Manager at the Columbus Street Terminal. Mr. Bunch will report directly to Thomas Simmers. He is highly qualified to assume his newest role in Charleston having many years experience in the maritime industry.

Ceres has created a new management position in Charleston for Jill DePaolo. As Senior Terminal Manager, Ms. DePaolo will oversee responsibilities of Ceres Marine Terminals’ three operations in Charleston. Shaune Gossett will replace Mark Bunch as the Terminal Manager at Columbus Street. Ms. DePaolo and Mr. Gossett will report to Mark Bunch.

All of the above management changes are effective immediately.

Effective July 19, 2004, Thomas J. Simmers will assume the position of President and Chief Executive Officer of Yusen Terminals Inc. (YTI). Yutaka (Greg) Nagashima will serve as Chairman of Yusen Terminals Inc. Mr. Simmers adds this new position to his current President/CEO duties with Ceres Terminals Incorporated in Weehawken, New Jersey. Yusen Terminals Inc. operates marine cargo terminals in Los Angeles and Oakland, California.

Ceres Terminals Incorporated is pleased to announce the appointment of Jeffrey Hakala as Vice President of Ceres Gulf’s New Orleans operations, effective July 1, 2004. Hakala will be based at Ceres’ new Napoleon Avenue Terminal facility.

Mr. Hakala is a graduate of the U.S. Merchant Marine Academy at Kings Point, NY. He began his career in marine transportation in 1975 with Atlantic & Gulf Stevedores in Texas. During his career, he has held senior management positions with I.T.O. Corporation, Fairway Terminal Corporation and J.J. Flanagan Shipping Corp. Mr. Hakala also has a strong background in software development and information technology. He served as President for Innovative Marine Concepts, an information management services company and his most recent position was Senior Manager – Marine Data Systems/Marine Personnel for Tyco Telecommunications.

“Jeff is a perfect match for Ceres’ operations at the new Napoleon Avenue Terminal. His operational and people skills as well as strong IT background make him highly qualified to take on all the challenges of this fast-paced, modern container facility”, commented Thomas Simmers.

The Ceres Group of Companies has been approved by the U.S. Customs Service as a C-TPAT partner. Participation in the Customs-Trade Partnership Against Terrorism (C-TPAT) is a voluntary program that U.S. Marine Port/Terminal Operators agree to adhere to set security measures and standards mandated by U.S. Customs.

Ceres initiated the C-TPAT Certification process in August of 2003 and was approved by U.S. Customs in February 2004. Ceres has developed a detailed security plan and will review security procedures on a regular basis. Stephen Crouch, Ceres’ Corporate Director of Compliance will be overseeing all C-TPAT processes.

U.S. Customs will soon provide all C-TPAT Partners a yearly assessment to be completed by company management.
Ceres is committed to providing a safe environment at each of our U.S. port locations. We want our customers to feel secure in knowing that their cargo will be handled and transported safely as well as efficiently,” commented Thomas Simmers.

Ceres Terminals Incorporated is pleased to announce the appointment of Anthony LaForgia as Operations Manager of Ceres’ stevedoring and terminal operations at the Peninsula at Bayonne Harbor, servicing Royal Caribbean Cruise Lines at their Cape Liberty Cruise Port Terminal. He joins Ceres effective April 1, 2004.

Mr. LaForgia will manage the day-to-day operations of Ceres’ newly formed Ceres Atlantic Terminal in Bayonne, NJ. He will be also be based at Ceres’ new offices at the terminal.

A former operations manager with Maersk Sealand/Universal Maritime in Port Newark and Elizabeth, New Jersey, LaForgia brings eighteen years experience to the Ceres organization. He also has a strong background in marketing, public relations and communications.

Ceres Terminals Incorporated appointed Gary J. Lesnevich as Vice President of its NY/NJ Port Operations effective March 1, 2004.

Mr. Lesnevich will oversee all Ceres’ operations and administrative functions in the Port of New York/New Jersey as well as the development of the Company’s newly formed Ceres Atlantic Terminals. Inc. in Bayonne, NJ. He will also be responsible for the coordination and administration of cruise operations in other ports where Ceres operates within the U.S. East and Gulf Coasts. He is based in the Weehawken, New Jersey corporate headquarters.

Mr. Lesnevich is a thirty-six year veteran of the maritime, marine cargo handling and cruise industries. His career began in the Port New York/New Jersey in the late sixties with International Terminal Operating Co. Inc. (ITO) as a marine superintendent. He has held management positions in terminal operations and the administration of day-to-day activities involved with the handling, loading and discharge of containers, roro, and automobiles. In 1984, Lesnevich was Vice President of ITO’s NY/NJ Port Operations responsible for military, fruit and roro cargoes as well as the New York City Passenger Ship Terminal operations. When ITO was acquired by P&O Ports North America in 1999, Lesnevich’s responsibilities as Vice President focused on cruise, roro and automobile operations.

Termont Terminal Inc. and the Montreal Port Authority (MPA) have signed a 20-year lease for Maisonneuve container terminal, located in east-end Montreal.

This new lease, to last until 2024, also includes a 20-year renewal option that could extend the lease until 2044. Termont Terminal, a joint venture between Cerescorp Company and Logistec Stevedoring Inc., has operated the 17-hectare terminal since 1987.

"We welcome Termont's commitment as a gesture of confidence in the future of the Port of Montreal," said Mr. Dominic J. Taddeo, president and chief executive officer of the Montreal Port Authority. "By leasing Maisonneuve Terminal for many years to come, Termont Terminal has guaranteed minimum annual traffic and major investments in terminal equipment."
"We are very pleased with this agreement," said Mr. Thomas J. Simmers, Chairman of Termont Terminal. "The Port of Montreal's enviable position in the North Atlantic container market was a key factor in our company's decision." Mr. Simmers is also Chairman of Cerescorp Company and President and Chief Executive Officer of Ceres Terminals Incorporated.

"We are extremely proud to renew our longstanding relationship with the Port of Montreal and continue operating the Maisonneuve container facility," said Ms. Madeleine Paquin, President of Termont Terminal Inc. "We are strong believers in the sustained growth of international container business at the port, and are committed to the ongoing development of this terminal to serve our container transportation customers even better as their North American business grows."

Ms. Paquin, who is also Chairman of Logistec Stevedoring Inc. and President and Chief Executive Officer of Logistec Corporation, said that at least one major shipping line was seriously studying the possibility of using the terminal.
"We hope to be able to announce the launch of their Montreal services in the coming months," she said.
The MPA has now signed long-term agreements with all of its container-terminal operators. The autonomous federal agency is responsible for building, improving and expanding port infrastructures, but leases its facilities to private stevedoring firms, with the exception of the port's MPA-operated grain terminal, passenger terminal and railway network.

Royal Caribbean Cruises Ltd. today announced it is naming its new port facility in Bayonne, New Jersey, Cape Liberty Cruise Port. Ceres Atlantic Terminals, Inc. was also named the stevedore and terminal operator of Cape Liberty.

Starting this May, Cape Liberty will serve as a seasonal homeport to two of the company's ships, including the 3,114 passenger Voyager of the Seas, which makes her first appearance in the New York City metro area this spring.

"We are extremely pleased to be able to offer our guests a new and convenient cruise port as we expand our presence in the Tri-State area," said Adam Goldstein, executive vice president, Brand Operations, for Royal Caribbean. "Cape Liberty Cruise Port is a fitting name as our guests will begin and end their vacations with a marvelous view of the Statue of Liberty and lower Manhattan."

In December, Royal Caribbean signed a letter agreement with the Bayonne Local Redevelopment Authority (BLRA) to construct and operate a new cruise port facility on the former Bayonne Military Ocean Terminal (MOTBY) peninsula, now called The Peninsula at Bayonne Harbor. Just 15 minutes from the Newark airport and right off the New Jersey Turnpike, Cape Liberty Cruise Port is a convenient departure point for both drive-market guests and those arriving by air.

Two Royal Caribbean International ships will sail from Cape Liberty from May through October 2004. Voyager of the Seas offers an alternating schedule of five-night Canada and nine-night Caribbean cruises. Nordic Empress offers alternating six-night and eight-night Bermuda itineraries. Royal Caribbean will operate out of existing structures for the immediate future. Long-term plans call for construction of a new cruise terminal and supporting facilities.

The arrival of the Lykes Motivator, Jan. 9, 2004, at the Port of New Orleans signaled the beginning of full operations at the $101 million, 61-acre, Napoleon Avenue Container Terminal. “This is a momentous occasion for the Port of New Orleans, “ said Gary LaGrange, Executive Director/CEO of the Board of Commissioners of the Port of New Orleans. This is the most technologically advanced container terminal in the world. It has been designed to accommodate the needs of shippers throughout the state of Louisiana.”

Ceres Gulf, Inc. and P&O Ports Louisiana, Inc. are jointly operating the new facility. Both companies have signed 24-year terminal leases with the port. Ceres and P&O have transferred their container operations from France Road on the Industrial Canal. Carriers calling at the new terminal will include CP Ships (Contship Container Lines, Italia Line, Lykes Lines and TMM Lines), Mediterranean Shipping Co., and Zim Israel Navigation Co.

The Napolean Avenue Container Terminal, which is located on the Mississippi River, occupies 61 acres and has a capacity of 366,000 teus. The new terminal is located within close proximity of the six class one rail lines that intersect New Orleans.

Ceres Terminals Incorporated announces the appointment of Bruce E. Cashon as Vice President Marketing and Business Development, effective December 15, 2003. Cashon is based in the Weehawken, New Jersey corporate headquarters.

Mr. Cashon is a thirty-year veteran of the maritime and marine cargo handling industries. In the early 70’s, he began his career in Miami with Harrington & Company as an operations manager. During his career, he has held senior management positions with the Port of Miami, International Maritime Agency and the Jacksonville Port Authority. Mr. Cashon served four years with the Maryland Port Administration as the Director of Marketing and was responsible for sales and business development in the Port of Baltimore. He joined International Terminal Operating Co. Inc. (ITO) in 1993 as Vice President of Marketing and remained with the company during its acquisition by P&O Ports in 1999. His most recent position at P&O Ports was Vice President of Marketing for North America.

Thomas J. Simmers was appointed President and Chief Executive Officer of Ceres Terminals Incorporated, effective Nov. 12, 2003. Mr. Simmers succeeded Christos N. Kritikos, the founder of Ceres Terminals, Incorporated, who will remain as an exclusive advisor to Ceres. Simmers is based in the Weehawken, New Jersey headquarters.

Mr. Simmers is a twenty-nine year veteran of the marine cargo handling industry. Starting as a vessel superintendent with Atlantic & Gulf Stevedores, Inc. in Philadelphia, PA, he has worked in fourteen ports on the Atlantic & Gulf Coasts in a variety of positions. His most recent assignment was as Executive Vice President of Sales and Marketing with Ceres Terminals Incorporated. Simmers has been a member of numerous industry Boards of Directors. He has served as a President and Board member of the National Maritime Safety Association and was honored with its Man of the Year Award in 2001. He also served as Chairman of the Board of Directors from 1995-2000 of the Steamship Trade Association of Baltimore.

Mr. Simmers is a graduate of the United States Merchant Marine Academy in Kings Point, New York. He is married and has four children.

Nippon Yusen Kaisha (NYK Line) of Tokyo is pleased to announce that on September 12, 2002, it executed a binding Agreement to purchase Ceres Terminals, Incorporated. The parties expect to close the acquisition by late October 2002. Terms were not disclosed.

Ceres Terminals, with annual revenues in excess of $150 million, was founded in 1958 by Christos Kritikos and currently provides stevedoring and terminal operating services in Halifax, Nova Scotia, Canada; Baltimore, Maryland; Norfolk, Virginia; Charleston, South Carolina; Savannah, Georgia; New Orleans, Louisiana; Houston, Texas; Chicago, Illinois; Cleveland, Ohio; and Duluth, Minnesota. Ceres also participates in a joint venture with Logistec in Montreal, Quebec, Canada.

Ceres Terminals also operates the Ceres Amsterdam Marine Terminals B.V. and is the developer of the new and innovative Paragon Container Terminal in Amsterdam. This facility represents a paradigm improvement in Container Terminals designed to accommodate the new, larger container vessels being deployed around the world.

Mr. Kritikos and his management team will remain with the Company after the acquisition. Continuity of management and maintenance of superior service levels is a key for NYK to insure this new acquisition continues to prosper and grow consistent with the quality the Industry has come to expect from Ceres.

Ceres Terminals handles in excess of 2.5 million teus at its various facilities and provides NYK with a significant terminal operating base on the East and Gulf Coasts of North America. Ceres also gives NYK an important terminal opportunity at its innovative Paragon Terminal in Europe. The Ceres locations will complement NYK's existing facilities in Los Angeles and Oakland, California, Tokyo, Yokohama, and Kobe, Japan, Kaohsiung, Taiwan. NYK also has investments in facilities in Nagoya, Japan; Laem Chabang, Thailand; and Sydney, Australia. With this acquisition, NYK contemplates handling in excess of six million teus worldwide in 2003, thereby propelling the Company into the ranks of the world's premier terminal operators.

NYK has embraced a strategy of growing its business segments, not just in the ocean transportation sector, but also in worldwide logistics and other transportation related activities that support NYK's worldwide freight handling network. As one of the world's largest vessel operators, terminal capability for Containers as well as Rollon/Rolloff and breakbulk cargoes represents a vital business sector for NYK. The purchase of Ceres Terminals adds significant capacity in this strategic terminal sector and is consistent with NYK's long term Corporate direction

Two key executives have been appointed for the new Ceres Paragon Terminals, opening this Summer (2001). Pieter Johan Doyer assumes the position of Chief Financial Officer and Simon H. Van Wijlen is IT Director. Both Mr. Doyer and Mr. Van Wijlen have extensive experience in their respective fields and are well equipped to take on the challenges and complexities of the new Ceres Paragon Terminal.

A native of Holland, Pieter Johan Doyer is educated in Business Economics and Domestic and Foreign Banking. For the first six years of his career, Mr. Doyer worked for Amro Bank, one of the largest banking institutions in Holland. During this time, he held several positions in the domestic business of the Amro Bank. As Branch Manager, he was responsible for the internal organization and strengthening of the Bank’s position in the retail market. In his last position as Credit Manager, Mr. Doyer was involved in giving advisory support to bank branches, portfolio management, and credit analysis and approval.

In 1991, Mr. Doyer was appointed Financial Director for Roussel BV. Four years later, he became the Financial Director for Hoechst Marion Roussel BV. He was responsible for the determination of the organization’s long and short-term financial, economic, fiscal and business policies. Mr. Doyer also shared the responsibility of the preparation and implementation of the merger between Roussel BV and the Pharma division of Hoechst Holland NV. In April 1999, Mr. Doyer acted as designated Financial Director of Aventis Pharma and was involved in the merger preparation of Hoechst Marion Roussel BV and Rhone Poulenc Rorer BV. Before joining Ceres Paragon Terminals, Mr. Doyer was the Financial Director for Hoechst Marion Roussel BV.

Simon H. Van Wijlen is also a native of Holland. He is a graduate of the Polytechnic of Informatics in Executive Information Systems. He has an extensive background in communication and systems development.

Mr. Van Wijlen began his IT career as Product Manager for Wavin Information Systems. He worked on the technical side of Triton (Baan international) and was responsible for setting up the help desk. He was also involved in the technical application of Triton in the first Wavin subsidiary. In 1988, he worked for Wavin Headquarters, designing and developing corporate financial reporting systems, executive information systems and personal tracking systems. Mr. Van Wijlen also implemented systems in The Netherlands, Germany, Great Britain and other countries.

Mr. Van Wijlen was Services Senior Information Systems Engineer from 1992-1997 for Heeremac, an offshore, heavy-lift contractor for crane vessels. Among his many IT responsibilities for the organization, Mr. Van Wijlen was the Project Leader for Basis implementation, responsible for the technical implementation of SAP R/3 and ERP application and overall systems, project management and the development of new strategies and investigation of new tools for the group which included the selection and implementation of Oracle Financial Module AP & PO. In his current position, Mr. Van Wijlen was the European IT Manager for Emery Worldwide, one of the leading US transportation companies with worldwide revenues of $2 billion. His diverse responsibilities for Emery included the restructuring process of the Emery IT department as well as the strategy positioning of the European IT group.

The 21st Century Ceres Paragon Terminal is the first of its kind and is designed to be by far the fastest container terminal in the world. The terminal will handle container ships of all sizes. It will have three berths, including one indented berth especially designed for the new mega containerships. The terminal features a radical concept – 9 cranes working the newest generation of containerships from both sides of the vessel, a minimum of 300 moves per hour and capable of reaching 22 containers across the deck.

Ceres Paragon Terminals in Amerikahaven, Amsterdam opens this Summer (2001).

The Ceres Paragon Terminals BV booth at the TOC 2000 Exhibition in Rotterdam, May 16-18, 2000. The TOC 2000 is one of the world's premier port equipment and services exhibition and the perfect arena to showcase the "First of Its Kind" container terminal – Ceres Paragon Terminals in Amsterdam.

The Amsterdam Port Authority and Ceres Paragon Terminals B.V. ordered 39 high speed straddle carriers from the established "niche" manufacturer, Nelcon, with an option to purchase 20 additional carriers at a later date (the option to be exercised by the end of 2000). These Diesel-AC Electric Straddle Carriers, with electronic controls all supplied by Siemens, are to be delivered no later than June 30, 2001.

The Nelcon straddle carriers will be of 50 M/T capacity with twin 20’ Stinis spreaders, have a travel speed of up to 30 kph and are capable of lifting one over three containers. They will feature rubber suspension and Kessler wet disc breaks fitted to the inner pair of wheels on each side. The straddle carriers will be controlled and monitored by Ceres’ state-of-the-art yard management computer system utilizing GPS.

A "radical" concept and the "first" of its kind in container terminals, the Ceres Paragon Terminal is the future of container terminal facilities. It is projected to be the fastest container terminal in the world.

The terminal will handle container ships of all sizes. It will have three berths, including one indented berth especially designed for the new mega containerships. It will offer the latest generation carriers a minimum of 300 moves per hour utilizing as many as 10 cranes capable of reaching 22 containers across the deck. The vessel can be worked on both sides of the indented berth to achieve this new level of productivity.

Since the official groundbreaking in October, 1999, Phase one of the terminal project in Amerikahaven is progressing as scheduled with more than 125 acres planned for completion the second half of 2001; Phase two consists of the development of the Afrikahaven property, approximately 170 acres, which is adjacent to Amerikahaven. Development of a second indented berth and preparation of the land is currently underway and is targeted for completion around 2003. When all is said and done, both terminals’ container handling capacity could reach three million TEUs or more.

Chris Kritikos, President of Ceres Terminal Incorporated announced the promotions of two key executives in the Ceres’ organization.

Ronald A. McBrearty was named Executive Vice President of Ceres Terminals Incorporated. Currently, Mr. McBrearty is President of Cerescorp Company with locations in Halifax and Montreal, Canada. In addition to his Cerescorp Company and Canadian port reponsibilities, Mr. McBrearty will be responsible for the North Atlantic East Coast Ports. He will also develop new services to meet the growing demands of the Ceres customer in the new millennium. Mr. McBrearty’s business strategy is to focus on the development of global business as well as implementing the highest standards of service to existing domestic and international customers.

Mr. McBrearty has been part of the Ceres organization for thirty-four years. He is married and resides in Montreal. Erl Thompsen was named Vice President, Contract Administration & Purchasing. Mr. Thompson will be Ceres’ customer contract administrator as well as oversee all purchasing for the company’s US operations.

Mr. Thompsen has been a part of the Ceres organization since 1989. A forty-year veteran of the Maritime Industry, he was formerly the Corporate Controller and Treasurer for prominent steamship carriers. He has a BBA degree from Hofstra University in New York and an MBA from Tulane University in Louisiana. Mr. Thompsen is also a Certified Public Accountant. He is married and resides in Middletown, New Jersey.

Both Mr. McBrearty and Mr. Thompson will report directly to Mr. Chris Kritikos, Chairman and CEO of the Ceres organization.

On October 21, 1999, the Amsterdam Port Authority and Ceres Paragon Terminals B.V. celebrated the groundbreaking of the world’s "first of its kind" container terminal in AMERIKAHAVEN, Amsterdam. Port dignitaries, CEOs and top management from major shipping companies in Europe and around the world were among those VIPs who attended to take part in this historical event. Commencing with a press conference at 10:00 AM on the AMERIKAHAVEN site, there was an official presentation by the Amsterdam Port Authority and Ceres at 11:00 AM. A 3-D multimedia presentation produced by JWD, the engineer-architects of the terminal, was a special highlight. This presentation included a computer-generated flyby of the new terminal in action – from a mega ship sailing into the indented berth and the vessel being worked from both sides to state of the art straddle carriers handling containers.

Guests received a first hand glance of how radically innovative the Ceres Paragon Terminal will operate. Featuring the fastest, most efficient and quietest cranes in the world, this terminal will handle container ships of all sizes. It will have three berths, two marginal berths and one "indented" berth especially designed for the new mega ships – all totaling 1050m of berthing capacity. It will offer the newest generation of ocean carriers a minimum of 300 moves per hour utilizing as many as 10 cranes capable of reaching 22 containers across the deck. The vessel will be worked from both sides of the indented berth in order to achieve this new level of productivity.

The Ceres Paragon Terminal will also offer the latest in straddle carrier systems and the most advanced computerized gate and terminal management systems. To compliment the terminal’s technology, Ceres will offer a competent and cooperative work force, trucker valet service and other improved ancillary services.

A "radical" concept and the "first of its kind" in container handling terminals, the Ceres Paragon Terminal is the newest generation as well as the future of container terminals. It is projected to be the fastest container terminal in the world by more than two fold.

Both Ceres Terminals and the Amsterdam Port Authority have a mutual investment in the success of this terminal. Two-thirds of the cranes will be purchased by the Port and one-third by Ceres. Ceres has signed a 70-year lease on the property. There are two phases planned for this facility: Phase one of the terminal project in AMERIKAHAVEN is more than 125 acres, scheduled for completion mid-2001; Phase two consists of development of the AFRIKAHAVEN property, approximately 170 acres, which is adjacent to AMERIKAHAVEN. The development of AFRIKAHAVEN is currently underway and is targeted for completion around 2003. When all is said and done, both terminals’ container handling capacity could reach three million TEUs or more.

The new Ceres Paragon Terminal has all the key elements to ensure its complete success: excellent access to all major inland waterways of Europe; the proximity and easy access to the expressways; the rail facility on the terminal; the most modernized barge and feeder accommodation and expeditious handling of this traffic; and its competent labor force.

In 1998, the Amsterdam region handled 57 million metric tons of every type of cargo and it inaugurated an all-weather protected general commodities terminal. In the latter part of 1999, it will inaugurate a modern passenger ship terminal.