Effective from the 1st of August 2012 AEC has engaged Mr. Jesper Lollesgaard as Chartering Manager. Mr. Lollesgaard comes with decades of Drybulk Chartering experience and will work from London.

“We are pleased that Jesper has accepted to join our team and be part of our expansion plans”, says CEO Lars-Peter Madsen. “Jesper is adding a wealth of experience and knowhow to our company and we expect that the London location will be a strategical advantage for AEC and benefit our Chartering activitites going forward.”

Friday the 25th of May 2012 – NGP Natural Resources X, L.P. (NGP – www.ngpenergycapital.com) and Agriculture & Energy Carriers (AEC – www.aecarriers.com) have announced that, as of May 23, 2012, NGP has acquired AEC.

NGP is part of a family of natural resources focused private equity funds with over $13 billion of committed capital under management since inception in 1988. AEC – already an established specialist in commercial relationships involving ocean-transported commodities – is now well-positioned to expand the size and scope of its business, and to spearhead possible mergers and acquisitions as well as direct vessel investments on a global basis.

Effective immediately, Lars-Peter Madsen has been appointed Chief Executive Officer of AEC.

“We are immensely pleased with our new equity structure and the inevitable growth opportunities that it represents,” said Madsen. “NGP is a brand-name natural resources industry investor that has consistently driven value for its operating partners.”

“AEC now has an expanded platform that will generate proprietary opportunities as we continue to attract and develop the highest-quality business partners,” added Madsen.

Eduardo SaFreitas has been appointed AEC’s Chief Financial Officer.

“NGP’s confidence in us sends a strong message throughout the industry. We are now perfectly situated to capitalize our operations and create exceptional value for further investment,” said SaFreitas.

“Our investment in AEC provides the catalyst for this world class management team to effectively grow and transform their shipping platform,” said Mark Zenuk, an NGP Managing Director. “We look forward to working with AEC on future investment opportunities.”

Berdyansk is located in the Sea of Azoz. The access from the Mediterranean Sea is via Bosporous Strait (Turkey) through the Black Sea and then via Kerchensky Strait into the Sea of Azov.

The Kerch Canal (Kerchensky Strait) has a draft restriction of only 7.8 meters.

Antracite is extracted directly from the mines and contains a high proportion of carbon, low volitility and low sulphur content, which give it excellent properties for use in reductions processes or as source of energy.

AEC compeleted the discharging in Ghent of the approximately 22,000 mts of Bulk Anthracite on the 11th of May 2012.

Bulk Anthracite

Loading at Berdyansk Flag

Discharging at Ghent

Apart from running a regular wheat program from Argentina and Uruguay to Brazil, AEC also carry wheat loaded in northern France.

MV Four Diamond, a 34,053 dwat Bulk Carrier, loads wheat at Rouen for account Messrs Lecureur, France destined for Casablanca, Morrocco.

MV Irini F, a 42,264 dwat Bulk Carrier, also loads wheat at Rouen, France for account Messrs Bunge, Switzerland destined for Algeria

View of Rouen City

Casablanca or Dar El Bayda (“the white house”)

City of Bejaia, Algeria

On the 14th of December 2011, AEC commenced loading 29,356 mts bulk granulated Sulphur (fertilizer grade) in the port of Beaumont, Texas, USA. The cargo was loaded under contract for Messrs Vale Fertilizantes S.A., Brazil and is being discharge in Santos, Brazil.

AEC goal is to become more active in the fertilizer trades but also to further develop the close relationship with Vale in other trades.

The performing vessel is the MV Clipper Tarpon, a 30,427 mt Deadweight Single Deck Bulk Carrier, Bahamas Flag, Built 2010 (Headowners: Clipper Shipping – T-Pool).