Transaction Expands United Overseas Group's Dry Bulk Footprint and Strengthens Global Operating Capabilities

United Overseas Trading ("UOT"), a wholly owned subsidiary of United Overseas Group ("UOG"), announced that it has acquired certain entities from Norvic Shipping, specifically, the entire issued share capital of (i) Norvic Shipping Europe ApS (Denmark), (ii) Norvic Shipping Middle East DMCC (UAE), and (iii) Norvic Shipping Ventures Pte. Ltd. (Singapore).

The acquisition includes a fleet of modern Ultramax and Handysize Japanese built dry bulk vessels.

The following delivered vessels were built in 2023:

• Norvic Copenhagen (64,000 dwt) - to be renamed UOT Copenhagen

• Norvic Houston (40,000 dwt) - to be renamed UOT Houston

• Norvic Singapore (40,000 dwt) - to be renamed UOT Singapore

The transaction also includes the following new buildings yet to be delivered:

• UOT New York (40,000 dwt) - 2026

• UOT London (40,000 dwt) - 2026

• UOT Paris (42,000 dwt) - 2026

• UOT Athens (64,000 dwt) - 2027

• UOT Tokyo (42,000 dwt) - 2027

• UOT Dubai (42,000 dwt) - 2027

All vessels are modern, fuel-efficient dry bulk designs constructed at top-tier shipyards in Japan.

As part of the transaction, certain employees of Norvic Shipping will join United Overseas Trading, including Chief Commercial Officer Michael Boetius, who will head the platform. The acquired entities will operate under the United Overseas Trading brand. Following completion of the transaction, United Overseas Trading will have an operational presence in Athens, Copenhagen, Singapore, Dubai, Brazil, and Japan.

Peter C. Georgiopoulos, Chairman of United Overseas Group, commented: "This acquisition represents an important step in expanding United Overseas Group's dry bulk platform through the addition of high-quality Ultramax and Handysize vessels and an experienced operating organization. These modern, fuel-efficient Japanese-built ships enhance the overall quality and competitiveness of our fleet and support our strategy of building scalable operating platforms with strong long-term fundamentals. We are pleased to welcome the Norvic team to United Overseas Trading."

Leonidas J. Vrondissis, Executive Director of United Overseas Group, added: "This transformational transaction provides a strong operational foundation on which to grow United Overseas Trading. Our priority is to integrate the teams, systems, and vessels into a unified platform under the UOT brand that delivers consistent, reliable performance across the fleet. With the addition of experienced personnel and a modern asset base, we are focused on driving commercial performance, cost discipline, and service quality from day one."

About United Overseas Group

United Overseas Group is an international maritime group with a long-standing heritage in global shipping. The Group owns and operates a diversified fleet across multiple vessel segments and focuses on disciplined growth, operational excellence, and the deployment of modern, fuel-efficient tonnage.

United Overseas Trading, a wholly owned subsidiary of United Overseas Group, serves as the Group's commercial and operating platform for dry bulk shipping, with a strong emphasis on safety, efficiency, and customer service.

SOURCE: UNITED OVERSEAS TRADING LLC