A N N O U N C E M E N T

US-based drybulk operator "AMERICAN CARRIERS" launched by AIMCOR and OLDENDORFF CARRIERS

We are pleased to announce that Applied Industrial Material Corporation (AIMCOR) and 
OLDENDORFF CARRIERS GmbH + Co KG have agreed to establish a jointly owned drybulk operating 
company, which will be called AMERICAN CARRIERS Inc. 

The new company will start operations on 1st August 2002 from an office in Stamford (CT), 
USA and will focus on the carriage of bulk commodities to and from the United States in Handy, 
Handymax and Panamax Bulkcarriers.

It will be complemented by the brokerage Bulk Ocean Chartering, which will start servicing 
AIMCOR on their core business from 1st July 2002.

Both firms will run their day-to-day operations completely independent from the partner
companies.  American Carriers will benefit from OLDENDORFF CARRIERS' experience in the 
shipping markets, using their global contacts, in order to build up trades and will use 
Aimcor's experience and contacts to operate successfully around the U.S. industrial clients. 

AIMCOR is one of the world's largest marketer and distributor of petcoke, shipping more than
12 million tons annually.  Headquartered in Stamford, Connecticut, it has a worldwide 
presence, with offices in Europe, Asia, Australia, North and South America.  AIMCOR is a
major international supplier of industrial carbon products and related services and an 
operator of bulk warehousing and distribution services including shipping terminals.  
It is also a major producer and marketer of alloys, metals and metallurgical process materials.  
AIMCOR is a subsidiary of WALTER INDUSTRIES, a diversified company with annual revenues of 
US$ 1.9 billion, employing some 6,450 people.

OLDENDORFF CARRIERS, the German shipowner and cargo operator, usually operates some 170 vessels 
with 7 million tons carrying capacity, moving 50 million tons of bulk and unitized cargo
annually.  Business in the US includes its INDOTRANS breakbulk liner service between 
Indonesia, India and North America, serviced from an office in New Jersey and its PACTRANS
bulk parcel service from the West Coast.  Specialized selfunloading bulkcarriers are 
operated in a pool jointly with CSL International near Boston.  OLDENDORFF CARRIERS is a 
subsidiary of EGON OLDENDORFF, Luebeck, who employ some 3,300 people overall in shipping and 
shipbuilding.

We look forward to offer a first class service to existing and new customers of AIMCOR and 
OLDENDORFF CARRIERS.


AMERICAN CARRIERS  Inc.

Geralyn Petrafesa - President from
Aimcor's headoffice
Rene Lange - Vice-President from
Oldendorff's headoffice
Huang Sen - Chartering Manager from
Eastland N.Y.
Operations Manager - TBN


BULK OCEAN CHARTERING

Philip Syrrist - President from Skaarup
N.Y.
George Kulaguz - Vice-President from Formar
Shipping, Istanbul
Niall O'Connor - Chartering Manager from G+W, N.Y.

The contact details will follow as soon as the JV companies will
have officially started.  For further details and informations,
please contact any of the above.

13th June 2002

OLDENDORFF CARRIERS
+49  451 1500-0
oldendorff.com