SwissMarine Corporation ltd is a dry bulk operator established in 2001 with Glencore PLC owning a 40.08% economic interest. Glencore presently has three seats out of total of ten and neither Glencore nor any non-employee shareholder manage SwissMarine’s operations, same is done by our own management team.
Our fleet since inception has only discharged a total of 27 cargoes in Iran, all either discharging Iron Ore on behalf of a large Norwegian shipping company under a long term contract of affreightment which ended in 2006 or discharging grain products on behalf of large grain companies between 2006 and 2010. Since 2010, we have not gone to Iran. Needless to say, we have never traded or transported oil or any oil product to or from Iran.
As for reports that we incorrectly replied to a NASDAQ OMX question relating to Mr Victor Restis ( another shareholder of SwissMarine ) as part of documentation related to the transfer of a contract we held with NOS to NASDAQ, this was done inadvertently and the existence of Mr Restis as a shareholder in SwissMarine had been provided in the original documentation provided to NOS. Moreover, whereas we replied incorrectly, in fact SwissMarine was not required to reply to this question as our previous replies entitled us according to the documentation instructions to omit replying to the question. At all times, Mr Restis’ shareholding inSwissMarine was reported to our financial institutions, tax authorities and customers compliance departments.