Exhibit 2.1 Plan of Reorganization - ---------------------- Pre-offering -- A superholding company (Superholdco) owns 100% of the shares of the subholding companies (Subholdcos) and of the ship management company. The Superholdco directly or through Subholdcos owns 100% of the shares of the vessel-owning company (including companies which will own the newbuildings) and of the ship management company. Step 1 -- The Company will be incorporated in the Republic of the Marshall Islands. Step 2 -- Superholdco will cause the shares owned directly in the new- building owning companies and in the ship management company to be transferred to the Company; Superholdco will direct the Subholdcos to cause the shares of the vessel-owning companies to be transferred to the Company through the following: - Subholdco corporate action - Subscription Agreement - Superholdco corporate action - Registration of shares in the name of the Company Step 3 -- The IPO closes.
