Britannia Bulk Holdings Announces Public Offering

Britannia Bulk Holdings announced that its initial public offering of 8,333,333 shares of common stock was priced at $15.00 per share to the public. To the extent the underwriters sell more than the 8,333,333 shares of common stock, the underwriters have the option to purchase up to an additional 1,250,000 shares from the Company. All stock sold in the offering will be issued by the Company. Assuming no exercise of the underwriters’ option to purchase additional shares of common stock, the net proceeds to the company will be approximately $112.8 million. Completion of the offering is expected to occur on June 23, 2008, subject to satisfaction of customary closing conditions.

The company intends to use net proceeds from this offering, together with amounts held in its vessel acquisition account and borrowings under its new secured term loan facility, for the repayment of its existing senior secured notes and secured bridge facilities.

The company’s common stock has been approved for listing at the New York Stock

Exchange under the symbol “DWT” and is expected to begin trading.