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Elliot Bulk Navigation AG

EBN: New finance vehicle added to Elliot Bulk Navigation AG

Hamburg (euro adhoc) -

  ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
  the content of this announcement.
finances
Elliot Bulk Navigation AG ("EBN") has secured
the contracts for four dry bulk carriers to be in operation by 
year-end 2008 and to construct another six dry bulk carriers to be 
delivered periodically through year-end 2010. To finance the 
acquisition of these vessels, EBN has entered into an engagement 
letter with a leading international Bank pursuant to which the Bank 
has been engaged on an exclusive basis to arrange senior secured 
financing of up to $250 million, subject to due diligence, credit 
approval and certain other conditions. The facility will provide for 
advances covering up to 60% of the instalment payments due in 
connection with the acquisition of the vessels. The company also 
intends to raise capital in the equity markets to cover additional 
acquisition costs. »This is a major milestone for the company«, says 
Ernst Schimpf, Chief Executive Officer of EBN. »The addition of these
vessels to our fleet will allow us to take advantage of current 
market opportunities and significantly expand our presence in the 
shipping market«.
EBN is a Hamburg-based shipping company, focused on ownership and 
management of bulk carriers. Its shares are traded on the open market
of the Frankfurt stock exchange and on the electronic trading 
platform Xetra.
end of announcement                               euro adhoc

Further inquiry note:

Elliot Bulk Navigation AG, Spitalerstrasse 16, 20095 Hamburg
www.elliot-navigation.com
Telephone No.: +49-40-22622890

Branche: Waterway & Maritime Transport
ISIN: DE000A0J3CA5
WKN: A0J3CA
Börsen: Börse Frankfurt / Open Market