Elliot Bulk Navigation AG

EBN: New finance vehicle added to Elliot Bulk Navigation AG

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Hamburg (euro adhoc) - 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.

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ots Originaltext: Elliot Bulk Navigation AG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Elliot Bulk Navigation AG, Spitalerstrasse 16, 20095 Hamburg
Telephone No.: +49-40-22622890

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

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