Britannia Bulk Holdings Inc Announces Pricing of Its Initial Public Offering

Market Wire, June, 2008

Britannia Bulk Holdings Inc (the "Company") (NYSE: DWT) announced today 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.

Goldman, Sachs & Co. and Banc of America Securities LLC are acting as joint book-runners for the offering. Dahlman Rose & Company, LLC and Oppenheimer & Co. Inc. are acting as co-managers for the offering.

This press release is neither an offer to sell nor a solicitation of an offer to buy shares of common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering of these securities will be made only by means of a prospectus. A copy of the preliminary prospectus relating to the offering may be obtained from Goldman, Sachs & Co., Attn: Prospectus Department, 85 Broad Street, New York, NY 10004, Fax: (212) 902-9316 or email at prospectus-ny@ny.email.gs.com or Banc of America Securities LLC, Capital Markets (Prospectus Fulfillment) by email to dg.prospectus_distribution@bofasecurities.com or by mail to Banc of America Securities LLC, Capital Markets Operations, 100 West 33rd Street, 3rd Floor, New York, NY 10001.

ABOUT BRITANNIA BULK HOLDINGS INC

Britannia Bulk Holdings Inc is an international provider of drybulk shipping and maritime logistics services with a focus on transporting drybulk commodities in and out of the Baltic region.

This press release contains certain forward-looking statements about the Company's proposed initial public offering of its common stock. Forward-looking statements include statements regarding the market for the common stock and anticipated future results and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Certain factors that could cause actual results to differ materially from expected results include delays in consummation of the offering and concurrent transactions, general economic conditions, market conditions, conditions in the market for agency securities, and legislative and regulatory changes that could adversely affect the business of the Company.

Company Contact: Fariyal Khanbabi Chief Financial Officer Tel:. 44 (0)20 7264 4900 Investor Relations / Financial Media: Paul Lampoutis Vice President Capital Link, Inc. (New York) Tel. (212) 661-7566 E-mail: britanniabulk@capitallink.com