NYSE Suspends Trading in Britannia Bulk Holdings Inc., Moves to Remove from the List

NEW YORK, October 29, 2008 -- NYSE Regulation, Inc. (“NYSE Regulation”) announced today that it determined that the common stock of Britannia Bulk Holdings Inc. (the "Company") -- ticker symbol DWT -- should be suspended immediately.

NYSE Regulation determined that the security is no longer suitable for trading in light of the Company’s news announcements on October 28 and 29, 2008. The news announcement on October 28, 2008, provided various operational and financial updates on the Company. Following this news announcement the Company announced on October 29, 2008, that the lenders under the Company’s wholly owned subsidiary’s $170.0 million term loan facility provided notice of acceleration and demanded immediate repayment of the loan, accrued interest thereon and other amounts due of approximately of $158.7 million. The Company is currently in ongoing negotiations with the lenders regarding a sale of certain of its operating assets to settle this bank default, which if consummated, would not be expected to result in any return to the Company's common shareholders.

In addition, NYSE Regulation also considered the “abnormally low” trading level of the common stock, which closed at $0.27 on October 28, 2008, with a resultant market capitalization of approximately of $5 million.

Application to the U.S. Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, as the Company will not contest this determination. NYSE Regulation noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable.

NYSE press release