Marenave Schiffahrts AG continues consistent pursuit of its diversification strategy with purchase of the car carrier MV “Höegh Berlin”

Press release, March 9th, 2009

Hamburg, Germany: Marenave Schiffahrts AG has purchased the car carrier MV “Höegh Berlin” from Höegh Autoliners Shipping AS, Oslo. At the same time, Marenave Schiffahrts AG has entered into a 10-year bareboat back-charter agreement with Höegh. The agreement with Höegh Autoliners Shipping AS, which has received a rating of 3 (on a scale from 1 = low risk to 10 = high risk) from the well-respected Dynamar ratings company, includes an option for a three-year contract extension at the end of the first ten years.

“With the acquisition of MV “Höegh Berlin”, we are continuing the consistent pursuit of our diversification strategy,” said Tobias König, Chairman and Chief Executive Officer (CEO) of Marenave Schiffahrts AG. “Today there are close to 600 ships world-wide that are employed in the transport of automobiles, having a capacity of 2.6 million vehicles. Six European and Asian shipping companies divide approximately 80 % of the market among them. In Höegh Autoliners Shipping AS, we have been able to win one of the most credit-worthy charterers in this segment, with income secured into the year 2019. In addition, we have taken advantage of current market conditions and the favorable buying opportunities that this has created."

“Developments in the 2008 financial year have been favorable for Marenave Schiffahrts AG despite the negative influences from the international financial markets," observed Jörn Meyer, Chief Financial Officer (CFO) of Marenave Schiffahrts AG. “The charter rates in container shipping have dropped sharply in the past year. That also affected our two container vessels. By contrast, the tanker markets have held their own rather well. Our six product tankers have profited from this development. The Executive Board of Marenave Schiffahrts AG is therefore confident that it will be possible to pay shareholders a dividend for the year 2008.”

Marenave Schiffahrts AG expects a further stabilization of its earnings performance from the purchase of MV “Höegh Berlin,” even despite the foreseeable pressure of the decline in revenues from the two container ships. "The vessel will make a positive contribution to our diversified ship portfolio,” commented Tobias König. “We cannot yet predict the specific effects of the global crisis on our earnings, but against a background of generally sound fundamentals and based on the composition of our tonnage portfolio we are looking with confidence toward 2009 and will continue to do everything possible in order to achieve the projected results. Our performance will depend substantially on how long the period of weakness in the container segment of the freight markets persists, and on whether the tanker markets will continue withstand the consequences of the economic downturn as robustly as they have done to date.” MV “Höegh Berlin” was delivered by the Daewoo Shipbuilding & Marine Engineering in Korea in 2005, and was extended by almost 29 meters (approx. 95 ft) in 2008. The ship has a length of 228.7 meters (approx. 750 ft) and a width of 32.26 m (approx. 105 ft) and can achieve a speed of 19.8 knots with a maximum draft of ten meters (approx. 33 ft). MV “Höegh Berlin” has a fullyloaded capacity to carry 7,800 CEUs.

Marenave Schiffahrts AG

Marenave Schiffahrts AG is the first publicly traded German shipping trust organized as a jointstock corporation under German law (AG, Aktiengesellschaft). It was designed to offer institutional investors the possibility of investing in the shipping market on a long-term basis and thus a broader diversification of their portfolios. The goal of Marenave Schiffahrts AG is to build up a diversified portfolio of the major ship classes and to generate income from buying, selling and chartering ships. At this time, the fleet of Marenave Schiffahrts AG comprises a total of thirteen units. In addition to MV “Höegh Berlin”, it includes six Panamax and Handymax product/chemical tankers and two 1,200 TEU container vessels. In addition, four supramax bulkers having a dead weight capacity of 57,000 tdw each are on order. They are scheduled for delivery in the years 2009 and 2010. For more information about Marenave Schiffahrts AG, please visit www.marenave.com.

Marenave Schiffahrts AG