Britannia Bulk PLC http://www.alacrastore.com/company-snapshot/Britannia_Bulk_PLC-3711078 Monday, October 13, 2008 4:53:39 PM 3711078 Britannia Bulk PLC en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/newstex/MW-0001-27155656newstex/MW-0001-27155656xml LONDON, Aug. #, #### (Marketwire delivered by Newstex) -- LONDON -- (MARKET WIRE) -- ##/##/## -- Britannia Bulk Holdings Inc. (the "Company") (NYSE: DWT), an international provider of drybulk shipping and maritime logistics services...0400000004016000040160480401601804016003040160010401600504015000040150010401500404009000040090048/4/2008 5:18:59 PM18000000180040001800800018023000180030001801600019000000190020001900200719002006MarketwireMW-0001-27155656BRITANNIA BULK HOLDINGS INCDWTNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/MW-0001-26871381newstex/MW-0001-26871381xml LONDON, Jul. ##, #### (Marketwire delivered by Newstex) -- LONDON -- (MARKET WIRE) -- ##/##/## -- Britannia Bulk Holdings Inc. (the "Company") (NYSE: DWT) announced today that it will release its results for the second quarter ####...04000000040160000401601804016048040160017/23/2008 2:16:52 PM180000001800400018008000190000001900200019002007MarketwireMW-0001-26871381BRITANNIA BULK HOLDINGS INCDWTNewsNewstexhttp://www.alacrastore.com/storecontent/moodys/PR_159174_809743593moodys/PR_159174_809743593htmlGlobal Credit Research Rating Action ## JUL #### Rating Action: Britannia Bulk Plc Moody's upgrades Britannia Bulk plc to B# Approximately USD### million of long-term debt instruments upgraded Milan, July ##, #### -- Moody's Investors...7/15/2008 2:08:41 AMhtmlBritannia Bulk PlcBritannia Bulk Plc809743593150.0000NewsRating ActionPR_159174_809743593Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656047spcred/656047normThe latest News from S&Pglobal6/25/2008 1:09:46 PM100News656047United KingdomMarineEurope, Middle East, AfricaGlobal IssuersCorporationsTransportationNewsLONDON (Standard&Poor's) June 25, 2008--Standard&Poor's Ratings Services said today it raised its long-term corporate credit rating on U.K.-based shipping group Britannia Bulk PLC to 'B+' from 'B-'. This follows strong 2007 and year-to-date trading performances and reflects an improvement in Britannia's financial profile after completion of its U.S. IPO. The outlook is stable. At the same time, the senior secured debt rating on the $185 million notes was raised to 'B+' from 'B-'. The recovery rating on the notes is '4', indicating Standard&Poor's expectation of average (30%-50%) recovery in the event of a payment default. Standard&Poor's expects to withdraw the senior secured debt and recovery ratings in the coming days following repaymentGBR11041C20303010 203030 2030 20Britannia Bulk PLC405904EUROMIDAFR1012159Z@LNNEWSGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656048spcred/656048normThe latest Research Update from S&Pglobal6/25/2008 1:09:46 PM175Research Update656048United KingdomMarineEurope, Middle East, AfricaGlobal IssuersCorporationsTransportationResearch UpdateOn June 25, 2008, Standard&Poor's Ratings Services raised its long-term corporate credit rating on U.K.-based shipping group Britannia Bulk PLC to 'B+' from 'B-'. This follows strong 2007 and year-to-date trading performances and reflects an improvement in Britannia's financial profile after completion of its U.S. IPO. The outlook is stable. At the same time, the senior secured debt rating on the $185 million notes was raised to 'B+' from 'B-'. The recovery rating on the notes is '4', indicating Standard&Poor's expectation of average (30%-50%) recovery in the event of a payment default. Standard&Poor's expects to withdraw the senior secured debt and recovery ratings in the coming days following repayment of the notes. The upgradeGBR11041C20303010 203030 2030 20Britannia Bulk PLC405904EUROMIDAFR1012159Z@LNRESUPDGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_809743593moodys/COP_809743593htmlGlobal Credit Research Credit Opinion ## JUL #### Credit Opinion: Britannia Bulk Plc Britannia Bulk Plc London, United Kingdom Ratings Category Moody's Rating Outlook Stable Corporate Family Rating B# Senior Secured B#/LGD# Contacts...1/4/2008 2:20:00 AMhtmlBritannia Bulk PlcBritannia Bulk Plc809743593150.0000NewsCredit OpinionCOP_809743593Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/613916spcred/613916normThe latest Full Report from S&P11/19/2007 10:33:37 AMFull Report400global613916United KingdomMarineEurope, Middle East, AfricaGlobal IssuersCorporationsTransportationFull ReportPartially contract-based revenue structure Strong relationships with key customers Highly cyclical, fragmented, and capital-intensive industry Old and relatively small fleet Aggressive growth strategy, which is largely debt funded The ratings on U.K.-based shipping company Britannia Bulk PLC (Britannia) reflect its participation in the highly cyclical, fragmented, and capital-intensive bulk market; its relatively small and older fleet; and its leveraged capital structure. These factors are partly offset by Britannia's contract-based revenue structure and its strong relationships with key customers. Britannia owns 10 dry-bulk vessels (with a further two due for delivery in January 2008), as well as five barges and four tugs. The company also charters in substantial capacity and normally has 25-35 bulk carriers on time charters to meet customerGBR11041C20303010 203030 2030 20Britannia Bulk PLC405904EUROMIDAFRFULLGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/613917spcred/613917normThe latest Summary from S&P11/19/2007 10:33:37 AMSummary175global613917United KingdomMarineEurope, Middle East, AfricaGlobal IssuersCorporationsTransportationSummaryThe ratings on U.K.-based shipping company Britannia Bulk PLC (Britannia) reflect its participation in the highly cyclical, fragmented, and capital-intensive bulk market; its relatively small and older fleet; and its leveraged capital structure. These factors are partly offset by Britannia's contract-based revenue structure and its strong relationships with key customers. Britannia owns 10 dry-bulk vessels (with a further two due for delivery in January 2008), as well as five barges and four tugs. The company also charters in substantial capacity and normally has 25-35 bulk carriers on time charters to meet customer demand. Lease-adjusted debt was $272 million at year-end 2006. The company's dominant business is the transportation of Russian coal from the Baltic ports to the U.K. and mainlandGBR11041C20303010 203030 2030 20Britannia Bulk PLC405904EUROMIDAFRSUMMARYGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/610636spcred/610636normThe latest News from S&P11/1/2007 2:55:39 AMNews100global610636United KingdomMarineEurope, Middle East, AfricaGlobal IssuersCorporationsTransportationNewsLONDON (Standard&Poor's) Oct. 31, 2007--Standard&Poor's Ratings Services said today it revised its outlook on U.K.-based shipping group Britannia Bulk PLC to positive from stable, following better-than-expected year-to-date trading performance. At the same time, the long-term corporate credit and senior secured debt ratings were affirmed at 'B-'. "The outlook revision reflects Standard&Poor's expectations of continued strong trading performance in the fourth quarter of 2007 and improved credit ratios at year-end," said Standard&Poor's credit analyst Stuart Clements. Trading performance for the nine months to September 2007 is improved on the same period of the previous year, with significant growth in revenues, an increase in the operating margin to 8.3% from 4.5%, and a riseGBR11041C20303010 203030 2030 20Britannia Bulk PLC405904EUROMIDAFRNEWSGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/610637spcred/610637normThe latest Research Update from S&P11/1/2007 2:55:39 AMResearch Update175global610637United KingdomMarineEurope, Middle East, AfricaGlobal IssuersCorporationsTransportationResearch UpdateOn Oct. 31, 2007, Standard&Poor's Ratings Services revised its outlook on U.K.-based shipping group Britannia Bulk PLC to positive from stable, following better-than-expected year-to-date trading performance. At the same time, the long-term corporate credit and senior secured debt ratings were affirmed at 'B-'. The outlook revision reflects Standard&Poor's expectations of continued strong trading performance in the fourth quarter of 2007 and improved credit ratios at year-end. Trading performance for the nine months to September 2007 is improved on the same period of the previous year, with significant growth in revenues, an increase in the operating margin to 8.3% from 4.5%, and a rise in EBITDA to $42.8 million from $14.3 million. This has been driven byGBR11041C20303010 203030 2030 20Britannia Bulk PLC405904EUROMIDAFRRESUPDGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Research