Profit forecast for 2008 has been increased from USD 9.7 M to USD 13.7 M.

(lifePR) ( Hamburg, )
The board of directors of Marenave Schiffahrts AG, Hamburg, Germany would like to announce that decision has been taken to extend the current amortization period of twenty years for its vessel to twenty-five years as of 1st January 2008.

One reason for this extension is the fact that an amortization period of twenty-five years is establishing itself as an industry standard. In addition, an analysis carried out by Marenave Schiffahrts AG has shown that the current average service life of ships scrapped worldwide over recent years is around twenty-five years at the time of scrapping.

As result, the profit forecast for 2008 has been increased from USD 9.7 M to USD 13.7 M. and the profit forecast for 2009 has been increased from USD 10.1 M to USD 14.1 M.

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 developed so institutional investors could obtain long-term exposure to the shipping market and diversify their portfolios further. Marenave Schiffahrts AG's goal is to set up a diversified portfolio of container vessels, tankers and bulk freighters and generate income from buying, selling and chartering ships. In 2007, it invested approximately USD 200 million in expanding the fleet, which currently totals eleven units: five panamax and handymax product/chemical tankers, two 1,200 TEU container vessels. Furthermore four supramax bulkers have been ordered with delivery in 2009 and 2010.

For more information about Marenave Schiffahrts AG, please visit www.marenave.com.
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