News

Global Oceanic Carriers Ltd. Takes Delivery of Its Sixth Vessel
02 October 2007

Global Oceanic Carriers Limited (AIM:GOC), a global provider of marine transportation services for dry bulk cargoes, announced today that it has taken delivery of the M/V "GO Friendship", a Handymax Bulk Carrier, which the company had previously agreed to acquire for USD 37 million.

The M/V "GO Friendship" was built in Korea in 1994 and has a carrying capacity of 44,875 dwt. As previously announced on July 10, 2007, the vessel has been secured under a fixed-rate period time charter for 3 years with SAMSUN CORPORATION at the gross rate of USD 26,850 per day.

Michael Tartsinis, Chief Executive Officer of Global Oceanic Carriers Limited, commented: "We are pleased to have taken delivery of the M/V "GO Friendship", our sixth vessel, and our first of two Handymax bulk carriers which we agreed to acquire in June 2007. We expect to take delivery of the second vessel, the "Go Star" within October 2007, expanding our operational fleet to seven vessels. Furthermore, the three year time charter we have secured for the M/V "GO Friendship" is in line with our strategy of employing our vessels under medium to long term period charters with reputable charterers enabling us to generate visible and predictable cash flows, enhance our profitability and sustain our dividend policy, which commences in the current fiscal year, as announced.

"In this context, 100% of our fleet operating days for calendar 2007 and 83% for calendar 2008, are already secured under fixed rate period employment".

Fleet profile

As of October 2, 2007, the composition and employment of our fleet is as follows:

(1) The M/V "GO Patoro" is currently employed under a Time Charter until June 2010. For the first year of the time charter ending June 2008, the daily charter rate is US$32,000. The rate for the second and third years ending June 2009 and 2010 will be US$27,000 and US$22,000 respectively.

(2) The M/V "GO Star" is scheduled for delivery in October 2007.

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