Annual Report
News
Global Oceanic Carriers Ltd. Announces New Loan Facility
03 July 2008
Athens, Greece - July 3, 2008 Global Oceanic Carriers Limited (AIM:GOC) (the “Company”), a global provider of marine transportation services for dry bulk cargoes, announces today that on June 30, 2008 it has entered into a new term loan and reducing revolving loan facility with Marfin Egnatia Bank.
The New Loan Facility is in the amount of USD 130 million which is to be repaid quarterly until June 30, 2014.
From this new loan facility, USD 106 million has been drawn down to refinance the existing bank indebtedness. The further amount of up to USD 24 million may be used for investment and working capital purposes.
Final maturity for the facilities is 2014 with a programme of gradual prior repayment. Interest is at LIBOR plus 1.6 per cent. for the refinancing element of the facilities and LIBOR plus 2 per cent. for the balance.
For further information please contact:
Global Oceanic Carriers Limited
Christina Anagnostara, Chief Financial Officer
Tel: + 30 210 898 6362
E-mail: canagnostara@gocarriers.com
www.gocarriers.com
Jefferies International Limited
Nick Davies
Schuyler Evans
Tel. + 44 207 029 8000
Investor Relations / Media:
Paul Lampoutis
Capital Link (London) - Tel. +44 207 614 2900
Capital Link (New York) - Tel. +1 212 661 7566
E-mail: gocarriers@capitallink.com
www.capitallink.com
Further Information - Notes to Editors
About the Company
Global Oceanic Carriers Limited is a global provider of marine transportation services for dry bulk cargoes through the ownership, management and chartering of dry bulk carriers. The company is incorporated in Jersey and has its principal executive offices in Athens, Greece.
The Company’s current fleet includes seven dry bulk carriers, comprised of one Capesize, two Panamax, three Handymax and one Handysize vessel with an aggregate carrying capacity of 456,273 dwt.
Global Oceanic Carriers is listed on the AIM market and its stock code is GOC
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect the current views of Global Oceanic Carriers Limited with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in the Company's operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. The Company does not assume, and expressly disclaims, any obligation to update these forward-looking statements.