Annual Report
News Archive 2006
Update on Vessel acquisitions04 December 2006
As stated in the Rights Offer Prospectus dated 6 October 2006, Global Oceanic Carriers Limited (AIM:GOC), the Greek-based drybulk shipping company, announces that it has already acquired the fourth vessel of its fleet, the Capesize previously named M/V Welfair. The vessel has since been renamed GO Patoro and was acquired for a consideration of US$36.2 million from Leadway Shipping Pte. Ltd. of Singapore. GO Patoro was built in the 1991 and has a Dwt of 150,108.
GO Patoro was delivered to Global Oceanic Carriers on 27 October 2006 and is under the management of Antares Shipmanagement S.A. (under the same terms and conditions of all Vessels of Company's fleet). Go Patoro is currently on a short six month time charter from November 2006 to May 2007 at a rate of US$25,500.
From May 2007, GO Patoro will move onto a long term three year contract with a charter rate for the first year of US$32,000, for the second year US$27,000 and for the third year US$23,000.
In addition, the Company also announces today that it expects to take charge of its fifth vessel of its fleet during the course of December 2006. M/V Talisman which will be renamed GO Trader will be delivered for a consideration of US$27.5 million from K/S Danskib 47 of Denmark.
Built in 1996, GO Trader is a Handymax and has a Dwt of 45,693. This new vessel will also be managed by Antares Shipmanagement S.A. and will be on a long term contract for 26 to 29 months with a charter rate of US$19,250.
Commenting on the vessel acquisitions, Michael Tartsinis, Chief Executive Officer of Global Oceanic Carriers Limited, said: "The successful acquisition of GO Patoro has nearly doubled the fleet's capacity in terms of Dwt and this position will shortly be improved upon further when the acquisition of GO Trader is completed in the coming weeks. We are extremely pleased to have secured excellent charter rates for these new vessels, both of which are in line with our stated strategic ambitions and will help to deliver further value for our shareholders."
For further information:
| Global Oceanic Carriers Limited | |
| Michael P. Tartsinis, Chief Executive Officer | Tel: 00 30 210 898 6362 |
| mtartsinis@gocarriers.com | www.gocarriers.com |
Media enquiries:
| Abchurch | |
| Henry Harrison-Topham / Charlie Jack | Tel: +44 (0) 20 7398 7702 |
| henry.ht@abchurch-group.com | www.abchurch-group.com |
Notes to Editors:
Global Oceanic Carriers Limited is a shipping company comprising of ship ownership, management and chartering. The company is based in Glyfada, Greece and incorporated in Jersey. The Company has acquired three vessels and will use the extensive shipping experience of the management and the dynamic market conditions to build a fleet for long term charter revenue.
The Company's fleet comprises of two Panamax bulk carriers and one Handysize vessel with an aggregate carrying capacity of 171,941 Dwt. In October 2006 the Company announced that it has entered into a purchase agreement to acquire two further vessels, a Capesize bulk carrier and a Handymax bulk carrier, with an aggregate carrying capacity 195,801 Dwt.
Drybulk ships carry cargo that is shipped in large volumes and can be easily stowed in a single hold including iron ore, coal and grain.
GO Carriers was formed and listed on the AIM market in 2005 its stock code is GOC.L