News Archive 2006

As stated in the Company's interims results issued on 22 December 2005, the Company has been in negotiations with Bayerische Hypo-und Vereinsbank AG to reschedule its debt repayments following the Board's decision not to purchase a fourth vessel. Up until now the Company has been repaying the bank based on terms calculated on owning four vessels, albeit only three ships have been acquired. The Company is pleased to announce today that these negotiations have been completed and as a result the Company will have reduced repayments from 1st February of US$3.7 million in the year ahead, and US$1.5 million in the subsequent year.

At the end of January the Directors anticipate that the outstanding debt will be US$20 million, with approximately US$3.5 million cash at bank. The Directors believe that the current value of the Company's fleet is in excess of US$40 million.

Commenting on the conclusion of these negotiations Vassilis Vintiadis, Chief Executive of GO Carriers said:

"The re-negotiated debt repayment is a positive step for GO Carriers. With a repayment structure based on the actual fleet size, we will have a greater opportunity to maximise our position within the marketplace, which we feel is strengthening."

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Notes to editors

Global Oceanic Carriers Limited, is a new formed shipping company comprising of ship ownership, management and chartering. The company is based in Piraeus , 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 will comprise of two Panamax bulk carriers and one Handysize vessel with an aggregate carrying capacity of 171,941 Dwt. The Company has brought together the considerable shipping expertise and contacts of the Board, in particular the CEO, Vassilis Vintiadis, the founder and owner of Niva Shipping Limited a 27 year old shipping company based in Piraeus, Greece with strategic relationships primarily focused on China and India.

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. Strong demand from Asia for these commodities has been the driving force behind the recent increase in seaborne drybulk trades. Between 1999 and 2004, trade in all drybulk commodities increased 25 per cent. In 2004, approximately 2.5 billion tons of drybulk cargo was transported by sea, comprising more than one-third of all international seaborne trade. Fuelling this growth has been the Far East which imports over half the worlds shipped coal and iron ore. This demand has led to a considerable shortage of drybulk ships with shipyards at full capacity until the end of 2007.

GO Carriers is listed on the AIM market, stock code GOC.L