News Archive 2006

The Directors of Global Oceanic Carriers Limited (AIM: GOC), the Greek-based drybulk shipping company, have noticed the recent fall in share price and wish to update the market on current trading.

Further to the announcement of 20 March 2006 updating the market on the charters for GO Faith and GO Pride, the Company has secured a short term charter for its vessel GO Public for a duration of 30 to 35 days, at the rate of US$19,250 per day. Furthermore the Company has secured an additional charter for GO Pride, commencing immediately after its current charter for the duration of 35 days at a rate of US$12,000 per day. The Directors believe that these charter rates are excellent in the current market conditions.

Go Carriers continues to operate profitably and generate significant operating cash flow, which as a result has seen the debt fall to US$18.5 million, a reduction of nearly US$10 million in seven months. The Company has in excess of US$3million in cash. The Directors believe that based on recent independent vessel valuations the Company is trading at a significant discount to its Net Asset Value.

The Company has received a number of approaches from third parties that wish to assist in developing the business, some of which may or may not lead to a change of control. The Directors, in conjunction with its advisers, are carefully considering each of these approaches in terms of achieving a fair operational and Net Asset Value for GO Carriers.

Following correspondence with The Panel on Takeovers and Mergers (the "Panel"), the Company has been informed that the Panel does not believe that the City Code on Takeovers and Mergers or the Rules Governing Substantial Acquisitions of Shares applies to the Company owing to the fact that at the current time the central management of the Company is located outside of the UK, Channel Islands and the Isle of Man.

Commenting on recent developments Vassilis Vintiadis, Chief Executive of GO Carriers, said: "We are extremely pleased about the recent charters that we have secured. They prove GO Carriers ability to secure strong rates for our vessels. As a result the Company continues to operate profitably and generates significant free cash flow. Furthermore, we believe that factors such as recent improved iron ore demand will help the dry bulk market continue to improve. These approaches endorse our view that the Company is trading at a significant discount to its true value."

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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