News Archive 2006

Final Results
06 October 2006

Global Oceanic Carriers Limited ( AIM:GOC), the AIM -listed Greek based dry bulk shipping company, today reports its preliminary figures for the period since incorporation on 21 December 2004 to 31May 2006. The Company started trading on 26 May 2005.


Key financial data during the period

  • turnover $20.8 million
  • operating profit of US$3.5 million
  • exceptional administrative cost of cancelling vessel purchase US$3.2 million
  • operating profit before exceptional item cost US$6.7 million
  • profit before tax of US$ 2.4 million
  • net debt reduced by US$ 22.6 million in ten months from US$ 36 million to US$ 13.4 million


Subsequent highlights

  • committed to purchase additional vessels
  • facilities in place for vessel acquisitions
  • excellent rates achieved in difficult market conditions
  • major changes to the Board of Directors and major change to shareholder base, providing stability and financial commitment to the Company.
  • rights offering and additional bank facilities secured provide for growth


Commenting on the Final Results, Michael P. Tartsinis, Chief Executive Officer of Global Oceanic Carriers Limited, said:

"Global Oceanic Carriers has been through a great deal in its first year since inception. We, the new management, inherited a business that due to both financial and operational markets had suffered. However we are confident that we have put these events behind us. The underlying business model remains strong and we look forward to bringing our extensive shipping experience to capitalise on opportunities that the market continues to offer."

The full results are available to view and download in PDF format


For further information:

Global Oceanic Carriers Limited  
Michael P. Tartsinis, Chief Executive Officer Tel: 00 30 210 898 6362
  www.gocarriers.com
   
Jefferies International Limited  
Andrew Meigh Tel: +44 (0) 20 7618 3500
ameigh@jefferies.com www.jefferies.com


Media enquiries:

Abchurch  
Henry Harrison-Topham / Charlie Jack Tel: +44 (0) 20 7398 7700
henry.ht@abchurch-group.com www.abchurch-group.com