News

Substantial Share Interest
15 March 2007

Global Oceanic Carriers Limited (AIM:GOC), the Greek-based drybulk shipping company, today announces that it has been informed that on Friday, 9th March 2007, Ultra Shipping SA, a company of which Nicolas Pappadakis and Michael Tartsinis are directors, sold its total portfolio of 968,721 shares to Argo Global Special Situations Fund (AGSSF) at 85.5 pence per share.

As a result of the transaction Argo Global Special Situations Fund has 6,646,935 ordinary shares in Global Oceanic Carriers Limited, representing 16.6 per cent of the issued share capital of the Company.

For further information:


Global Oceanic Carriers Limited 		 
Michael Tartsinis, Chief Executive Officer Tel: 00 30 210 898 6362
mtartsinis@gocarriers.com 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

Notes to Editors
Global Oceanic Carriers Limited is a shipping company comprising of ship ownership, management and chartering.  The Company is based in Athens, Greece and incorporated in Jersey. The Company has acquired five 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, two Handysize bulk carriers and one Capesize vessel with an aggregate carrying capacity of 367,774 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