News

Directorate change
15 May 2007

The Board of Global Oceanic Carriers Limited ( AIM:GOC), the Greek-based drybulk shipping company, today announces that Mr Nicolas Pappadakis, aged 69, has resigned as Non Executive Chairman and member of Remuneration and Nominations Committees with immediate effect for personal reasons. Michael Tartsinis, Chief Executive Officer, will act as Chairman of the Board, for a limited period of approximately four weeks, until a suitable replacement is identified.

Commenting on Mr Pappadakis' resignation, Michael Tartsinis, Chief Executive Officer of Global Oceanic Carriers Limited, said: "On behalf of the Board I would like to take this opportunity to express our most sincere appreciation to Mr Pappadakis for his service and significant contribution to the Company and we wish him well in the future. We are currently under discussions with potential candidates for the position and look forward to welcoming the new Chairman to the Company at this exciting time of growth."

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 7 618 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, two Handysize bulk carriers and one Capesize 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