News Archive 2005

Global Oceanic Carriers Limited (AIM:GOC), the AIM listed Greek based drybulk shipping company, today announces that it has taken charge of its first vessel, the Panamax Faith which will be re-named, GO Faith. The Company acquired the vessel for a consideration of US$18.2 million from Tinos Maritime S.A .

GO Carriers is a new shipping company whose activities include ship ownership, chartering and management. The Company has paid a deposit to acquire three further drybulk ships, including two further Panamax vessels and one Handysize vessel. GO Carriers expects to take charge of these additional vessels in the coming weeks.

Go Faith has 65,125 Dwt and will be managed by John J Rigos Marine Enterprises S.

The GO Carriers management will continue to leverage its extensive shipping experience; in particular that of Vassilis Vintiadis, the founder and owner of Niva Shipping Limited, a 27 year old shipping company based in Piraeus and the dynamic market conditions to build a fleet for long term charter revenue.

Commenting on the acquisition, Vassilis Vintiadis, Chief Executive Officer of GO Carriers, said:

"We are delighted to take charge of our first Panamax vessel, GO Faith; and are equally excited about taking control of the further three vessels over the weeks ahead. This will help ensure that we are maximising seasonal opportunities within the drybulk shipping sector."

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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 paid a deposit to acquire four drybulk ships 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 initial fleet will comprise of three Panamax bulk carriers and one Handysize vessel with an aggregate carrying capacity of 235,883 Dwt. The Company will bring 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