News Archive 2005

Global Oceanic Carriers Limited (AIM:GOC) , the AIM listed Greek based dry bulk shipping company, today announces that it plans to take charge of its second vessel the Handymax Pride ahead of schedule next week. The Handymax Pride which will be re-named, GO Pride will be acquired from Paragon Marine Corporation for a consideration of US$10.1 million . GO Pride is a 35,055 Dwt vessel and is currently on a long term contract with a charter rate of US$18,000 per day until April 2006, and will continue to be managed by John J Rigos Marine Enterprises S.A.

GO Carriers also announces that the Company has negotiated with Marinchrist Shipping Company Limited to take an earlier than planned delivery of the Panamax Marinchris which is now expected to be contributing towards GO Carriers by early July 2005. The Panamax Marinchris which cost the Company US$35.55 million is a 71,761 Dwt vessel and will be renamed GO Public and is also on a long term charter rate of US$34,500 per day.

Further to the announcement made by the Company on 16 June 2005, in relation to GO Faith, the Company has now placed this vessel on a spot charter and intends to place this vessel on a long term charter in the next few weeks. In addition, GO Carriers confirms that its fourth vessel, the Panamax Faith, is set to join the fleet in due course.

Vassilis Vintiadis, Chief Executive Officer of GO Carriers, said: "We are extremely pleased to be ahead of schedule on two of our vessels. Although the dry bulk market is experiencing its normal seasonal fluctuation, industry research from Drewry Shipping Consultants confirms our belief that demand will pick up significantly due to continued domestic industrialisation and international trade from both China and India. Drewry's research also suggests that trade volumes are now forecast to grow unabated with an anticipated growth rate of 24.5 per cent between 2005 and 2009 and we believe that GO Carriers will be well positioned to benefit from this."

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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