News

Delivery of Seventh Vessel
18 December 2007

ATHENS, GREECE - December 18, 2007 - Global Oceanic Carriers Limited (AIM:GOC) ("GOC" or "the Company"), a global provider of marine transportation services for dry bulk cargoes, announces today that it has taken delivery of the M/V "GO Star", a Handymax bulk carrier, which the Company had previously agreed to acquire for USD 38.3 million.

The M/V "GO Star" was built in Japan in 1994 and has a carrying capacity of 43,656 dwt. As announced on June 22, 2007, the vessel has been secured under a fixed-rate period time charter for 3 years with Breakbulk Marine Services, an established Belgian operator, at the gross rate of USD 27,000 per day.

Including the GO Star, the Company's current fleet includes seven dry bulk carriers, comprised of one Capesize, two Panamax, three Handymax and one Handysize vessel with an aggregate carrying capacity of 456,273 dwt.

The Company has secured under fixed rate time charter employment 83% of its fleet operating days for calendar 2008 and 48% for calendar 2009.

Michael Tartsinis, Chief Executive Officer of Global Oceanic Carriers Limited, commented: "We are pleased to announce that we have taken delivery of our seventh vessel, the M/V "GO Star", thereby expanding our revenue and profit generation capacity. The period employment we secured for the M/V "GO Star" is consistent with our fleet deployment strategy aimed to provide strong and sustainable cash flows for the longer term with first class charterers, thereby minimizing our counterparty risk. We intend to continue with our fleet expansion plans focusing on selective and accretive vessel acquisitions."

Fleet profile

As of December 18, 2007, the composition and employment of our fleet is as follows:

(1) The M/V "GO Patoro" is currently employed under a time charter until June 2010. For the first year of the time charter ending June 2008, the daily charter rate is USD 32,000. The rate for the second and third year ending June 2009 and 2010 will be USD 27,000 and USD 22,000 respectively.

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Further Information - Notes to Editors

About the Company

Global Oceanic Carriers Limited is a global provider of marine transportation services for dry bulk cargoes through the ownership, management and chartering of dry bulk carriers. The company is incorporated in Jersey and has its principal executive offices in Athens, Greece.

The company's current fleet includes six dry bulk carriers, comprised of one Capesize, two Panamax, two Handymax and one Handysize vessel. Global Oceanic Carriers has also entered into agreement to acquire a Handymax vessel scheduled for delivery in November 2007, thereby expanding its fleet to a total of seven dry bulk carriers with an aggregate carrying capacity of 456,273 dwt.

GO Carriers is listed on the AIM market and its stock code is GOC.

Forward-Looking Statement

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect the current views of Global Oceanic Carriers Limited ("the Company") with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in the Company's operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. The Company does not assume, and expressly disclaims, any obligation to update these forward-looking statements.