Annual Report
News Archive 2006
GO Pride and GO Faith Charter update20 March 2006
Global Oceanic Carriers Limited (AIM: GOC) , the AIM-listed Greek-based drybulk shipping company, announces that it has secured charters for its vessels GO Faith and Go Pride. Go Faith, immediately after completion of its cargo discharge at Pohang, South Korea, has been fixed for a time charter trip to load in Australia and discharge it's cargo in China. The duration of the voyage will be approximately 30-35 days and the agreed daily hire is US$ 16,000.
GO Pride has been fixed for a period of approximately 30-35 days at the rate of US$12,000 per day. This charter will commence immediately after completion of its cargo discharge at Kuwait for a trip via Ruwais, UAE, where will load its cargo with redelivery after it has discharged this cargo at a far eastern port of Charterer's choice, likely to be in China
Commenting on these recent charters, Vassilis Vintiadis, Chief Executive of GO Carriers, said: "We are pleased with these charters as they reinforce our belief that in the short term there will be strong Chinese demand for raw materials that will continue to assist charter rates for drybulk shipping".
For further information:
| Global Oceanic Carriers Limited | |
| Vassilis Vintiadis, Chief Executive Officer | Tel: +44 (0) 20 7398 7700 |
| vassilis@gocarriers.com | |
Collins Stewart | |
| Tim Mickley, Corporate Finance | Tel: +44 (0) 20 7523 8313 |
| tmickley@collins-stewart.com | www.cstplc.com | Media enquiries: |
| Abchurch | |
| Charlie Jack / Dana Thomas | Tel: +44 (0) 20 7398 7700 |
| charlie.jack@abchurch-group.com | www.abchurch-group.com |
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 acquired three 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 will comprise of two Panamax bulk carriers and one Handysize vessel with an aggregate carrying capacity of 171,941 Dwt. The Company has brought 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