News

Vessel Acquisition
22 June 2007

Global Oceanic Carriers Limited (AIM:GOC), the Greek-based drybulk shipping company, today announces that it has entered into an agreement to purchase a  Handymax vessel for US$38.3 million. The Vessel, acquired from IZMIR DEMIR CELIK SANAYI A.S. will be renamed GO Star and is scheduled to be delivered in October 2007. Go Star was built in Japan in 1994 and has a DWT of 43,656.

GO Star will operate under a fixed-rate period time charter of 3 years with BREAKBULK MARINE SERVICES LTD (BMS) at a rate of USD 26,500 per day.
 
Commenting on the vessel acquisition, Michael Tartsinis, Chief Executive Officer of Global Oceanic Carriers, said: "We are delighted with the acquisition of GO Star. The vessel will be financed by additional banking facilities. The purchase of the vessel supports our expansion plans and will increase our fleet to a total of 6 vessels, with a carrying capacity of 411,400 Dwt. In accordance with our strategy, we have secured a fixed rate period of employment for GO Star, which will further strengthen the profitability of the Company. We look forward to further grow with suitable vessel acquisitions as opportunities emerge".

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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