News Archive 2005

Global Oceanic Carriers Limited (AIM:GOC), the AIM listed Greek based dry bulk shipping company, today reports its interim figures for the six months ended 30 September 2005.

Summary

• The Company joined AIM in May 2005 raising £22.47 million
• Purchased two Panamax and one Handymax vessels, two of which are on long term charter and one on the spot market
• The period from April to September, due to different dates of vessel delivery, reflects only four months trading and only two months of the full fleet operation
• The Company has cash at bank of US$18.36 million
• Turnover for the period was US$5.8 million with profit after administrative costs (but before a non recurring item) of US$1.42 million
• Non delivery of the fourth vessel has incurred a non recurring cost for the loss of the deposit, resulting in a operating loss of US$297,160
• Operated in difficult market conditions, though the Company remains confident of the outlook for dry bulk shipping in the medium term

Commenting on the Interim Results, Vassilis Vintiadis, Chief Executive of Global Oceanic Carriers Limited, said: "These are our maiden set of interims since joining the AIM market.  The vessels secured have provided high margin revenues and we are confident that they will continue to do so in the forthcoming year."

"We have been operating in an unusually unpredictable and difficult market. However our strategy remains to expand the fleet in the medium term with newer vessels and to place them on appropriate long-term charters."

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