News Archive 2005

Global Oceanic Carriers Limited (AIM:GOC), the AIM-listed Greek-based drybulk shipping company, today announces that it has taken charge of its second vessel, the Panormos Pride. The Panormos Pride, which will be re-named GO Pride, has been acquired from Paragon Marine Corporation for a consideration of US$10.1 million. GO Pride is a 35,055 Dwt Handymax 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.

The acquisition comes against the backdrop of a strengthening shipping charter market as shown by the recent resurgence in the Baltic index. As occurred in 2004, the market had widely anticipated the early summer decline. However continued domestic industrialisation and international trade from both China and India has, as forecast, led to rates recovering.

Research from Drewry Shipping Consultants forecasts that Panamax demand is forecast to grow to 3,153bn tonne miles in 2005, recording a gain of 4.8% over 2004. By the end of the forecast period (2005-2009), it is expected to expand to 3,670bn tonne miles, thereby registering an annual growth of 4.1%.

The Company has already taken ownership of Go Faith, a Panamax vessel with 65,125 Dwt. Furthermore, GO Carriers confirms that revenues from the third vessel in the fleet, the Marinchris, will begin in early July 2005.

Vassilis Vintiadis, Chief Executive Officer of GO Carriers, said: "We are delighted to have taken ownership of GO Pride . As market r esearch has widely predicted, the short-term early summer decline reflects a position similar to the one in 2004, with rates picking up in the second half of the summer. GO Carriers is well placed to benefit from this resurgence. Drewry Shipping Consultants also suggest that trade volumes are now forecast to grow unabated, with an anticipated growth rate of 24.5 per cent between 2005 and 2009. GO Carriers' growing fleet is ideally positioned to capitalise on 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