News

Global Oceanic Chartering Limited
28 March 2007

Global Oceanic Carriers Limited ( AIM:GOC), the Greek-based drybulk shipping company, today announces that it has set up a subsidiary company, Global Oceanic Chartering Limited, for the purposes of chartering the GO Carriers fleet and other third party vessels as well as for general trading activities.

The establishment of Global Oceanic Chartering Limited is part of the Company's ongoing focus on business efficiency which has the added benefit of creating a new profit center for GOC's business activities whilst ensuring lower commission charges for its vessels.

Commenting on creation of this subsidiary company, Michael Tartsinis, Chief Executive Officer of Global Oceanic Carriers Limited, said: "In order to become a well established and successful dry bulk shipping company it is vital to maintain a strong corporate governance framework and tight control over expenses. As stated at the half year stage, GOC's intention is to continue to grow the Company via strategic consolidation of the highly fragmented dry bulk market through timely and selective acquisitions in a manner that is accretive to the Company's cash flow.

"This new subsidiary will help the Company to achieve these objectives allowing us to continue to grow our fleet size and maximise profitability."

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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 bulk carriers, two Handysize bulk carriers and one Capesize vessel 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