News

Board of Directors Announcement
29 October 2007

An article appeared in TradeWinds on 19 October concerning the Chief Executive Officer of Global Oceanic Carriers Ltd (AIM: GOC), Michael Tartsinis. Reference was made to a matter which concerned a private misunderstanding between Mr. Tartsinis and a former business partner.

When this matter was first raised, in accordance with best corporate governance practice the Board of GOC undertook an internal review, in conjunction with the company's legal advisors, and separately instructed Moore Stephens, a leading firm of shipping accountants, to prepare a report.

The review has concluded that the misunderstanding is unrelated to GOC and there is nothing irregular or improper in the conduct of GOC's Chief Executive.

The Board clarifies also that the resignation of Mr. Theo Phanos from the Board of GOC was not connected in any way to this matter.

GOC's Board of Directors reaffirms its commitment to best corporate governance practices, aimed to safeguard and maximize shareholder value.

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Further Information - Notes to Editors

About the Company

Global Oceanic Carriers Limited is a global provider of marine transportation services for dry bulk cargoes through the ownership, management and chartering of dry bulk carriers. The company is incorporated in Jersey and has its principal executive offices in Athens, Greece.

The company's current fleet includes six dry bulk carriers, comprised of one Capesize, two Panamax, two Handymax and one Handysize vessel. Global Oceanic Carriers has also entered into agreement to acquire a Handymax vessel scheduled for delivery in November 2007, thereby expanding its fleet to a total of seven dry bulk carriers with an aggregate carrying capacity of 456,273 dwt.

GO Carriers is listed on the AIM market and its stock code is GOC.

Forward-Looking Statement

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect the current views of Global Oceanic Carriers Limited ("the Company") with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in the Company's operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. The Company does not assume, and expressly disclaims, any obligation to update these forward-looking statements.