Global Oceanic Carriers Limited

Global Oceanic Carriers Limited

September 05, 2005 05:08 ET

Global Oceanic Carriers Limited - GO Faith Charter update

LONDON, ENGLAND--(CCNMatthews - September. 5, 2005) -

Global Oceanic Carriers Limited (AIM: GOC), the AIM-listed Greek-based drybulk shipping company, today announces that it has secured a short term charter for its vessel GO Faith for a duration of approximately 50 days, at the significant rate of US $20,000 per day.

The delivery of the vessel shall take place immediately following its redelivery from the present charter at the port of Diler Ok (Marmara Sea). Thereafter GO Faith will proceed to Odessa to load Iron Ore for China, where the vessel shall be redelivered and where there is continued high demand for raw materials.

Vassilis Vintiadis, Chief Executive Officer of GO Carriers, said: "Charter rates are rising after the July seasonal low, which is reflected in the resurgence of the Baltic Dry Index .The market trend is also supported by the expectations that Asian demand for North American new crops will pick up in the fourth quarter and hopes for recovery in demand from China where inventory adjustments in the steel sector are said to be ending.

"The duration and the hire of this charter works well for GO Carriers as the strengthening dry-bulk market continues to offer good opportunities not only for GO Faith, but GO Pride and GO Public which are on long term charters."

- Ends -

For further information:
Global Oceanic Carriers Limited

Vassilis Vintiadis, Chief Executive Officer
Tel: +44 (0) 20 7398 7700

Collins Stewart

Tim Mickley, Corporate Finance
Tel: +44 (0) 20 7523 8313

Media enquiries:

Henry Harrison-Topham / Charlie Jack
Tel: +44 (0) 20 7398 7700

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

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