Global Oceanic Carriers Limited

Global Oceanic Carriers Limited

August 22, 2005 02:03 ET

Global Oceanic Carriers Limited: Market Update

LONDON, UNITED KINGDOM--(CCNMatthews - Aug. 22, 2005) - Global Oceanic Carriers Limited (AIM:GOC), the AIM-listed Greek-based drybulk shipping company, today welcomes the news that the Baltic Dry Index has risen by 41.8% since the beginning of August. The recovery, which the Company had forecasted, saw the Index at 2478 on August 19th representing a considerable improvement since its year low of 1747.

Vassilis Vintiadis, Chief Executive Officer of GO Carriers, said: "Charter rates are rising after the anticipated July seasonal low and the revival of the market during August clearly indicates the Chinese iron ore imports to rise /expand as the country is currently in a de-stocking phase. The outlook of Chinese imports spells optimism for the Shipowners as the trade volume will pick up and consequently the freights will improve."

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

Contact Information