Global Oceanic Carriers Limited

Global Oceanic Carriers Limited

April 10, 2006 06:42 ET

Global Oceanic Carriers Limited: Notice of EGM

LONDON, UNITED KINGDOM--(CCNMatthews - April 10, 2006) - The Directors of Global Oceanic Carriers Limited ("GO Carriers" or "the Company")(AIM:GOC), the Greek-based drybulk shipping company, today announce that a valid requisition by a shareholder was served on the Company on 24 March 2006 requiring the Board to call an Extraordinary General Meeting (EGM) of the Company before 24 May 2006.

The EGM requisition requires clarification regarding strategic decisions to be made by the shareholders on management and the alternative approaches made to the Company as advised in the announcement released by the Company on 6 April 2006.

The Directors have noted an announcement released by Globus Shipping Inc. on Friday 7 April 2006 in which they undertook to inform the market of the EGM and outline their proposed strategy of this previously unannounced meeting.

As previously announced, the Directors have received a number of approaches by interested parties. The Directors are assessing these options, the most attractive of which will be presented to shareholders in documents relating to the EGM to be dispatched to all shareholders in due course.

A notice for the EGM setting out the objects of the meeting will be served on all Shareholders in accordance with the Company's constitutional documents. The meeting will be held on 19 May 2006 in Jersey at a venue that will be notified in the notice.

For further information:

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

Media enquiries:

Henry Harrison-Topham / Dana Thomas Tel: +44 (0) 20 7398 7700

Notes to editors

Global Oceanic Carriers Limited, is a newly formed shipping company comprising of ship ownership, management and chartering. The company is based in Piraeus, Greece and incorporated in Jersey. The Company has acquired three 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 and one Handysize vessel with an aggregate carrying capacity of 171,941 Dwt. The Company has brought 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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