Global Oceanic Carriers Limited

Global Oceanic Carriers Limited

October 12, 2005 13:58 ET

Global Oceanic Carriers Limited Trading Update

LONDON, UNITED KINGDOM--(CCNMatthews - Oct. 12, 2005) - The Directors of Global Oceanic Carriers Limited (AIM:GOC) have noted the recent fall in the Company's share price and wish to provide the following update.

GO Carriers current fleet comprises three vessels, two vessels are currently on long term and one on a short term charter, details of which are given below:

Vessel Type Dwt Built Charter Charter Charter
Expiry Rate
(US$ day)
GO Public Panamax 71,761 1993 Time April/June 2006 34,500
GO Pride Handymax 35,055 1982 Time April 2006 18,000
GO Faith Panamax 65,125 1984 Time End October 2005 20,000

The Directors are currently reviewing the timing of the acquisition of the fourth vessel, which will be put on long-term charter once acquired.

Dry bulk charter rates have recovered significantly following the seasonal summer down turn, and the Directors expect further rises in the Dry Bulk Index over future months. The Baltic Panamax Index was 1,488 as at 4th August and has almost doubled to 2,849 as at 10th October and its trend continues upwards.

The Directors remain confident in the Company's prospects as global demand for dry bulk cargos including iron ore and coal continues to grow. India's GDP has grown by 8.1% over the second quarter of the year which is a sign of further optimism.

The Company is trading profitably and produces significant operating cash flows and currently has over US$18 million of cash on its balance sheet.

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