Global Oceanic Carriers Limited

Global Oceanic Carriers Limited

August 01, 2005 02:04 ET

GO Carriers Takes Ownership Of Its Third And Largest Vessel

LONDON, UNITED KINGDOM--(CCNMatthews - Aug. 1, 2005) - Global Oceanic Carriers Limited ("GO Carriers" or "the Company")(AIM:GOC), the AIM-listed Greek-based drybulk shipping company, today announces that on 29 July it took charge of its third vessel, the Marinchris which it acquired from Marinchrist Shipping Company Limited for a consideration of US$35.55 million. The Marinchris, which has been re-named GO Public, is a 71,761 Dwt Panamax vessel and is on a long term charter with a daily rate of US$34,500. Under a special arrangement negotiated by the management of GO Carriers, the Company has been receiving revenues of US$25,000 daily since the 5th of July 2005 until it took delivery of the vessel last week. GO Public will be managed by John J Rigos Marine Enterprises S.A.

In late June the Company announced that it had taken ownership of Go Faith, a Panamax vessel with 65,125 Dwt and GO Pride which is a 35,055 Dwt Handymax vessel. GO Pride is on long term charter with a daily rate of US$18,000 and GO Faith is currently operating in a spot charter market and the Directors intend to secure a long term charter for this vessel in the near term.

Research from Drewry Shipping Consultants forecasts that Panamax demand is forecast to grow to 3,153 billion tonne miles in 2005, recording a gain of 4.8% over 2004. By the end of the forecast period (2005-2009), it is expected to expand to 3,670 billion tonne miles, thereby registering an annual growth of 4.1%. Going forward the freight market is likely to remain firm during 2005 with certain spot market routes gaining.

Vassilis Vintiadis, Chief Executive Officer of GO Carriers, said: "We are delighted to have taken ownership of GO Public and this acquisition now brings our operational fleet to three vessels."

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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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