Global Oceanic Carriers Limited

Global Oceanic Carriers Limited

January 23, 2006 02:05 ET

GO Faith Charter Update

LONDON, UNITED KINGDOM--(CCNMatthews - Jan. 23, 2006) - Global Oceanic Carriers Limited ("GO Carriers" or "the Company") (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 40 days, at the rate of US$14,000 per day plus a ballast bonus of US$450,000.

GO Faith has been fixed to load petcoke or non oily scrap, excluding motor blocks and turnings from a port between the San Francisco and Los Angeles range and the vessel shall be redelivered to the owners after discharging at a port between the Japan and Singapore range.

Vassilis Vintiadis, Chief Executive Officer of GO Carriers said: "We believe that the sum of US$450,000 as a ballast bonus which was achieved for this trip, compares favourably with ballast bonuses that have been paid to date for similar voyages on larger and more modern panamax vessels. This should be considered as a good sign for the market, which we believe will start taking an upward trend when the new purchase contracts for Australian iron ore are signed. The other two vessels in the GO Carriers fleet, namely GO Pride and GO Public, are both continuing successfully their period charters."

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