Young shipping firm adds bulker to increase fleet to seven
GO Carriers buys Handymax from ABG Shipping

lobal Oceanic Carriers Limited (LSE:GOC), a global provider of marine transportation services for dry bulk cargoes, announces today that the Company has entered into an agreement to purchase a Handymax vessel charter-free for $37 million.

The vessel, (which Shipping Times believes is the ABG MADHAVA, ex LITTLE ANNOU)  acquired from ABG Shipping Limited will be renamed to M/V "GO Friendship" and is scheduled for delivery in August 2007. The M/V "GO Friendship" was built in Korea in 1994 and has a carrying capacity of 44,875 dwt. The company intends to finance this acquisition with banking facilities.

Upon delivery, the M/V "GO Friendship" will operate under a fixed-rate period time charter for 3 years with SAMSUN GLOBAL CORPORATION at the gross rate of USD 26,850 per day.

The company's current fleet includes five dry bulk carriers, comprised of one Capesize, two Panamax, one Handymax and one Handysize vessel, and, as already announced, has entered into two agreements to acquire two Handymax vessels scheduled for delivery in August (GO Friendship) and October (GO Star) 2007, thereby expanding its fleet to a total of seven dry bulk carriers with an aggregate carrying capacity of 456,273 dwt.

The company has secured under fixed rate time charter employment 100% of its fleet operating days for 2007 and 83.5% for 2008.

Michael Tartsinis, Chief Executive Officer of Global Oceanic Carriers, commented: "We are pleased to continue with our fleet renewal and expansion program. This latest acquisition expands our fleet to a total of seven vessels with an aggregate carrying capacity of 456,273 dwt and lowers our fleet average age to 16 years. Consistent with our strategy of seeking long term employment for our vessels, we have secured for the M/V "GO Friendship" a 3 year time charter with Samsun Global Corporation, a first class charterer, expected to generate approximately $ 29.4 million in revenues for the duration of the time charter. This further enhances the stability and predictability of our cash flows, enabling us to continue with our fleet expansion plans."

Christina Anagnostara, Chief Financial Officer of Global Oceanic Carriers stated: "By taking advantage of our low gearing, we intend to finance this acquisition through banking facilities thereby expecting to enhance shareholder value."