MC Shipping Inc., has agreed to acquire two liquefied petroleum gas (LPG) vessels from the Bernhard Schulte Group of Germany. The vessels, Hermann Schulte and Dorothea Schulte are semi-refrigerated and of 5,600 cbm capacity each. The acquisition is being funded out of current cash holdings and a bank loan facility from one of the Company's regular financiers. The vessels are expected to be delivered before March 31, 2006. Simultaneously with the purchase, they will be time-chartered back to the Schulte Group for a minimum period of 1 year. Following the delivery of these two ships, MC Shipping Inc. will fully or partially own a fleet of 18 vessels, of which 12 are LPG tankers ranging from 3,000 to 77,000 cbm capacity.