MC Shipping Announces 2Q Results

MC Shipping Inc. announced a Net Income for the quarter ended June 30, 2004 of $670,800 or $0.08 per share, compared to a net income of $515,231 or $0.06 per share in the corresponding period in 2003.

Total revenues in the second quarter of 2004 were approximately $7.9 million compared to $9.9 million in the corresponding quarter of last year. The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $3.1 million, and the ratio of EBITDA to interest was 3.4x. In the corresponding quarter of 2003, EBITDA was approximately $4.7 million and the ratio of EBITDA to interest was 3.7x. In the first six months of 2004, Net Income totaled $1,530,484 or $0.18 per share compared to a net income of $983,959 in the first six months of 2003. Total revenues were approximately $15.8 million for the first six months of this year, compared to approximately $20.2 million for the same period in 2003. The fleet on-hire performance was 99 % in the first half of 2004, versus 94.6 % in the same period of 2003.

“Our results this past quarter were severely impacted by the expenses incurred in relation to the change of ownership and the offers for additional equity received by the Company. These expenses added approximately $400,000 to our overhead for the quarter.” said Tony Crawford the newly appointed CEO. Mr. Crawford added: “ At the same time the company has commenced the restructuring of its management team and that team plans to bring to the Board in the near future a business plan that will reflect our intention to grow the company.”

The Company currently owns and operates a fleet of 11 gas carriers and mid size container vessels which trade worldwide primarily under time charter employment and two seariver vessels.