Global Oceanic Carriers Acquires Bulk Carrier

Global Oceanic Carriers Limited, 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 $37m. The vessel, 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 Corp. $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, expanding its fleet to a total of seven dry bulk carriers with an aggregate carrying capacity of 456,273 dwt.