Change in MC Shipping Major Shareholding Complete

MC Shipping Inc. (AMEX: MCX) (the "Company") reports
that on October 5, 2005, the previously announced transaction between
the Company's principal shareholding was successfully completed,
whereby the Navalmar group acquired 1,780,000 shares of the Company's
common stock from V.Ships.
   Following completion of this transaction, Navalmar now
beneficially owns approximately 51.4% of the Company's outstanding
stock. V.Ships, with associates, still beneficially own approximately
2.8% of the Company's outstanding stock.
   The Company's CEO, Mr. Crawford, observed, "The Company is well
underway in turning around its results; we are comfortable with the
guidance given for 2005 and believe that 2006 will show a marked
further improvement on 2005. We appreciate that this strong ship
owning group has reinforced its faith in our strategy, and we are both
pleased and fortunate to welcome Navalmar as majority shareholders who
are supportive in our aspiration to continue growing the business."

   This news release contains forward-looking statements, within the
meaning of Section 21E of the Securities Exchange Act of 1934, which
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. One can generally identify
these forward-looking statements because they contain "expect,"
"believe," "anticipate," "estimate," "confident" and other words that
convey a similar meaning. One can also identify these statements as
statements that do not relate strictly to historical or current facts.
One should understand that it is not possible to predict or identify
all factors that could cause actual results to differ from the
Company's forward-looking statements. The Company expressly disclaims
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with respect thereto
or any change in events, conditions or circumstances on which any such
statement is based.