MC Shipping Acquires Two Additional LPG Tankers; Company Announces Appointment of Johan Wedell-Wedellsborg to Board Of Director

MC Shipping Inc. (AMEX: MCX) (the "Company"), a leading
liquefied petroleum gas (LPG) maritime carrier, announced today that
it has agreed to acquire two 15,360 cbm semi-refrigerated LPG tankers,
Tyco Brahe and Immanuel Kant from the Bernhard Schulte Group of
Germany. The acquisition will be funded using current cash holdings
and a bank loan from one of the Company's regular financiers. The
vessels are expected to be delivered before July 31, 2006, and will be
immediately time-chartered back to the Schulte Group for use in the
Scandigas Pool for a minimum period of 2 years.
   "The further expansion of our fleet announced today reflects our
core strategy: to build an increased presence in the LPG industry
sector with strong partners," stated Tony Crawford, CEO of MC
Shipping. "These two vessels, together with the recent acquisition of
Hans Maersk, constitute a $71.5 million investment package that, once
delivered, will increase revenues by approximately $1.7 million per
month. Its positive contribution to the Company's Annual Earnings
Before Interest, Tax, Depreciation and Amortization (EBITDA) is
expected at approximately $14.5 million, annualized, clearly
illustrating not only strategic value but the prospect for enhanced
shareholder returns."
   Separately, the Company announced the appointment of Johan
Wedell-Wedellsborg to the Board of Directors. Mr. Wedell-Wedellsborg
is the owner and the Chief Executive Officer of Weco-Rederi A/S and
the Chief Executive Officer of Dannebrog Rederi, a chemical tanker
shipowning and operating subsidiary of Weco-Rederi. Weco-Rederi is
also the parent company of Nordana Line, one of the premier
multipurpose RoRo liner carriers. Mr. Wedell-Wedellsborg replaces
Tullio Biggi who is stepping down from the board after two years of
service.
   "Johan's background as a shipowner brings the right blend of
expertise and motivation to our board," said Crawford. "We look
forward to his contributions as our Company continues to grow."

   ABOUT MC SHIPPING INC.

   MC Shipping Inc. is an international shipping company with
headquarters in Monaco and an office in London. The Company shares are
listed on the American Stock Exchange (AMEX: MCX). Following the
delivery of the Hans Maersk, Tyco Brahe and Immanuel Kant, the Company
will fully or partially own a fleet of 15 LPG tankers with total
capacity of 367,040 cbm. The Company also retains an investment in
four container carriers, bringing the total fleet to 19 vessels.

   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.