MC Shipping Announces Dividend and Completion of Change in Technical Management

  
    
  
  
    
      MC Shipping Inc. (AMEX: MCX) (the “Company”), 
      a leading liquefied petroleum gas (LPG) maritime carrier, announced 
      today that its Board of Directors has declared a quarterly cash dividend 
      of $0.0625 per share of common stock payable on November 3, 2006 to 
      shareholders of record as of October 20, 2006.
    
    
      The Company also announced that it has now completed the transfer of the 
      technical management of its LPG fleet to three of the world’s 
      major marine services groups, Anglo-Eastern and Wallem of Hong Kong, and 
      Hanseatic Shipping of Cyprus. These three independent managers chosen on 
      competitive basis will look after the Company’s 
      15-ship strong fleet of LPG tankers. The Company’s 
      remaining container ships will remain with the current managers
    
    
      “We anticipate the shareholders to benefit 
      from this change to unrelated managers who, we trust, will maintain our 
      ships up to the highest standards of safety and quality,” 
      commented Tony Crawford, CEO of MC Shipping.
    
    
      “One of our new managers, Hanseatic Shipping 
      has just passed its first test by exceptional circumstances,” 
      continued Crawford. “Last month, our vessel, Kew 
      Bridge suffered an unfortunate grounding incident off the Indian 
      coast, and we praise the crew and managers’ 
      professionalism in handling this difficult situation. We are pleased to 
      state that no one was hurt and that there was no environmental damage 
      caused by this incident.
    
    
      “The ship is now safely afloat and we are 
      assessing extent of damages and estimated repair needs. We do not, 
      however, expect this incident to have a material impact on the Company’s 
      results since the costs are largely recoverable under the vessel’s 
      insurance,” concluded Crawford.
    
    
      ABOUT MC SHIPPING INC.
    
    
      MC Shipping Inc. is an international shipping company focused on 
      maritime transportation of the liquefied petroleum gas (LPG), with 
      headquarters in Monaco and an office in London. MC Shipping fully or 
      partially owns and operates a diversified fleet of 19 vessels that serve 
      the world’s major oil, gas, shipping and 
      trading companies.
    
  
MC Shipping Inc. (AMEX: MCX) (the "Company"), a leading liquefied
petroleum gas (LPG) maritime carrier, announced today that its Board
of Directors has declared a quarterly cash dividend of $0.0625 per
share of common stock payable on November 3, 2006 to shareholders of
record as of October 20, 2006.

   The Company also announced that it has now completed the transfer
of the technical management of its LPG fleet to three of the world's
major marine services groups, Anglo-Eastern and Wallem of Hong Kong,
and Hanseatic Shipping of Cyprus. These three independent managers
chosen on competitive basis will look after the Company's 15-ship
strong fleet of LPG tankers. The Company's remaining container ships
will remain with the current managers

   "We anticipate the shareholders to benefit from this change to
unrelated managers who, we trust, will maintain our ships up to the
highest standards of safety and quality," commented Tony Crawford, CEO
of MC Shipping.

   "One of our new managers, Hanseatic Shipping has just passed its
first test by exceptional circumstances," continued Crawford. "Last
month, our vessel, Kew Bridge suffered an unfortunate grounding
incident off the Indian coast, and we praise the crew and managers'
professionalism in handling this difficult situation. We are pleased
to state that no one was hurt and that there was no environmental
damage caused by this incident.

   "The ship is now safely afloat and we are assessing extent of
damages and estimated repair needs. We do not, however, expect this
incident to have a material impact on the Company's results since the
costs are largely recoverable under the vessel's insurance," concluded
Crawford.

   ABOUT MC SHIPPING INC.

   MC Shipping Inc. is an international shipping company focused on
maritime transportation of the liquefied petroleum gas (LPG), with
headquarters in Monaco and an office in London. MC Shipping fully or
partially owns and operates a diversified fleet of 19 vessels that
serve the world's major oil, gas, shipping and trading companies.