Carisbrooke Shipping - Re Fleet DevelopmentProgramme

RNS No 6453n
CARISBROOKE SHIPPING PLC
21st October 1998
                                      
                           Carisbrooke Shipping PLC
                        ("Carisbrooke" or the "Group")
                                       
                             DUTCH INVESTMENT FUND
                                NEW SHIP ORDER

Carisbrooke  today  announces the latest development in its fleet  development
programme.  The Group is to take an equity stake of approximately 15 per cent.
in  a  Dutch  investment fund that is acquiring a ship being  built  by  Damen
Shipyards   Group  in  the  Netherlands.   The  vessel  will  be  managed   by
Carisbrooke.  The purchase price of the ship, which is being met by the  Dutch
investment  fund, is 16 million Dutch Guilders (approximately #5.2 million  at
an   exchange  rate  of  NLG  3.1:#1.00).   Funding  will  include   debt   of
approximately 60 per cent.

The  fund,  which  is similar to those used to finance the previous  four  new
ships  managed by the Group, is expected to be fully subscribed by the  middle
of   December  this  year  and  the  equity  of  6.5  million  Dutch  Guilders
(approximately  #2  million at an exchange rate of  NLG  3.1:#1.00)  is  being
underwritten by Carisbrooke.  At nearly 5000 tonnes deadweight,  the  ship  is
slightly  larger than the previous ships in her class and will be operated  as
part of the Group's fleet and within the Group's management.  Carisbrooke will
have an option to purchase the vessel after the five and half year life of the
investment fund at 67.5 per cent. of the original consideration paid  for  the
ship by the fund.

Copies  of this announcement will be made available for at least the  next  14
days from the Group's offices at 10 Mill Hill Road, Cowes, Isle of Wight, PO31
7EA.

For further information please contact:

Willem Wester         Carisbrooke Shipping Plc           01983 284100
Managing Director

Ron Robson            Carisbrooke Shipping Plc           01983 284100
Finance Director

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