Carisbrooke Shipping - Re New Ship Order

RNS No 3967t
CARISBROOKE SHIPPING PLC
3rd June 1998


                           Carisbrooke Shipping Plc
                        ("Carisbrooke" or the "Group")
                                       
                             DUTCH INVESTMENT FUND
                                NEW SHIP ORDER

Carisbrooke today announces that it has agreed that its latest new ship, the
Janet C, together with a sister vessel, Johanna C, due for delivery at the end
of June, will be financed by a Dutch investment fund.  This fund is similar to
Carisbrooke Shipping CV, the fund that completed in December last year and
which was used to finance the first two vessels in this series, namely the
Mark C and Emily C, together with a third vessel the Vectis Isle.  The new
ships have been built by the Damen Shipyard Group in Holland and are of 4,600
tonnes dead-weight.  The purchase price of these ships, which is being met by
the Dutch investment fund, is 29 million Dutch Guilders (approximately #9
million at an exchange rate of NLG 3.2:#1.00) which will include debt funding
of approximately 60 per cent.

The fund is expected to be fully subscribed by the middle of July this year
and is underwritten by the Nedship Bank.  The Group will benefit by taking an
equity shareholding in the fund of between 15 and 20% in a similar manner to
its 17% shareholding in Carisbrooke Shipping CV.  The two ships will be
operated as part of the Carisbrooke fleet and within the Group's management.
It is anticipated that the Fund will have a life of five and a half years.  At
the end of this period Carisbrooke will have an option to acquire the ships at
70% of the original consideration paid for the ships by the fund.

In addition, following the placing of these ships, an order has been agreed by
the Group with Damen Shipyard for a further new ship of this class.  This ship
is due for delivery in December of this year.  Funding arrangements and final
specification are expected to be agreed shortly and shareholders will be
provided with further details at the appropriate time.

Commenting today Peter Nicholson, Chairman said:

     "I am delighted to be able to confirm my statement made at the
     commissioning of the Janet C when I said that we planned to arrange
     further investment funds.
     
     Delivery of the next ship in December will provide the Group with
     the fifth in a series of modern dry-cargo ships specifically
     designed for trading in our chosen markets.  This represents another
     significant step in the strategy of updating and expanding the
     Carisbrooke fleet.  The board will continue to seek further similar
     opportunities."

Copies of this announcement will be made available for at least the next 14
days from the Company'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


END

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