Directorate Change

    

Global Oceanic Carriers



Global Oceanic Carriers Ltd. Announces the Resignation of a Non-Executive Member
of its Board of Directors

Global Oceanic Carriers Limited (AIM:GOC), a global provider of marine
transportation services for dry bulk cargoes, announced today that Mr. Theo
Phanos, has resigned from his duties as Non Executive Director as well as member
of the Company's Audit, Remuneration and Nominations Committees effective
Monday, October 22, 2007.

Michael Tartsinis, Chief Executive Officer of Global Oceanic Carriers Limited,
commented: "On behalf of the Board of Directors, I would like to thank Mr.
Phanos for his valuable contributions to our company during a period of
corporate restructuring and growth and wish him luck in his future endeavors.
Following his resignation, our Board of Directors comprises of three Executive
and three Non-Executive members. The Board has identified potential candidates
for his replacement in the positions of Non-Executive Director and for
membership in the Audit, Remuneration and Nominations Committees of the Board,
and will inform the public in due course when the selection process is
concluded."

For further information please contact:

Global Oceanic Carriers Limited
Michael Tartsinis, Chief Executive Officer
Tel: [phone]
E-mail: [e-mail]
www.gocarriers.com

Jefferies International Limited
Nick Davies
Tel. [phone]
E-mail: [e-mail]

Investor Relations / Media:
Devina Artley
Capital Link (London)
Tel. [phone]
E-mail: [e-mail]

Paul Lampoutis
Capital Link (New York)
Tel. [phone]
E-mail: [e-mail]
www.capitallink.com

Further Information - Notes to Editors

About the Company

Global Oceanic Carriers Limited is a global provider of marine transportation
services for dry bulk cargoes through the ownership, management and chartering
of dry bulk carriers. The company is incorporated in Jersey and has its
principal executive offices in Athens, Greece.

The company's current fleet includes six dry bulk carriers, comprised of one
Capesize, two Panamax, two Handymax and one Handysize vessel. Global Oceanic
Carriers has also entered into agreement to acquire a Handymax vessel scheduled
for delivery in October 2007, thereby expanding its fleet to a total of seven
dry bulk carriers with an aggregate carrying capacity of 456,273 dwt.

GO Carriers is listed on the AIM market and its stock code is GOC.

Forward-Looking Statement

Matters discussed in this release may constitute forward-looking statements.
Forward-looking statements reflect the current views of Global Oceanic Carriers
Limited ("the Company") with respect to future events and financial performance
and may include statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions and other statements,
which are other than statements of historical facts.

The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical operating
trends, data contained in our records and other data available from third
parties. Although the Company believes that these assumptions were reasonable
when made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, the Company cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies and currencies, general market conditions, including
changes in charter hire rates and vessel values, changes in demand that may
affect attitudes of time charterers to scheduled and unscheduled drydocking,
changes in the Company's operating expenses, including bunker prices,
dry-docking and insurance costs, or actions taken by regulatory authorities,
potential liability from pending or future litigation, domestic and
international political conditions, potential disruption of shipping routes due
to accidents and political events or acts by terrorists. The Company does not
assume, and expressly disclaims, any obligation to update these forward-looking
statements.