Global Oceanic Carriers Ltd. Takes Delivery of Its Sixth Vessel

    


Global Oceanic Carriers



Global Oceanic Carriers Limited (AIM:GOC), a global provider of marine
transportation services for dry bulk cargoes, announced today that it has taken
delivery of the M/V "GO Friendship", a Handymax Bulk Carrier, which the company
had previously agreed to acquire for USD 37 million.

The M/V "GO Friendship" was built in Korea in 1994 and has a carrying capacity
of 44,875 dwt. As previously announced on July 10, 2007, the vessel has been
secured under a fixed-rate period time charter for 3 years with SAMSUN
CORPORATION at the gross rate of USD 26,850 per day.

Michael Tartsinis, Chief Executive Officer of Global Oceanic Carriers Limited,
commented: "We are pleased to have taken delivery of the M/V "GO Friendship",
our sixth vessel, and our first of two Handymax bulk carriers which we agreed to
acquire in June 2007. We expect to take delivery of the second vessel, the "Go
Star" within October 2007, expanding our operational fleet to seven vessels.
Furthermore, the three year time charter we have secured for the M/V "GO
Friendship" is in line with our strategy of employing our vessels under medium
to long term period charters with reputable charterers enabling us to generate
visible and predictable cash flows, enhance our profitability and sustain our
dividend policy, which commences in the current fiscal year, as announced.

"In this context, 100% of our fleet operating days for calendar 2007 and 83% for
calendar 2008, are already secured under fixed rate period employment".

Fleet profile

As of October 2, 2007, the composition and employment of our fleet is as
follows:

Vessel   Type      DWT     Year  Charter   Charter Expected Daily
 Name                      Built Commence- Period  Rede-    Charter
                                 ment              livery   Hire (US$)
                                                   (Minimum
                                                    Period)
-------- --------- ------- ----- --------- ------- -------- ----------
GO                                           36
 Patoro  Capesize  150,108 1991  Jun-07     months Jun-10   32,000 (1)
-------- --------- ------- ----- --------- ------- -------- ----------
GO                                         23-25
 Public  Panamax   71,761  1993  Dec-06     months Nov-08   21,000
-------- --------- ------- ----- --------- ------- -------- ----------
                                           12-14
GO Faith Panamax   65,125  1984  May-07     months May-08   28,000
-------- --------- ------- ----- --------- ------- -------- ----------
GO                                         26-29
 Trader  Handymax  45,693  1996  Jan-07     months Mar-09   19,250
-------- --------- ------- ----- --------- ------- -------- ----------
                                             12
GO Pride Handysize 35,055  1982  Jun-07     months Jun-08   18,500
-------- --------- ------- ----- --------- ------- -------- ----------
GO
Friend-                                      36
ship     Handymax  44,875  1994  Sept-07    months Sept-10  26,850
-------- --------- ------- ----- --------- ------- -------- ----------
Fleet
 Total:
6
 Vessels           412,617
-------- --------- ------- ----- --------- ------- -------- ----------
Additional Vessels (with expected delivery date and with charter
 commencing upon delivery)
----------------------------------------------------------------------

-------- --------- ------- ----- --------- ------- -------- ----------
GO Star                                      36
 (2)     Handymax  43,656  1994  Oct-07     months Oct-10   27,000
-------- --------- ------- ----- --------- ------- -------- ----------
Grand
 Total:
7
 Vessels           456,273
-------- --------- ------- ----- --------- ------- -------- ----------

(1) The M/V "GO Patoro" is currently employed under a Time Charter until June
2010. For the first year of the time charter ending June 2008, the daily charter
rate is US$32,000. The rate for the second and third years ending June 2009 and
2010 will be US$27,000 and US$22,000 respectively.

(2) The M/V "GO Star" is scheduled for delivery in October 2007.

For further information please contact:

Global Oceanic Carriers Limited
Michael Tartsinis, Chief Executive Officer
Tel: [phone]
E-mail: [e-mail]
www.gocarriers.com
or
Jefferies International Limited
Nick Davies
Tel. [phone]
E-mail: [e-mail]
or
Investor Relations / Media:
Devina Artley
Capital Link (London)
Tel. [phone]
E-mail: [e-mail]
or
Paul Lampoutis
Capital Link, Inc. (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.