Interim Results for the Six Months Ended November 30, 2007 and Initiates Dividend


ATHENS, GREECE - February 21, 2008 – Global Oceanic Carriers Limited (AIM:GOC), a global provider of marine transportation services for dry bulk cargoes, announces today its financial and operational results for the six months ended November 30, 2007.

The Company’s management has scheduled a conference call today, February 21, 2008, at 4:00 P.M. GMT, 11:00 A.M. EST, 6:00 P.M. Athens time to discuss the results. Details of the conference call are available further in this release.

Interim November 2007 Highlights

* EBITDA of USD 14.2 million in 2007 (2006: USD 3.9 million).
* Net profit of USD 6.9 million in 2007 on revenue from operations of USD 22.5 million compared to 2006 net profit of USD 160,355 on revenue from operations of USD 8.9 million.
* Earnings per share (EPS) of USD 0.17 calculated on 40,032,792 shares outstanding for the period versus USD 0.0069 per share calculated on 23,352,462 shares outstanding for the relevant period last year.
* Strong cash position with USD 18.8 million cash in bank* as of November 30, 2007.
* An average of 5.3 vessels were operated during 2007 earning an average time charter equivalent (TCE) rate of USD 21,750 per day compared to an average of 3.2 vessels earning an average TCE rate of USD 14,373 per day during 2006.
* Cash flow from operations of USD 15.9 million compared to USD 5 million in 2006, a 218% increase from last year.
* Time charter forward coverage at 83.5% of our fleet operating days for 2008 and 48% for 2009.
* Change of fiscal year end. In December 2007, the Company announced that it has changed its fiscal year end from May 31 to December 31. The Company will publish audited results for the seven month period ended December 31, 2007 in March 2008.

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 seven dry bulk carriers, comprised of one Capesize, two Panamax, three Handymax and one Handysize vessel with an aggregate carrying capacity of 456,273 dwt.

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

Source: Global Oceanic Carriers Limited