Global Oceanic Carriers Ltd. Announces New Loan Facility

03 July 2008

Athens, Greece - July 3, 2008 Global Oceanic Carriers Limited (AIM:GOC) (the “Company”), a global provider of marine transportation services for dry bulk cargoes, announces today that on June 30, 2008 it has entered into a new term loan and reducing revolving loan facility with Marfin Egnatia Bank.

The New Loan Facility is in the amount of USD 130 million which is to be repaid quarterly until June 30, 2014.

From this new loan facility, USD 106 million has been drawn down to refinance the existing bank indebtedness. The further amount of up to USD 24 million may be used for investment and working capital purposes.

Final maturity for the facilities is 2014 with a programme of gradual prior repayment. Interest is at LIBOR plus 1.6 per cent. for the refinancing element of the facilities and LIBOR plus 2 per cent. for the balance.

Global Oceanic Carriers Limited