Offer Update     21 July 2008

RECOMMENDED CASH OFFER
BY
NEWPORT HOLDINGS LIMITED
TO ACQUIRE THE ENTIRE ISSUED AND TO BE ISSUED ORDINARY SHARE CAPITAL OF
GLOBAL OCEANIC CARRIERS LIMITED
EXTENSION OF OFFER AND LEVEL OF ACCEPTANCES

Introduction

On 27 June 2008, Newport Holdings Limited (“Newport”) made a recommended cash offer (the “Offer”) for the entire issued and to be issued share capital of Global Oceanic Carriers Limited (“Global Oceanic”).

Acceptances

As at 3.00 p.m. (London time) on 18 July 2008, being the first closing date of the Offer, valid acceptances of the Offer had been received in respect of a total of 7,533,433 Global Oceanic Shares, representing approximately 18.81 per cent. of Global Oceanic's existing issued ordinary share capital (“Valid Acceptances”)

On 27 June 2008, Newport announced that it had received irrevocable undertakings to accept the Offer in respect of 31,878,292 Global Oceanic Shares, representing approximately 79.6 per cent. of Global Oceanic's existing issued ordinary share capital.

Included in Valid Acceptances is the acceptance from Antonios Nikolaou, executive Director of Global Oceanic in respect of 120,000 Global Oceanic Shares, representing 0.3 per cent. of Global Oceanic Shares which were subject to an irrevocable commitment.

Newport has also received acceptances of the Offer in respect of a further 84,819 Global Oceanic Shares, representing approximately 0.21 per cent. of Global Oceanic's existing issued ordinary share capital, which require further action to be taken before they can be counted as valid acceptances.

Save as disclosed above, no Global Oceanic Shares have been acquired or agreed to be acquired by or on behalf of Newport or any person acting in concert with Newport during the Offer Period and neither Newport nor any person acting in concert with Newport has the benefit of any irrevocable commitment or letter of intent in respect of any Global Oceanic Shares or has any interest in any Global Oceanic Shares, or any short position (whether conditional or absolute and whether in the money or otherwise and including any short position under a derivative), any agreement to sell, any delivery obligation, any right to require another person to purchase or take delivery in respect of any Newport Shares, any right to subscribe for any Newport Shares or any stock borrowing or lending arrangement in respect of any Newport Shares.

Offer extended

The Offer, which remains subject to the terms and conditions set out in the Offer Document, is being extended and will remain open for acceptance until the next closing date, which will be 1.00 p.m. on 25 July 2008.

Global Oceanic Shareholders who hold Global Oceanic Shares in certificated form and who wish to accept the Offer should complete, sign and return the Form of Acceptance by hand (during normal business hours) or by post as soon as possible, to the receiving agents to the Offer, Computershare, Corporate Actions Projects, Bristol BS99 6AH. Additional Forms of Acceptance are available from Computershare, by telephoning 0870 707 1516 or, if calling from outside the UK, on +44 870 707 1516. If you hold your Global Oceanic Shares in uncertificated form (that is, in CREST) you are urged to accept the Offer by TTE instructions as soon as possible.

De-listing from AIM

As notified in the Offer announcement on the 27 June 2008, 20 business days notice was given to AIM to cancel trading of Global Oceanic Shares on AIM which is expected to occur on 28 July 2008. Shareholders who have not accepted the Offer may be left with minority holdings in an unquoted private company and are strongly urged to accept the Offer.

Other

All other terms defined in the Offer Document have the same meaning in this announcement, unless the context requires otherwise.

Global Oceanic Carriers Limited