Substantial Shareholder Transaction       23 July 2008

Global Oceanic Carriers Limited (AIM:GOC) ('GOC' or the 'Company'), a global provider of marine transportation services for dry bulk cargoes, today announces that it has been informed that Kaylee Maritime Limited sold its entire holding of 31,758,292 ordinary shares in GOC on 22 July 2008 for 170.5 pence per share to Newport Holdings Limited. Kaylee Maritime Limited is associated with Mr. Michael Tartsinis, the Company's Chief Executive Officer and Mr. Antonios Nikolaou, an Executive Director of the Company.

Mr. Michael Tartsinis and Mr. Antonios Nikolaou are both directors of Newport Holdings Limited. Furthermore, both Mr. Michael Tartsinis and Mr. Antonios Nikolaou along with Mr. Kriton Lentoudis, are shareholders of Newport Holdings Limited.

As a result, Newport Holdings Limited holds 31,758,292 ordinary shares in GOC representing 79.3% of the issued share capital of the Company.

Newport Holdings Limited made a recommended cash offer (the 'Offer') for the entire issued and to be issued share capital of GOC on 27 June 2008, which further to the announcement of extension of Offer and level of acceptances on 21 July 2008, will remain open for acceptance until the next closing date, which will be 1.00 p.m. on 25 July 2008.

As at 3.00 p.m. (London time) on 18 July 2008, valid acceptances had been received in respect of a total of 7,533,433 GOC shares, representing approximately 18.81 per cent. of GOC's issued ordinary share capital.

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

Global Oceanic Carriers Limited