Set up of Subsidiary Company

RNS Number:8367T
Global Oceanic Carriers Ltd
28 March 2007


Press Release                                                     28 March 2007



                        Global Oceanic Carriers Limited

                        ("GO Carriers" or "the Company")

                       Global Oceanic Chartering Limited


Global Oceanic Carriers Limited (AIM:GOC), the Greek-based drybulk shipping
company, today announces that it has set up a subsidiary company, Global Oceanic
Chartering Limited, for the purposes of chartering the GO Carriers fleet and
other third party vessels as well as for general trading activities.

The establishment of Global Oceanic Chartering Limited is part of the Company's
ongoing focus on business efficiency which has the added benefit of creating a
new profit center for GOC's business activities whilst ensuring lower commission
charges for its vessels.

Commenting on creation of this subsidiary company, Michael Tartsinis, Chief
Executive Officer of Global Oceanic Carriers Limited, said: "In order to become
a well established and successful dry bulk shipping company it is vital to
maintain a strong corporate governance framework and tight control over
expenses.  As stated at the half year stage, GOC's intention is to continue to
grow the Company via strategic consolidation of the highly fragmented dry bulk
market through timely and selective acquisitions in a manner that is accretive
to the Company's cash flow.

"This new subsidiary will help the Company to achieve these objectives allowing
us to continue to grow our fleet size and maximise profitability."


                                    - Ends -




For further information:
Global Oceanic Carriers Limited
Michael Tartsinis, Chief Executive Officer              Tel: 00 30 210 898 6362
mtartsinis@gocarriers.com                                    www.gocarriers.com


Jefferies International Limited
Andrew Meigh                                          Tel: +44 (0) 20 7618 3500
ameigh@jefferies.com                                          www.jefferies.com



Media enquiries:
Abchurch
Henry Harrison-Topham / Charlie Jack                  Tel: +44 (0) 20 7398 7700
henry.ht@abchurch-group.com                              www.abchurch-group.com



Notes to Editors

Global Oceanic Carriers Limited is a shipping company comprising of ship
ownership, management and chartering.  The Company is based in Athens, Greece
and incorporated in Jersey. The Company has acquired five vessels and will use
the extensive shipping experience of the management and the dynamic market
conditions to build a fleet for long term charter revenue.

The Company's fleet comprises of two Panamax bulk carriers, two Handysize bulk
carriers and one Capesize vessel with an aggregate carrying capacity of 367,774
Dwt.  Drybulk ships carry cargo that is shipped in large volumes and can be
easily stowed in a single hold including iron ore, coal and grain.

GO Carriers was formed and listed on the AiM market in 2005 its stock code is
GOC.L


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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