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GLOBAL OCEAN CARRIERS ACQUIRES BULK CARRIER FOR $7,225,000; ANNOUNCES THREE GLOBAL VESSELS RECEIVED U.S. COAST GUARD SAFETY AWARDS

 PIRAEUS, Greece, Aug. 3 /PRNewswire/ -- Global Ocean Carriers Limited (AMEX: GLO) announced today that the board of directors approved the acquisition of a Panamax Vessel for a purchase price of $7,225,000. The vessel, to be named Global Adelaide and delivered in September or October 1993, has a carrying capacity of 72,400 deadweight tonnes and totals 12,256 light weight tonnes of contained steel. Under current market levels, such a bulk carrier could earn $10,500 to $11,000 per day. The operating expenses for the Global Adelaide, a December 1976- built vessel, are projected to be $5,000 per day. The vessel will be financed through additional borrowings, but the debt-to-equity ratio will remain under one-to-one.
 Michael G. Jolliffe, president of Global, commenting on the acquisition, stated, "The Global Adelaide is a welcome addition to our fleet and should provide the company with higher cashflow and higher returns as the bulk market improves. At the same time, we will continue to look for opportunities in the sales and purchase market."
 Global Ocean Carriers also announced that at a special ceremony organized by the United States Embassy in Athens, three of the company's current fleet of six vessels received the United States Coast Guard AMVER Award. The AMVER (Automatic Mutual Assistance Vessel Rescue System) Awards were granted to the GL Panorama, the Global Star and the Global Ling.
 Mr. Jolliffe commented, "We are pleased that the U.S. Coast Guard honored Global's ships and granted this symbol of high standards of operation and dedication by our crews and the management for improved safety and protection of the world's maritime community."
 -0- 8/3/93
 /NOTE TO EDITORS: The AMVER (Automatic Mutual Assistance Vessel Rescue) SYSTEM was established by the United States Coast Guard in order to provide humanitarian services to vessels and persons at sea needing assistance. The system was initially intended to cover the Atlantic area, but gradually has been expanded worldwide due to the system's success. The masters of participating vessels communicate their position, speed and direction and the AMVER officers make the appropriate entries in the computer system. If a vessel needs assistance in any area, the master notifies AMVER headquarters. The officers on watch consult their computer system to identify vessels in the vicinity then make immediate requests for assistance.
 /CONTACT: Michael Jolliffe, president, in Greece, 011-301-422-4880, or James Fairbairn, in London, 011-4481-994-2687, both of Global Ocean Carriers; or Jennifer R. Wall or Marisa A. Heine of D. F. King & Co., Inc., 212-269-5550, for Global Ocean Carriers/
 (GLO)


CO: Global Ocean Carriers Limited ST: IN: MAR SU:

WB-OS -- NY044 -- 8880 08/03/93 11:59 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
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