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GLOBAL OCEAN CARRIERS ANNOUNCES PRELIMINARY 1991 FOURTH QUARTER AND YEAR END RESULTS; DECLARES DIVIDEND

 GLOBAL OCEAN CARRIERS ANNOUNCES PRELIMINARY 1991 FOURTH QUARTER
 AND YEAR END RESULTS; DECLARES DIVIDEND
 PIRAEUS, Greece, March 17 /PRNewswire/ -- Global Ocean Carriers, Ltd. (AMEX: GLO) announced today that for the fourth quarter ended Dec. 31, 1991, net income was $615,566 compared with a loss of $895,441 reported in the corresponding period of 1990. Revenues for the quarter amounted to $5.9 million compared to the $3.6 million attained in the fourth quarter of 1990. Earnings per share after depreciation and provision for dry docking and special survey were $0.19 compared to a loss in 1990's fourth quarter of $0.30 per share which was partially due to depressed freight rates during the Gulf War. 1991 per share figures are based on a weighted average of a greater number of outstanding shares due to the completion of the rights issue in the fourth quarter, which increased the total outstanding to 4,212,404 shares. 1991 results are unaudited and subject to year end adjustments.
 -- Full Year Results
 For the full year ended Dec. 31, 1991, Global reported that revenues were $21.1 million, compared to 1990's full year revenues of $18.4 million. Net income after depreciation was $1.1 million or $0.35 per share versus 1990's net income after depreciation of $1.5 million or $0.50 per share.
 Commenting on the past year, Michael G. Jolliffe, president of Global, stated, "Last year was a pivotal one for Global as many changes were affected -- shareholders agreed to convert Global to a perpetual life company, we acquired an additional ship which is under a favorable charter, we expanded our capital base and maintained a conservative amount of debt. The fourth quarter and full year results are in line with our expectations and represent a solid base on which we can build for the future, even though the current freight market is depressed. Global has a strong balance sheet generating significant cash flows and within months, we anticipate opportunities to purchase modern tonnage at attractive prices."
 -- Dividend Announcement
 Global also announced today a dividend of $0.06 per share payable on April 3, 1992, to shareholder of record on March 27, 1992.
 -- Fleet Operations
 The company owns a fleet of eight vessels. As of Dec. 31, 1991, Global's fleet had an aggregate market value of $51 million based on two independent valuations.
 During the fourth quarter, the total on-hire period for the fleet was 693 days. The maximum possible number of on-hire days was 736. The off-hire period for the fleet was 23 days excluding 20 days for ballasting between charters.
 Currently the fleet has four vessels, representing about 60 percent of Global's total tonnage, with charters extending until mid- to late- 1992 or 1993; and four that are on short-term charters.
 -- Near-Term Outlook
 Commenting on the near-term outlook, Jolliffe stated, "We expect a short-term downturn in Global's earnings, which will manifest itself during the first half of 1992 owing to the drop in the freight market. On the cost side, recently re-negotiated insurance premiums are reflecting the worldwide trend towards significantly higher rates, and will add approximately $1.5 million to our operating costs during fiscal 1992.
 Commenting further, Jolliffe said, "Two of our vessels are in routine dry docking and another is undergoing a special survey in the first quarter of 1992. This will result in a loss of approximately $500,000 in revenue during the first quarter. However, there are no additional drydockings or special surveys scheduled for the remainder of 1992."
 -- Annual Meeting Date
 The company's annual general meeting will be held in Geneva, Switzerland in May 1992.
 Founded in 1988, Global Ocean Carriers has a current fleet of eight vessels consisting of two capesize combination carriers, two panamax, three handysize bulk carriers and a tanker.
 GLOBAL OCEAN CARRIERS
 Selected Financial Data
 (U.S. Dollars)
 Periods ended Fourth quarter Year ended
 Dec. 31 1991 1990 1991 1990
 (unaudited) (unaudited)
 Revenues:
 Charter hire/freight
 (net of commissions
 & voyage exps.) $6,108,569 $3,916,420 $21,935,297 $18,656,303
 Less: Other voyage
 expenses (203,834) (268,469) (869,360) (294,163)
 Total 5,904,735 3,647,951 21,065,937 18,362,140
 Expenditure:
 Vessels' operating
 expenses 3,260,696 2,264,175 12,351,709 8,812,001
 G&A 356,851 255,774 1,281,043 1,169,918
 Interest exp. (net) 382,033 382,203 1,529,464 1,334,732
 Exchange (gain)/
 loss 82,369 38,000 (40,544) 108,000
 Amort. of DD+SS 288,012 -- 288,012 --
 Proceeds from insurance
 claims of net deferred
 repair costs (45,831) (254,640) (602,617) (254,640)
 Provision for
 bad debts 232,992 105,000 411,709 105,000
 Total 4,557,122 2,790,512 15,218,776 11,275,011
 Net profit before
 provision for DD & SS
 and deprec. 1,347,613 857,439 5,847,161 7,087,129
 Less: Provision for
 DD & SS 534,750 (672,259) -- (1,502,259)
 Net profit before
 depreciation 1,882,363 185,180 5,847,161 5,584,870
 Less: Deprec. (1,266,797) (1,080,621) (4,764,906) (4,080,737)
 Net profit/(loss)
 after deprec. and
 provision for
 DD & SS 615,566 (895,441) 1,082,255 1,504,133
 Cumulative effect of
 change in accounting
 policy -- -- 2,058,500 --
 Total 615,566 (895,441) 3,140,755 1,504,133
 Earnings per share:
 Before depreciation
 and provision for
 DD & SS 0.49 0.29 1.96 2.36
 After depreciation
 and provision for
 DD & SS 0.19 (0.30) 0.35 0.50
 Dividends per share 0.06 0.05 0.25 0.72
 -0- 3/17/92 R
 /CONTACT: Michael Jolliffe, 011-301-422-4880, or James Fairbairn, 011-4471-377-1030, both of Global Ocean Carriers (in Greece); or Jennifer R. Wall or Peter C. Harkins of D.F. King & Co., 212-269-5550, for Global Ocean Carriers/
 (GLO) CO: Global Ocean Carriers, Ltd. ST: IN: MAR SU: ERN


AH-KO -- NY087R -- 8975 03/17/92 17:58 EST
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