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GLOBAL OCEAN CARRIERS ANNOUNCES PROFITABLE FIRST QUARTER RESULTS ALSO DECLARES DIVIDEND

 GLOBAL OCEAN CARRIERS ANNOUNCES PROFITABLE FIRST QUARTER RESULTS
 ALSO DECLARES DIVIDEND
 PIRAEUS, Greece, May 28 /PRNewswire/ -- Global Ocean Carriers Limited (AMEX: GLO), announced today that for the first quarter ended March 31, 1992, net income after depreciation and amortization of/provision for drydocking and special survey costs was $264,639 or $.06 per share, compared with a net loss (before the cumulative effect of a change in accounting policy) of $449,058 or $.15 per share in the corresponding period of 1991. Revenues for the quarter amounted to $4.6 million, compared to $4.0 million in the first quarter last year. The increase in revenue over the first quarter of 1991 can be attributed to the addition of the GL Panorama to the company's fleet in July 1991 and to the relatively low charter rates which several of the company's vessels were earning in early 1991 owing in part to the effects of the Gulf War.
 Commenting on the results, Michael G. Jolliffe, president of Global, stated, "As anticipated in our press release of March 17, 1992, revenues were affected during the quarter by the scheduled drydockings of three of the company's vessels. The quarter also saw a sharp decline in freight rates in all dry-bulk sectors from the levels prevailing at the end of 1991. Nonetheless, I am pleased to report a profit for the quarter. This is due to the fact that we have several vessels on long- term time charter which have continued to earn attractive rates while the spot market has been down, and to continuing strict cost controls. For instance, we were able to complete the quarter's drydockings close to or below budget and we were also able to take advantage of low ship repair prices prevailing in Eastern Europe."
 Dividend Announcement
 Global also announced a dividend of $0.03 per share payable on June 26, 1992 to shareholders of record on June 9, 1992.
 Fleet Development
 During the first quarter, the maximum possible number of on hire days was 728. The off hire period for the fleet was 81 days or 11 percent of total available days. This off hire was almost entirely attributable to scheduled drydockings and repairs. Currently, the fleet has three vessels (representing 46 percent of Global's total tonnage) with charters extending until late 1992 or 1993 and five that are on shorter term charters. One of these five vessels has been fixed for a 12 to 14 month charter at a satisfactory rate, but subject to confirmation by the board of directors of the charterer.
 Near-Term Outlook
 Commenting on the near-term outlook, Jolliffe stated, "Our first quarter results proved better than market conditions would have indicated; however, the outlook is still uncertain. The dry cargo freight market has improved slightly, but vessel prices are still depressed. We have taken advantage of the location of one of the company's vessels in the Black Sea to carry out some repairs in anticipation of the vessel's next special survey, and this will affect revenue in the second quarter. Global is actively pursuing its policy of looking for long-term employment for its vessels and possible joint ventures with first class charterers in order to purchase additional vessels at what we hope will be advantageous prices."
 1992 Annual Meeting of Shareholders
 Global also announced that its shareholders adopted all board sponsored proposals at the 1992 annual meeting of shareholders held in Geneva on May 22nd, including approval of the 1991 audited financial statements.
 For the year-ended Dec. 31, 1991 net income after provision for dry dockings and special surveys and after depreciation was $982,255 or $0.31 per share compared to $1,504,133 or $0.50 per share in 1990. When the cumulative effect of an accounting change is taken into account, net income for 1991 increased to $3,040,755 or $0.97 per share. For the year-ended Dec. 31, 1991, there were 3,128,614 shares outstanding.
 Founded in 1988, Global Ocean Carriers Limited has a current fleet of eight vessels consisting of two capesize combination, two panamax, three handysize bulk carriers and a tanker.
 GLOBAL OCEAN CARRIERS LIMITED
 Consolidated Statement of Operations
 (Expressed in U.S. dollars -- Unaudited)
 Quarter ended March 31 1992 1991
 Income
 Charter hire/voyage freight (net of
 commissions and voyage expenses) $4,679,153 $4,461,223
 Less: other voyage costs (79,039) (456,134)
 Total 4,600,114 4,005,089
 Expenditure
 Vessels' operating expenses 2,791,552 2,838,338
 General and administration 289,955 252,532
 Interest expense (net) 301,573 404,617
 Exchange (gain)/loss) (57,286) (115,768)
 Amortization of/provision for DD & SS 109,000 189,000
 Insurance claims 0 (200,000)
 Total 3,434,794 3,368,719
 Net profit before depreciation 1,165,320 636,370
 Less: Depreciation 900,681 1,085,428
 Net profit/(loss) after depreciation
 and amortization of provision for DD & SS 264,639 (449,058)
 Cumulative effect of change
 in accounting policy 0 2,058,500
 Net profit 264,639 1,609,442
 Earnings Per Share:
 Before depreciation 0.28 0.21
 After depreciation and before
 cumulative effect of change in
 accounting policy 0.06 (0.15)
 Dividends per share 0.03 0.05
 Shares outstanding 4,212,404 3,000,002
 -0- 5/28/92
 /CONTACT: Michael Jolliffe, 011-301-4118-911, or James Fairbairn, 011-4481-994-2687, both of Global Ocean Carriers; or Peter C. Harkins or Marisa A. Heine of D. F. King & Co., 212-269-5550, for Global Ocean Carriers/
 (GLO) CO: Global Ocean Carriers Limited ST: IN: MAR SU: ERN


SM-OS -- NY018 -- 4642 05/28/92 10:27 EDT
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Date:May 28, 1992
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