Global Ocean Carriers Considers U.S. Yards, Title XI For Fleet Expansion

Global Ocean Carriers Ltd. announced two fleet expansion projects are currently being considered, and that the company is evaluating the possibility of taking advantage of the Title XI financing available.

The company reports it is contemplating ordering new container feeder vessels, and is assessing U.S.

yards to determine which is most capable of building competitively priced vessels.

In addition, the company is in negotiations for the purchase of eight handysize and handymax vessels including a pair of 1994-built ships.

"These projects are only two of a number of growth alternatives which management is currently considering prior to presentation to the board of directors," said Nikolas Tsakos, executive director. "They would both represent a realization of our policy of modernizing and expanding our fleet. Besides being profitable, they would expand the scope of our activities and create further opportunities for chartering business and fleet expansion.

However, both projects need to be carefully assessed further by management.

They would require additional financing and we shall be discussing alternatives open to us over the summer." Global Ocean Carriers, founded in 1988, currently has a fleet of seven vessels, including three panamax and one handysize bulk carrier, a product tanker and two container vessels.

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