The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

March 16, 2005

B+H takes delivery of combi carriers

B + H Ocean Carriers Ltd. (AMEX:BHO) announced today that all three of the mid-1990's double-hull combination carriers that it recently acquired for $110,200,000, have now been delivered--on February 28 2005, March 8 2005 and March 14 2005 respectively.

Each of the three vessels was delivered simultaneously to a major energy company on a 5-year time charter.

With these acquisitions, the company's fleet of combination carriers, which are capable of trading as both tankers and dry bulk carriers, increased to four vessels totaling approximately 350,000 dwt.

The company also stated that it estimated its EBITDA for the 12 months April 2005 through March 2006 in the range $48,000,000 to $50,000,000. The total EBITDA was comprised of approximately $20,300,000 for medium range product tankers, approximately $6,600,000 for its existing combination carrier and approximately $22,200,000 for the recently acquired combination carriers.

B+H repeated its earlier forward-looking guidance that its estimated income and EBITDA for calendar 2005 would be approximately $22,000,000 and approximately $40,000,000 respectively.It cautioned that all these forward-looking statements were based on estimated vessel operating expenses, drydocking expenses and vessel off hire. The company noted however that 98 percent of its fleets' vessel days were fixed on period employment beyond March 2006.

The company owns and operates seven medium range product tankers and four combination carriers.


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