NEW YORK–(Business Wire)–
B + H Ocean Carriers Ltd, (NYSE AMEX: BHO) reported an audited loss of $(70.8
million) or $(12.74) per share basic and diluted on weighted average shares of
5,555,426 for the year ending December 31, 2009, as compared with audited net
income of $15.9 million or $2.36 per share basic and diluted on weighted average
shares of 6,732,832 for the year ended December 31, 2008. The unaudited net loss
for the three months ended December 31, 2009, was $(28.8 million) or $(5.19) per
share basic and diluted on weighted average shares of 5,555,426 as compared with
an unaudited net loss of $(1.2 million) or $(0.19) per share basic and diluted
on weighted average shares of 6,334,031, for the three months ended December 31,
2008.

The Company stated that its net loss for 2009 reflected non-cash impairment
charges and losses on sale of vessels totaling $(64.1 million) as compared to a
net gain of $5.9 million in 2008. The Company said that it sold six vessels
during 2009 and paid down secured debt by $66.2 million, representing 41% of
total secured debt at December 31, 2008. It also said that subsequent to
December 31, 2009, it cancelled a contract to purchase a newbuilding
Accommodation Field Development Vessel and received refunds aggregating $5.9
million as a result of the seller`s default on its obligations under the
contract. The Company`s remaining wholly-owned vessels are currently all
employed on profitable long term charters through various dates in 2011 and
2012.

As a consequence of these developments and of covenant amendments agreed with
lenders, at December 31, 2009 the Company`s long term debt, reclassified in
recent prior periods as current, was now returned to classification as long
term.

The Company stated that its EBITDA for the 2009 period was $22.0 million vs.
$54.4 million for the 2008 year, and that for the three months ended December
31, 2009, its EBITDA was $5.6 million vs. $5.9 million for same 2008 period.

The Company reported that it had today filed its 2009 Annual Report on Form 20-F
with the United States Securities and Exchange Commission. Any shareholder may
receive a hard copy of the Company`s complete Annual Report, which includes the
Company`s complete 2009 audited financial statements, upon request.

B+H Ocean Carriers Ltd.
Consolidated Statements of Operations

For the twelve months ended For the three months ended
12/31/2009 12/31/2008 12/31/2009 12/31/2008
(audited) (audited) (unaudited) (unaudited)
Revenues:
Voyage and time charter revenues 77,733,764 $ 104,018,073 $ 16,065,797 $ 19,146,824
Other revenue 29,946 890,842 – –
Total revenues 77,763,710 104,908,915 16,065,797 19,146,824

Operating expenses:
Voyage expenses 13,758,771 28,097,799 1,069,874 3,490,392
Vessel operating expenses, drydocking and survey costs 36,778,737 46,845,031 8,092,830 15,867,186
Depreciation 17,031,428 16,443,807 4,650,749 6,143,893
Amortization of deferred charges 8,194,909 8,755,356 641,143 428,491
Impairment charge on vessel 28,918,393 7,364,675 28,918,393 1,128,252
Goodwill impairment charge 118,750 – – –
Loss (gain) on sale of vessels 35,067,228 (13,262,590 ) 41,050 –
General and administrative expenses 5,209,864 6,035,828 1,290,214 1,403,267
Total operating expenses 145,078,080 100,279,906 44,704,253 28,461,481

(Loss) income from vessel operations (67,314,370 ) 4,629,009 (28,638,456 ) (9,314,657 )

Other income (expense):
Interest expense (6,980,341 ) (11,249,461 ) (1,291,414 ) (2,320,979 )
Interest income 18,275 1,156,151 243 55,332
Income from investment in Nordan OBO 2 Inc. 1,192,504 3,933,495 411,403 2,854,275
Gain (loss) from financial instruments 2,289,440 17,395,922 697,865 7,549,928
Total other (expense) income, net (3,480,122 ) 11,236,107 (181,903 ) 8,138,556

Net (loss) income $ (70,794,492 ) $ 15,865,116 $ (28,820,359 ) $ (1,176,101 )

Basic earnings per common share $ (12.74 ) $ 2.36 $ (5.19 ) $ (0.19 )

Diluted earnings per common share $ (12.74 ) $ 2.36 $ (5.19 ) $ (0.19 )
Weighted average number of common shares outstanding:
Basic 5,555,426 6,723,832 5,555,426 6,334,031
Diluted 5,555,426 6,723,832 5,555,426 6,334,031

About the Company

B + H Ocean Carriers Ltd is a international shipowning and operating company
with a fleet of six vessels, including one Panamax product tanker, five
product-suitable Panamax combination carriers capable of transporting both wet
and dry bulk cargoes and a 50% interest in an additional combination carrier.

The Company provides EBITDA (earnings before interest expense, taxes,
depreciation and amortization) information as a guide to the operating
performance of the Company. EBITDA, which is not a term recognized under
generally accepted accounting principles, is calculated as net income plus
interest expense, income taxes (benefit), depreciation and amortization, and
other non-cash gains and losses. Included in the depreciation and amortization
for the purpose of calculating EBITDA is depreciation of vessels, including
capital improvements and amortization of mortgage fees. EBITDA, as calculated by
the Company, may not be comparable to calculations of similarly titled items
reported by other companies.

Safe Harbor Statement

Certain statements contained in this press release, including, without
limitation, statements containing the words “believes,” “anticipates,”
“expects,” “intends,” and words of similar import, constitute “forward-looking
statements” as defined in the Private Securities Litigation Reform Act of 1995
or by the Securities and Exchange Commission in its rules, regulations and
releases, regarding the Company`s financial and business prospects. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
the Company, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, but are not limited to, those
set forth in the Company`s Annual Report and filings with the Securities and
Exchange Committee. Given these uncertainties, undue reliance should not be
placed on such forward-looking statements. The Company disclaims any obligation
to update any such factors or to publicly announce the result of any revisions
to any of the forward-looking statements contained or incorporation by reference
herein to reflect future events or developments.

For further information, including the Company`s 2009 Annual Report on Form 20-F
and previous announcements, access the Company`s website at www.bhocean.com.

B + H Ocean Carriers Ltd
John Lefrere, +1-917-225 2800
investorrelations@bhcousa.com

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