From: Navinvest Marine Services (USA) Inc.
The Sail Loft
19 Burnside Street
Bristol, RI 02809

FOR IMMEDIATE RELEASE

B+H Ocean Carriers, Ltd. Announces Results for the Two Quarterly Periods Ending March 31, 2005 and June 30, 2005

NEW YORK, NEW YORK, July 14, 2005. . . . B+H Ocean Carriers Ltd. (AMEX: BHO) reported unaudited net income of $6,482,000, or $1.25 per share basic and $1.19 per share diluted for the three month period ending June 30, 2005, as compared to a loss of ($1,785,000), or ($0.46) per share basic and diluted for the same period of 2004. EBITDA for the three months ending June 30, 2005 was $11,066,000 as compared to $4,509,000 for the three months ending June 30, 2004.

Unaudited net income was $2,018,000, or $0.52 per share basic and $0.48 per share diluted for the three month period ending March 31, 2005 as compared to a loss of ($265,000), or ($0.07) per share basic and diluted for the comparable period of 2004. EBITDA was $4,903,000 for the three months ending March 31, 2005 as compared to $1,923,000 for the three months ending March 31, 2004.

The Company also reported unaudited net income of $8,501,000 or $1.88 per share basic and $1.78 per share diluted, for the six months ended June 30, 2005, compared to a loss of ($2,050,000), or ($0.53) per share basic and diluted, for the six months ended June 30, 2004. EBITDA for the six month period ending June 30, 2005 was $15,969,000 as compared to $6,432,000 for the comparable period of 2004.

On May 25, 2005, the Company completed a private placement of 3,243,243 shares of Common Stock at a price of $18.50 per share, for aggregate gross proceeds of approximately $60 million.

On June 20, 2005, the Company, through a wholly owned subsidiary, agreed to sell the 1981-built 38,500 dwt Medium Range product tanker COMMUTER for $8,500,000 with delivery scheduled for August 2005.

On June 21, 2005, the Company, through a wholly owned subsidiary, agreed to purchase a 1992-built double hull combination carrier of approximately 75,000 dwt for $33,250,000 and also agreed to commit the vessel on a time charter for three years. The purchase will be completed and the vessel will be delivered by end September 2005, with the charter commencing simultaneously. Although the Company has sufficient cash, it intends to finance a portion of the purchase price, although terms of such financing have not been agreed with lenders.

The Company is engaged in the business of owning and operating product tankers and combination carriers. The Company intends to continue its vessel acquisition program to expand its presence in its two current sectors of the tanker market: combination carriers capable of transporting both wet and dry bulk cargoes, and MR product carriers; however, there can be no assurance that the Company will be able to purchase any of such vessels on favorable terms or at all. The Company currently owns a fleet of seven Medium Range product tankers and four combination carriers, all of which are currently fixed on long-term time charters, which varied in original length of between one and five years.

We provide 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 book value losses on the sale of vessels. 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.

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For further information, including the Company’s Annual Report on Form 20F, access the Company’s website: www.bhocean.com

Supporting information and financial statements

Company Contact: John LeFrere
917.225.2800