FOR IMMEDIATE RELEASE

BHO Announces Results for the Year Ended December 31, 2004

NEW YORK, NEW YORK, April 21, 2005. . . . B+H Ocean Carriers Ltd. (AMEX:  BHO) reported net income of $4,424,000 or $1.15 per share basic and $1.00 per share diluted, for the year ended December 31, 2004, compared to a loss of $13,092,000 or ($3.41) per share basic and diluted, for the year ended December 31, 2003. Income from vessel operations was $5,755,000 for the year, as compared to a loss from operations of $18,416,000 for 2003. Income from vessel operations in 2004 included revenues of $51,363,000 and losses from vessel sales of $4,683,000 as compared to revenues of $55,157,000 and losses from vessel sales of $16,188,000 in 2003. Vessel operating expenses included $1,563,000 for drydocking of two ships in the 2004 and $3,552,000 for drydocking of three ships in 2003.

            The Company generated cash from operations of $12,461,000 for the year ended December 31, 2004 as compared to $6,997,000 for the year ended December 31, 2003.

 

The Company is engaged in the business of acquiring, investing in, owning, operating and selling product tankers and bulk carriers. The Company currently owns a fleet of seven Medium Range product tankers and four OBOs (Ore/Bulk/Oil), all of which are on long-term time charters.

Safe Harbor Statement

Certain statements contained in this press release, including, without limitation, statements containing the words “believes,” “anticipates,” “expects,” 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, access the Company’s website: www.bhocean.com

Company Contact:                    Karen Ptak

                                                401/410.1215