For                   B + H Ocean Carriers Ltd

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

FOR IMMEDIATE RELEASE

New York, New York, Thursday  June 23, 2005.

B + H Ocean Carriers Ltd. (ASE:BHO) announced today that it had agreed to sell the 1981-built 38,500dwt Medium Range product tanker COMMUTER for $8,500,000 with delivery scheduled for August 2005.

The Company noted that the Vessel’s 5^th special survey and dry docking will be due immediately following delivery to the Buyer.

On June 21, 2005, the Company announced that it had agreed to purchase a 1992-built 75,000dwt Combination Carrier with cargo tanks coated for the carriage of clean petroleum products and that it had agreed to commit the vessel on a three year time charter. The vessel is expected to be delivered within September 2005.

The Company said that it is presently seeking to acquire tonnage in both the Medium Range product tanker sector and the Combination Carrier sector.

After completion of the purchase of the Combination Carrier and sale of MT COMMUTER, the Company will own and operate six Medium Range Product Tankers and five Combination Carriers.

Certain statements contained in this Press Release, including, without limitation, statements containing the words “believes,” “estimates,” “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 above and in the Company’s Annual Report and other filings with the Securities and Exchange Commission. 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, contact the Company’s website: www.bhocean.com

Company contact:         John LeFrere
                                  +1-917 225 2800