CORRECTING and REPLACING B+H Ocean Carriers, Ltd. Announces Unaudited Results for...

CORRECTING and REPLACING B+H Ocean Carriers, Ltd. Announces Unaudited Results for Second Quarterly Period Ended June 30, 2008 and Investment in Offshore Accommodation Unit

NEW YORK--(Business Wire)--
Please replace the release with the following corrected version
due to multiple revisions.

The corrected release reads:

B+H OCEAN CARRIERS, LTD. ANNOUNCES UNAUDITED RESULTS FOR SECOND
QUARTERLY PERIOD ENDED JUNE 30, 2008 AND INVESTMENT IN OFFSHORE
ACCOMMODATION UNIT

B+H Ocean Carriers Ltd. (AMEX: BHO) today reported unaudited net
loss of $4.9 million or $(0.72) per share basic and diluted for the
three months ended June 30, 2008, compared to unaudited net income of
$4.3 million or $0.61 per share basic and diluted, for the three
months ended June 30, 2007. EBITDA for the three months ended June 30,
2008 was $8.3 million as compared to $12.8 million for the comparable
period of 2007. Basic earnings per share calculations are based on
weighted average shares outstanding of 6,855,044 and 7,005,396
respectively, for the three months ended June 30, 2008 and 2007. There
were no dilutive securities for the quarters ended June 30, 2008 and
2007.

The Company reported unaudited net income of $6.1 million or $0.90
per share basic and diluted for the six months ended June 30, 2008 as
compared to unaudited net income of $7.3 million or $1.05 per share
basic and $1.03 per share diluted, for the six months ended June 30,
2007. EBITDA for the six months ended June 30, 2008 was $29.4 million
as compared to $24.1 million for the comparable period of 2007. Basic
earnings per share calculations are based on weighted average shares
outstanding of 6,858,410 and 6,995,999 respectively, for the six
months ended June 30, 2008 and 2007. Diluted earnings per share
calculations are based on weighted average shares outstanding of
7,145,279 for the six months ended June 30, 2007. There were no
dilutive securities at June 30, 2008.

The Company added that it had purchased an assignment of a
newbuilding contract for a 300 person, Dynamically Positioned
Accommodation Unit to be delivered fourth quarter 2009, and that the
entire project cost is presently expected to be approximately $40
million. The construction is being financed by approximately 15% from
corporate cash and the balance with a Letter of Credit from
HSH-Nordbank. The Company also stated that at present, there is no
permanent financing arrangement and that it expects to obtain
employment closer to the time of completion of the Unit.

The following is a discussion of our financial condition and
results of operations for the six month and quarterly periods ended
June 30, 2008 and 2007.

Quarter Ended June 30, 2008 (unaudited) versus June 30, 2007
(unaudited)

Revenues

Revenues from voyage and time charters decreased $1.1 million or
4% from the three month period ending June 30, 2007. The decrease in
revenue is due to a decrease in on-hire days, a decrease in the TCE
rates and a decrease in voyage days. There were 1,079 on-hire days of
which 463 were voyage days in the quarter ended June 30, 2007 as
compared with 1,021 on-hire days of which 315 were voyage days, in the
quarter ended June 30, 2008. Revenue from voyage charters is higher
due to the fact that it is recorded at the gross amount, before voyage
expenses, which are the owner's responsibility under a voyage charter.
Average TCE rates decreased $1,363 from the second quarter of 2007 to
the second quarter of 2008.

Voyage expenses

Voyage expenses for the quarter ended June 30, 2008 increased $1.5
million or 27% from the quarter ended June 30, 2007. The increase is
due to a 110% increase in bunker expense per voyage day. Voyage
expenses include port, canal and fuel charges for which the shipowner
is responsible on a voyage charter but not when a vessel is on either
a time or bareboat charter.

Vessel operating expenses

Vessel operating expenses increased $1.8 million from the three
month period ended June 30, 2007 to the same period of 2008. Operating
expenses on a per day basis increased 31% from the first half of 2007
to the first half of 2008. The increase is predominantly due to
increases in stores expense, repairs and maintenance expense and
upgrading expenses.

Vessel depreciation and amortization of deferred charges

Vessel depreciation and amortization of deferred charges increased
$0.2 million and $1.0 million, respectively for the quarter ended June
30, 2008 over the same 2007 period. The increase in depreciation is
due to the conversion of one vessel to a bulk carrier and the purchase
of one vessel in June 2007 which was offset by the sale of two vessels
in the first quarter of 2008. The increase in amortization of deferred
charges is due to the conversion of two additional vessels to double
hulled tankers in 2007.

Consulting and professional fees and other expenses

Consulting and professional fees and other expenses in the three
months ended June 30, 2008 decreased $0.2 million from the same 2007
period. The decrease is due to a decrease in legal fees.

Equity in income of Nordan OBO II Inc.

Equity in income of Nordan OBO II Inc. of $0.1 million represents
income from the Company's 50% interest in an entity which is the
disponent owner of a 1992-built 75,000 DWT combination carrier through
a bareboat charter party. Income from the investment increased $0.2
million from the six months ended June 30, 2007 to the six months
ended June 30, 2008 due to the fact that the vessel was offhire for
approximately 19 days in the second quarter of 2007 as a result of
main engine damage which was subject to an insurance claim that was
settled in the first quarter of 2008.

Interest expense and interest income

The $0.2 million (7%) decrease in interest expense for the quarter
ended June 30, 2008, as compared to the same period of 2007, is due to
a decrease in interest rates. The average daily interest rate for the
three months ended June 30, 2007 was 5.32% versus an average daily
rate of 2.59% for the same period of 2008. The effect of this decrease
was offset by the fact that the average balance of long-term debt was
$190.3 million for the three months ended June 30, 2007 and $218.4
million for the three months ended June 30, 2008. The decrease in
interest income of $0.5 million from 2007 to 2008 is also due to the
decrease in interest rates.

Loss on fair value of put option contracts

In 2006 and 2007, the Company bought put options to mitigate the
risk associated with the possibility of falling time charter rates.
These put options do not qualify for special hedge accounting under US
GAAP and as such, the aggregate changes in the fair value of these
option contracts is reflected in the Company's statement of
operations. The unrealized loss on the value of the contracts totaled
$4.3 million and $0.6 million for the three months ended June 30, 2008
and 2007, respectively.

Loss on fair value of interest rate swaps

The Company entered into two interest rate swaps during 2005 which
were required to be marked to market through the Consolidated
Statements of Operations. The combined increase in the value of these
swaps from April 1, 2008 to June 30, 2008 was $0.6 million. The value
of the swaps increased by $0.4 million in the second quarter of 2007.
The notional amount and the expiration date of one of the swaps were
renegotiated in April 2008, resulting in its designation as a cash
flow hedge. Accordingly, changes in the fair value of that swap were
made through other comprehensive income during May and June of 2008.

Loss on fair value of foreign currency exchange contracts

The Company entered into foreign currency exchange contracts in
late 2007 and 2008 which are designed to mitigate the risk associated
with changes in foreign currency exchange rates. The changes in the
fair value of these contracts is recorded in operations. The decrease
in the value of the contracts, net of settlement proceeds was $0.2
million in the three months ended June 30, 2008.

Six Months ended June 30, 2008 (unaudited) versus June 30, 2007
(unaudited)

Revenues

Revenues decreased $2.8 million (5%) in the six months ended June
30, 2008 over the comparable period in 2007. Time-charter equivalent
("TCE") revenue decreased $5.2 million or 12% for the six months ended
June 30, 2008 over the six months ended June 30, 2007. TCE revenue
represents gross revenue less voyage related expenses (principally
fuel and port costs). This measure is used to create comparability
between time-charter and voyage revenues. The decrease in revenue is
due to a decrease in the number of on-hire days, a decrease in the
number of voyage days and a decrease in the TCE rates. Revenue from
voyage charters is higher due to the fact that it is recorded at the
gross amount, before voyage expenses, which are the owner's
responsibility under a voyage charter. There were 2,056 on-hire days
of which 623 were voyage days, in the six months ended June 30, 2008
as compared with 2,230 on-hire days of which 892 were voyage days, in
the six months ended June 30, 2007. The time charter equivalent rate
decreased $895 (5%) per day.

The Company, through wholly-owned subsidiaries, acquired one
medium range ("MR") product tanker in June 2007 and sold one
combination carrier and one MR tanker in the first quarter of 2008.
The Company had offhire due to conversions to bulk carriers of 304
days in the six months ended June 30, 2008 and offhire related to
conversions to fully compliant double-hulled vessels of 240 days in
the six months ended June 30, 2007. The Company estimates that lost
TCE revenue due to offhire for conversions is approximately $7.8
million for the six months ended June 30, 2008 and $4.6 million for
the six months ended June 30, 2007.

Other revenue of $0.7 million and $0.5 million for the six months
ended June 30, 2008 and 2007, respectively, includes $0.4 and $0.5
million earned in respect of a profit sharing arrangement on one
vessel for the six months ended June 30, 2008 and 2007, respectively.

Voyage expenses

Voyage expenses increased by $2.4 million (20%) in the six month
period ended June 30, 2008 as compared with the same period of 2007.
This increase is due to an 88% increase in bunker expenses per voyage
day and to an increase in port costs. Voyage expenses include port,
canal and fuel charges for which the shipowner is responsible on a
voyage charter but not when a vessel is on either a time or bareboat
charter.

Vessel operating expenses

Vessel operating expenses increased $1.8 million from the six
month period ended June 30, 2007 to the same period of 2008. Operating
expenses on a per day basis increased 14% from the first half of 2007
to the first half of 2008. The increase is due to increases in crew
travel and wage expenses, stores, repairs and maintenance, upgrading
and bunkers consumed during off-hire periods.

Amortization of deferred charges

Amortization of deferred charges increased $1.8 million for the
six month period ended June 30, 2008 as compared to the comparable
period of 2007. This increase is due to the cost of converting the
Company's vessels to fully compliant double-hulled vessels and bulk
carriers. At June 30, 2008, the conversions of five vessels had been
completed. The conversion of the sixth vessel to a bulk carrier was
expected to be completed in August 2008 and the conversion of a
seventh is expected to begin in August 2008.

Equity in income of Nordan OBO II Inc.

Equity in income of Nordan OBO II Inc. of $0.6 million represents
income from the Company's 50% interest in an entity which is the
disponent owner of a 1992-built 75,000 DWT combination carrier through
a bareboat charter party. Income from the investment increased $0.3
million from $0.3 million for the six months ended June 30, 2007 due
to the fact that the vessel was offhire for approximately 19 days in
the second quarter of 2007 as a result of main engine damage which was
subject to an insurance claim that was settled in the first quarter of
2008.

Interest expense and interest income

The $0.6 million (9%) increase in interest expense for the six
months ended June 30, 2008, as compared to the same period in 2007, is
due to the increase in long term debt. Outstanding debt increased from
$186.3 million at June 30, 2007 to $225.3 million at December 31,
2007. Outstanding debt at June 30, 2008 was $221.1 million. The
decrease in interest income of $1.1 million is due to the decrease in
interest rates. The average daily interest rate for the six months
ended June 30, 2008 was 2.94% versus an average daily rate of 5.29%
for the six month period ended June 30, 2007.

Loss on fair value of interest rate swaps

The Company entered into two interest rate swaps during 2005 which
are required to be marked to market through the Consolidated
Statements of Operations. The decrease in the value of these swaps
from January 1, 2008 to June 30, 2008 was $0.5 million. The value of
the swaps increased by $0.2 million in the first six months of 2007.
The notional amount and the expiration date of one of the swaps were
renegotiated in April 2008, resulting in its designation as a cash
flow hedge. Accordingly, changes in the fair value of that swap were
made through other comprehensive income during May and June of 2008.

Loss on fair value of put option contracts

In 2006 and 2007, the Company bought put options to mitigate the
risk associated with the possibility of falling time charter rates.
These put options do not qualify for special hedge accounting under US
GAAP and as such, the aggregate changes in the fair value of these
option contracts is reflected in the Company's Consolidated Statements
of Operations. The unrealized loss on the value of the contracts
totaled $4.7 million for the six months ended June 30, 2008 and $1.2
million for the six months ended June 30, 2007. The loss of value is
due to the fact that the index rate on which the puts are based has
increased.

Loss on fair value of foreign currency exchange contracts

The Company entered into foreign currency exchange contracts in
late 2007 and 2008 which are designed to mitigate the risk associated
with changes in foreign currency exchange rates. The changes in the
fair value of these contracts is recorded in operations. The decrease
in the value of the contracts, net of settlement proceeds was $0.1
million in the six months ended June 30, 2008.

Loss on trading in marketable securities

The loss on trading in marketable securities is predominantly due
to the fact that the Company liquidated its position in one
non-performing account.

Gain on sale of vessel

The Company, through wholly owned subsidiaries, sold one MR
product tanker and one combination carrier in the first quarter of
2008. The excess of the selling price over the book value of these
vessels was $13.3 million.

Liquidity and Capital Resources

Cash at June 30, 2008, amounted to $73.1 million, an increase of
$11.4 million as compared to December 31, 2007. The increase in the
cash balance is attributable to inflows from investing activities of
$28.5 million, primarily related to the sale of two vessels in the
first quarter which was offset by the investment in vessel conversions
of $10.4 million. Outflows for operating activities were $12.0 million
due to the decrease in accounts payable, predominantly related to
vessel conversions. The outlows for financing activities of $5.0
million is made up of mortgage proceeds of $30.0 million less payments
of long-term debt totaling $34.2 million and payments for debt
issuance costs of $0.7 million.

The Company intends to continue its vessel acquisition program to
expand its presence in its two current sectors, combination carriers
capable of transporting both wet and dry bulk cargoes, and
chemical/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's fleet currently consists of five medium range
chemical/product tankers, five combination carriers (OBOs) and a 50%
interest in another OBO, one bulk carrier and one panamax product
tanker. The sixth medium range product tanker is currently being
converted to a bulk carrier, with delivery expected in August 2008.
Eight of the vessels are employed under fixed contract employment and
the remainder are operating in the spot market.

We provide EBITDA (earnings before interest expense, taxes,
depreciation and amortization) information as a guide to the operating
performance of the Company. EBITDA is presented to provide investors
with meaningful additional information that management uses to monitor
ongoing operating results and evaluate trends over comparative
periods. EBITDA should not be considered a substitute for net income
or cash flow from operating activities prepared in accordance with
accounting principles generally accepted in the United States or as a
measure of profitability or liquidity. While EBITDA is frequently used
as a measure of operating results and performance, it is not
necessarily comparable to other similarly titled captions of other
companies due to differences in methods of calculation.

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 an
adjustment for book value gains and 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.

For further information, including the Company's 2007 Annual
Report on Form 20F and other recent Form 6Ks and press releases,
access the Company's website: www.bhocean.com

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B+H Ocean Carriers Ltd.
Unaudited Consolidated Balance Sheets
----------------------------------------------------------------------

Unaudited Audited Unaudited
ASSETS June 30, 2008 December 31, June 30, 2007
2007
------------- ------------- -------------
CURRENT ASSETS:
Cash and cash equivalents $ 73,100,019 $ 61,672,953 $ 38,031,491
Marketable securities 109,880 982,300 1,106,637
Trade accounts receivable,
less allowance for
doubtful accounts of
$336,392 at June 30, 2008
and December 31, 2007 and
$119,738 at June 30, 2007 4,170,917 4,748,262 5,921,354
Vessel Held for Sale - 24,984,092 -
Inventories 2,889,289 3,406,856 3,536,679
Prepaid expenses and other
current assets 1,155,284 1,682,264 1,716,935
------------- ------------- -------------
Total current assets 81,425,389 97,476,727 50,313,096
------------- ------------- -------------

Vessels, at cost:
Vessels 357,299,916 344,351,597 341,584,529
Less - Accumulated
depreciation (73,455,618) (61,888,379) (61,325,987)
------------- ------------- -------------
283,844,298 282,463,218 280,258,542
------------- ------------- -------------

Investment in Nordan OBO
II Ltd 9,879,590 9,991,686 10,174,172
Investment in debt
securities 5,000,000 5,000,000 5,000,000
Other assets 3,814,532 3,576,221 3,024,765
Fair value of Freight
Forward Contracts 2,630,103 7,292,718 894,588
Fair value of derivative
asset 40,700 32,904 773,054

Total assets $386,634,612 $405,833,474 $350,438,217
------------- ------------- -------------

LIABILITIES AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 11,202,955 $ 35,178,817 $ 10,425,628
Accrued liabilities 6,229,194 3,111,242 5,416,306
Accrued interest 1,093,520 1,232,131 919,057
Current portion of
mortgage payable 46,755,555 37,632,601 29,475,000
Deferred income 5,850,691 6,578,016 6,534,334
Other liabilities 184,342 234,300 202,186
------------- ------------- -------------
Total current liabilities 71,316,257 83,967,107 52,972,511

Fair value of derivative
liability 2,192,156 1,760,148
Bonds Payable 25,000,000 25,000,000 25,000,000
Long term debt 149,391,697 162,669,596 131,824,538

SHAREHOLDERS' EQUITY:
Preferred stock, $0.01 par
value; 20,000,000 shares
authorized;
no shares issued and
outstanding - - -
Common stock, $0.01 par
value; 30,000,000 shares
authorized;
7,557,268 shares issued;
6,852,544, 6,866,615 and
6,991,661
shares outstanding as of
June 30, 2008, December
31, 2007 75,572 75,572 75,572
and June 30, 2007,
respectively
Paid-in capital 93,863,095 93,863,095 92,936,201
Retained earnings 56,845,035 50,699,428 56,023,900
Other Comprehensive income (532,906) (824,785) 258,594
Treasury stock (11,516,294) (11,376,687) (8,653,099)
------------- ------------- -------------
Total shareholders' equity 138,734,502 132,436,623 140,641,168
------------- ------------- -------------
Total liabilities and
shareholders' equity $386,634,612 $405,833,474 $350,438,217
------------- ------------- -------------
*T

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B+H Ocean Carriers Ltd.
Unaudited Consolidated Statements of Operations
----------------------------------------------------------------------

For the six For the six For the For the
three three
months ended months ended months ended months ended
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
------------ ------------ ------------ ------------
Revenues:
Voyage, time and
bareboat
charter
revenues 52,274,976 55,075,050 $26,684,185 $27,753,375
Other revenue 652,576 544,349 $ 150,554 $ 44,887
------------ ------------ ------------ ------------
Total revenues 52,927,552 55,619,399 26,834,739 27,798,262

Operating
expenses:
Voyage expenses 14,263,745 11,851,226 7,043,223 5,529,511
Vessel operating
expenses,
drydocking and
survey costs 20,303,660 18,494,341 10,574,027 8,725,686
Vessel
depreciation 7,898,263 7,855,342 4,120,448 3,953,108
Amortization of
deferred
charges 4,156,972 2,383,249 2,233,856 1,281,115
General and
administrative:
Management
fees to
related
party 600,127 560,876 296,692 280,438
Consulting
and
professional
fees, and
other
expenses 2,445,960 2,499,911 1,123,531 1,281,426
------------ ------------ ------------ ------------
Total operating
expenses 49,668,727 43,644,945 25,391,777 21,051,284
------------ ------------ ------------ ------------

Income from
vessel
operations 3,258,825 11,974,454 1,442,962 6,746,978
------------ ------------ ------------ ------------

Other income
(expense):
Equity in income
of Nordan OBO
II 637,903 347,774 101,203 (48,984)
Interest expense (6,424,375) (5,869,421) (2,874,230) (3,097,430)
Interest income 818,420 1,891,434 328,123 851,633
(Loss) gain on
trading
securities (281,946) (84,670) 18,815
Loss on value of
put option
contracts (4,662,615) (1,196,800) (4,343,094) (632,397)
(Loss) gain on
value of
interest rate
swaps (542,595) 196,207 599,648 434,480
Loss on foreign
currency
exchange
contracts (173,496) - (475,077) -
Settlement on
foreign
currency
exchange
contracts 252,897 - 252,897
Gain on sale of
vessels 13,262,590 - 135,182
------------ ------------ ------------ ------------
Total other
income
(expense), net 2,886,783 (4,630,806) (6,360,018) (2,473,883)
------------ ------------ ------------ ------------

Net income
(loss) $ 6,145,608 $ 7,343,648 $(4,917,056) $ 4,273,095
------------ ------------ ------------ ------------

Basic earnings
per common
share $ 0.90 $ 1.05 $ (0.72) $ 0.61
------------ ------------ ------------ ------------

Diluted earnings
per common
share $ 0.90 $ 1.03 $ (0.72) $ 0.61
------------ ------------ ------------ ------------

Weighted average
number of
common shares
outstanding:
Basic 6,858,410 6,995,999 6,855,044 7,005,396
------------ ------------ ------------ ------------
Diluted 6,858,410 7,145,279 6,855,044 7,005,396
------------ ------------ ------------ ------------
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B+H Ocean Carriers Ltd.
Unaudited Consolidated Statements of Cash Flows
----------------------------------------------------------------------

For the six For the six
months ended months ended
June 30, 2008 June 30, 2007
------------- -------------

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 6,145,608 $ 7,343,648
Adjustments to reconcile net income to
net cash provided by operating
activities:
Vessel depreciation 7,898,263 7,855,342
Amortization of deferred charges 4,156,972 2,383,303
Loss on value of interest rate swaps 542,595 1,013,728
Loss on value of put contracts 4,662,615 -
Gain on sale of vessels (13,262,590) -
Loss on foreign currency exchange
contracts 173,496 -
Other losses, net 190,948 (13,135)
Compensation expense recognized under
employee stock plans - 16,892

Changes in assets and liabilities:
Decrease (increase) in trade accounts
receivable 577,345 (3,388,644)
Decrease (increase) in inventories 517,567 (988,903)
Decrease (increase) in prepaid expenses
and other assets 526,980 (307,936)
Decrease in accounts payable (23,975,862) (1,033,297)
Increase in accrued liabilities 3,117,952 1,538,727
Decrease in accrued interest (138,611) (171,420)
Decrease in deferred income (727,325) (811,856)
(Decrease) increase in other liabilities (49,958) 51,475
Payments for special surveys (2,399,519) (2,878,988)
------------- -------------
Total adjustments (18,189,132) 3,265,288
------------- -------------
Net cash (used in) provided by operating
activities (12,043,524) 10,608,936

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of vessel 38,116,601 -
Purchase and investment in vessels - (19,600,000)
Investment in vessel conversions (10,418,719) (6,105,948)
Investment in Nordan OBO II Inc (637,904) (347,774)
Dividends from Nordan OBO II Inc 750,000 750,000
Investment in put options contracts - (1,431,780)
Sale (purchase) of marketable securities 681,471 (103,400)
Other investments (17,411) -
------------- -------------
Net cash provided by (used in) investing
activities 28,474,038 (26,838,902)
------------- -------------

CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for debt issuance costs (708,896) (616,630)
Mortgage proceeds 30,000,000 27,000,000
Purchase of treasury stock (139,607) (3,094,737)
Issuance of treasury shares - 200,690
Long-term debt repayment - (31,402,960)
Payments of mortgage principal (34,154,945) (16,215,934)
------------- -------------
Net cash used in financing activities (5,003,448) (24,129,571)
------------- -------------

Net increase (decrease ) in cash and cash
equivalents 11,427,066 (40,359,537)
Cash and cash equivalents, beginning of
period 61,672,953 78,391,028
------------- -------------
Cash and cash equivalents, end of period $ 73,100,019 $ 38,031,491
------------- -------------
*T

B+H Ocean Carriers Ltd.
John LeFrere, 917-225-2800

Copyright Business Wire 2008