|  For:  |  B+H Ocean Carriers Ltd.                       |
|-------------|-----------------------------------------------------|
|        |                                                |
|  From: | Navinvest                Marine Services (USA) Inc. |
|        | The                Sail Loft, 19 Burnside Street    |
|        |  Bristol, RI 02809                             |

**FOR      IMMEDIATE RELEASE**

**B+H      Ocean Carriers, Ltd. Announces Unaudited Results for the First Quarterly Period      Ended March 31, 2007**

***Quarter      Ended March 31, 2007 (unaudited) versus March 31, 2006      (unaudited)***

*Revenues*

*Voyage      Expenses*

*Vessel      Operating Expenses*

*Depreciation      and Amortization*

*Interest      expense and interest income*

*Loss      on fair value of derivative assets*

***Liquidity      and Capital Resources***

----

| **B+H                Ocean Carriers Ltd.**                                                                                                           |
|------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Unaudited                Consolidated Balance Sheets**                                                                                             |
|                                                                                                                                                 |   |   |   |   |   |
|                                                                                                                                                 |   |   |   |   |   |
|                                                                                                                                                 |   | **Unaudited** |   | **Audited** |   |
| ASSETS                                                                                                                                               |   | **March                31, 2007** |   | **December                31, 2006** |   |
| CURRENT                ASSETS:                                                                                                                       |   |   |   |   |   |
| Cash                and cash equivalents                                                                                                             |   | $ | 67,060,301 |   | $ | 78,391,028 |   |
| Marketable                securities                                                                                                                 |   |   | 986,956 |   |   | 990,105 |   |
| Trade                accounts receivable, less allowance for doubtful accountsof                $119,000 and $119,000 in 2007 and 2006, respectively |   |   | 4,581,232 |   |   | 2,532,710 |   |
| Inventories                                                                                                                                          |   |   | 2,689,663 |   |   | 2,547,776 |   |
| Prepaid                expenses and other current assets                                                                                             |   |   | 384,557 |   |   | 1,408,999 |   |
| **Total                current assets**                                                                                                              |   |   | 75,702,709 |   |   | 85,870,618 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |
| Vessels,                at cost:                                                                                                                     |   |   |   |   |   |   |   |
| Vessels                                                                                                                                              |   |   | 320,743,295 |   |   | 312,999,593 |   |
| Less                - Accumulated depreciation                                                                                                       |   |   | (56,220,986 | ) |   | (51,312,468 | ) |
|                                                                                                                                                 |   |   | 264,522,310 |   |   | 261,687,125 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |
| Investment                in Nordan OBO II Ltd                                                                                                       |   |   | 10,973,156 |   |   | 10,576,398 |   |
| Investment                in debt securities                                                                                                         |   |   | 5,000,000 |   |   | 5,000,000 |   |
| Other                assets                                                                                                                          |   |   | 2,820,162 |   |   | 2,617,744 |   |
| Fair                value of derivative asset                                                                                                        |   |   | 412,339 |   |   | 1,070,559 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |
| **Total                assets**                                                                                                                      |   | $ | 359,430,675 |   | $ | 366,822,444 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |
| LIABILITIES                AND SHAREHOLDERS' EQUITY                                                                                                  |   |   |   |   |   |   |   |
| CURRENT                LIABILITIES:                                                                                                                  |   |   |   |   |   |   |   |
| Accounts                payable                                                                                                                      |   | $ | 13,397,403 |   | $ | 11,457,925 |   |
| Accrued                liabilities                                                                                                                   |   |   | 6,300,245 |   |   | 3,877,579 |   |
| Accrued                interest                                                                                                                      |   |   | 1,042,340 |   |   | 1,090,477 |   |
| Current                portion of mortgage payable                                                                                                   |   |   | 39,765,472 |   |   | 39,765,472 |   |
| Deferred                income                                                                                                                       |   |   | 7,703,405 |   |   | 7,346,190 |   |
| Other                liabilities                                                                                                                     |   |   | 151,536 |   |   | 150,711 |   |
| **Total                current liabilities**                                                                                                         |   |   | 68,360,401 |   |   | 63,688,354 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |
| Long                term debt                                                                                                                        |   |   | 129,450,000 |   |   | 118,450,000 |   |
| Unsecured                debt                                                                                                                        |   |   | - |   |   | 23,703,908 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |
| Bonds                payable                                                                                                                         |   |   | 25,000,000 |   |   | 25,000,000 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |
| 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, 7,041,661 and 6,964,745 shares                                                                               |   |   |   |   |   |   |   |
| outstanding                as of March 31, 2007 and December 31, 2006, respectively                                                                  |   |   | 75,572 |   |   | 75,572 |   |
| Paid-in                capital                                                                                                                       |   |   | 93,865,441 |   |   | 93,861,215 |   |
| Retained                earnings                                                                                                                     |   |   | 51,333,124 |   |   | 48,680,252 |   |
| Other                comprehensive income                                                                                                            |   |   | (9,500 | ) |   | 18,183 |   |
| Treasury                stock                                                                                                                        |   |   | (8,644,363 | ) |   | (6,655,040 | ) |
| **Total                shareholders' equity**                                                                                                        |   |   | 136,620,274 |   |   | 135,980,182 |   |
| **Total                liabilities and shareholders' equity**                                                                                        |   | $ | 359,430,675 |   | $ | 366,822,444 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |

----

| **B+H                Ocean Carriers Ltd.**                            |
|-----------------------------------------------------------------------|
| **Unaudited                Consolidated Statements of Income**        |
|                                                                  |   |   |   |   |   |
|                                                                  |   |   |   |   |   |
|                                                                  |   | **Unaudited** |   | **Audited** |   |
|                                                                  |   | **For                the three** |   | **For                the three** |   |
|                                                                  |   | **months                ended** |   | **months                ended** |   |
|                                                                  |   | **March                31, 2007** |   | **March                31, 2006** |   |
| Revenues:                                                             |   |   |   |   |   |
| Voyage,                time and bareboat charter revenues             |   | $ | 27,291,049 |   | $ | 21,627,730 |   |
| Other                revenue                                          |   |   | 499,462 |   |   | 886,675 |   |
| Total                revenues                                         |   |   | 27,790,511 |   |   | 22,514,405 |   |
|                                                                  |   |   |   |   |   |   |   |
| Operating                expenses:                                    |   |   |   |   |   |   |   |
| Voyage                expenses                                        |   |   | 6,290,145 |   |   | 1,663,622 |   |
| Vessel                operating expenses, drydocking and survey costs |   |   | 9,768,655 |   |   | 6,735,271 |   |
| Vessel                depreciation                                    |   |   | 4,908,517 |   |   | 3,591,712 |   |
| Amortization                of deferred charges                       |   |   | 95,851 |   |   | 81,909 |   |
| General                and administrative:                            |   |   |   |   |   |   |   |
| Management                fees to related party                       |   |   | 280,438 |   |   | 262,741 |   |
| Consulting                and professional fees, and other expenses   |   |   | 1,218,486 |   |   | 1,071,168 |   |
| Total                operating expenses                               |   |   | 22,562,092 |   |   | 13,406,423 |   |
|                                                                  |   |   |   |   |   |   |   |
| Income                from vessel operations                          |   |   | 5,228,419 |   |   | 9,107,982 |   |
|                                                                  |   |   |   |   |   |   |   |
| Other                income (expense):                                |   |   |   |   |   |   |   |
| Equity                in income of Nordan OBO II                      |   |   | 396,758 |   |   | 431,810 |   |
| Interest                expense                                       |   |   | (2,820,554 | ) |   | (2,123,161 | ) |
| Interest                income                                        |   |   | 1,088,365 |   |   | 505,705 |   |
| Gain                on trading marketable securities                  |   |   | (5,681 | ) |   | 125,576 |   |
| (Loss)                gain on fair value of derivative asset          |   |   | (1,234,437 | ) |   | 883,029 |   |
| Total                other expenses, net                              |   |   | (2,575,549 | ) |   | (177,041 | ) |
|                                                                  |   |   |   |   |   |   |   |
| Net                income                                             |   | $ | 2,652,870 |   | $ | 8,930,941 |   |
|                                                                  |   |   |   |   |   |   |   |
| Basic                earnings per common share                        |   |   | 0.38 |   |   | 1.26 |   |
|                                                                  |   |   |   |   |   |   |   |
| Diluted                earnings per common share                      |   |   | 0.38 |   |   | 1.22 |   |
|                                                                  |   |   |   |   |   |   |   |
| Weighted                average number of common shares outstanding:  |   |   |   |   |   |   |   |
| Basic                                                                 |   |   | 6,986,499 |   |   | 7,087,785 |   |
| Diluted                                                               |   |   | 6,986,499 |   |   | 7,315,224 |   |

----

| **B+H                Ocean Carriers Ltd.**                                                       |
|--------------------------------------------------------------------------------------------------|
| **Unaudited                Consolidated Statements of Cash Flows**                               |
|                                                                                             |   |   |   |   |   |
|                                                                                             |   | **Unaudited** |   | **Audited** |   |
|                                                                                             |   | **For                the three** |   | **For                the three** |   |
|                                                                                             |   | **months                ended** |   | **months                ended** |   |
|                                                                                             |   | **March                31, 2007** |   | **March                31, 2006** |   |
|                                                                                             |   |   |   |   |   |
| CASH                FLOWS FROM OPERATING ACTIVITIES:                                             |   |   |   |   |   |
| Net                income                                                                        |   | $ | 2,652,870 |   | $ | 8,930,941 |   |
| Adjustments                to reconcile net income to net cash provided by operating activities: |   |   |   |   |   |   |   |
| Vessel                depreciation                                                               |   |   | 4,908,517 |   |   | 3,591,712 |   |
| Amortization                of deferred charges                                                  |   |   | 95,851 |   |   | 81,909 |   |
| (Loss)                gain on fair value of marketable securities                                |   |   | 5,681 |   |   | (125,576 | ) |
| (Loss)                gain on fair value of interest rate swaps                                  |   |   | 1,234,437 |   |   | (883,029 | ) |
| Compensation                reognized under employee stock plans                                 |   |   | 8,446 |   |   | - |   |
|                                                                                             |   |   |   |   |   |   |   |
| Changes                in assets and liabilities:                                                |   |   |   |   |   |   |   |
| (Increase)                decrease in trade accounts receivable                                  |   |   | (2,048,522 | ) |   | 557,123 |   |
| Increase                in inventories                                                           |   |   | (141,887 | ) |   | (654,161 | ) |
| Decrease                in prepaid expenses and other assets                                     |   |   | 1,024,442 |   |   | 488,845 |   |
| Increase                (decrease) in accounts payable                                           |   |   | 1,939,479 |   |   | (1,032,000 | ) |
| Increase                in accrued liabilities                                                   |   |   | 2,422,666 |   |   | 1,244,982 |   |
| (Decrease)                increase in accrued interest                                           |   |   | (48,138 | ) |   | 87,751 |   |
| Increase                in deferred income                                                       |   |   | 357,215 |   |   | 339,046 |   |
| Increase                in other liabilities                                                     |   |   | 825 |   |   | 232,574 |   |
| Payments                for special surveys                                                      |   |   | (1,517,188 | ) |   | (536,719 | ) |
| Total                adjustments                                                                 |   |   | 8,241,825 |   |   | 3,392,457 |   |
| Net                cash provided by operating activities                                         |   |   | 10,894,695 |   |   | 12,323,398 |   |
|                                                                                             |   |   |   |   |   |   |   |
| CASH                FLOWS FROM INVESTING ACTIVITIES:                                             |   |   |   |   |   |   |   |
| Purchase                and investment in vessels                                                |   |   | - |   |   | (3,640,000 | ) |
| Investment                in vessel conversions                                                  |   |   | (6,226,515 | ) |   | - |   |
| Investment                in Nordan OBO II                                                       |   |   | (396,758 | ) |   | (13,611,453 | ) |
| Increase                in marketable securities                                                 |   |   | - |   |   | 218,284 |   |
| Investment                in derivative asset                                                    |   |   | (655,414 | ) |   | - |   |
| Net                cash used in investing activities                                             |   |   | (7,278,687 | ) |   | (17,033,169 | ) |
|                                                                                             |   |   |   |   |   |   |   |
| CASH                FLOWS FROM FINANCING ACTIVITIES:                                             |   |   |   |   |   |   |   |
| Payments                for debt issuance costs                                                  |   |   | (250,131 | ) |   | (56,926 | ) |
| Mortgage                proceeds                                                                 |   |   | 27,000,000 |   |   | - |   |
| Longterm                debt repayment                                                           |   |   | (31,403,062 | ) |   | - |   |
| Purchase                of treasury stock                                                        |   |   | (2,194,232 | ) |   | (39,994 | ) |
| Issuance                of treasury shares                                                       |   |   | 200,690 |   |   | 37,705 |   |
| Payments                of mortgage principal                                                    |   |   | (8,300,000 | ) |   | (9,163,000 | ) |
| Net                cash provided by financing activities                                         |   |   | (14,946,735 | ) |   | (9,222,215 | ) |
|                                                                                             |   |   |   |   |   |   |   |
| Net                decrease in cash and cash equivalents                                         |   |   | (11,330,727 | ) |   | (13,931,986 | ) |
| Cash                and cash equivalents, beginning of period                                    |   |   | 78,391,028 |   |   | 60,827,651 |   |
| Cash                and cash equivalents, end of period                                          |   | $ | 67,060,301 |   | $ | 46,895,665 |   |

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