For:                         B+H
Ocean Carriers Ltd.


From:                      Navinvest
Marine Services (USA) Inc.


The Sail Loft


19 Burnside Street


Bristol,
RI  02809





For Immediate
Release





New York,
New York, Friday, February 22, 2008





B+H
Ocean Carriers Ltd. Announces Preliminary Unaudited Results for the Fourth
Quarterly Period and Year Ending December 31, 2007




NEW YORK, NEW YORK, February 22,
2008. . . . B+H Ocean Carriers Ltd. (AMEX:  BHO)reported
preliminary unaudited net income of $1.98 million for the year ending December
31, 2007 as compared to $18.8 million for the year ended December 31, 2006, and
a loss of $440,000 for the three months ending December 31, 2007 as compared to
income of $1.9 million for the three months ending December 31,
2006.  The Company noted that there were 6,866,614 shares outstanding
as of December 31, 2007.  The Company stated that its EBITDA for the
2007 year was $40.9 million vs. $45.1 million for the 2006 year, and that for
the three months ending December 31, 2007, it was $9.05 million vs. $10.1
million for the three months ending December 31, 2006.  The Company
added that it would provide a comparative analysis of the reported results with
prior periods when its audit was completed.





The
Company said that it was presently converting two of its single-hull tankers to
geared dry bulk carriers, with completion for both expected within June
30.  It added that one of the vessels has been committed to a three
year Time Charter commencing upon completion of the conversion.  The
Company said it was pleased with the progress of these two conversions but added
that the changeover from double-hull tanker conversions to dry cargo would
increase the conversion offhire by an estimated 90 to 100 days for each
vessel.  This offhire significantly impacted the 4Q results, the
Company said.  It added that it intends to carry out a dry cargo
conversion on a third single-hull tanker, commencing in May.  The
Company noted that the large number of offhire days that will be incurred for
these three dry cargo conversions will have a significant negative impact on
revenues in the first three quarters of 2008.





The
Company announced that it had contracted to sell two vessels, SACHUEST and
ACUSHNET for fairly prompt delivery to the buyers.  It added that
while it considered the sale of SACHUEST to be a correct decision, the price was
lower by an estimated $10 million than it would have been if the Company had not
extended the Time Charter on the vessel by 12 months, to March 2009, last
summer.  The Company noted that its conservative approach of having
extensive fixed rate employment on much of its fleet has, over the past 24
months, largely prevented the Company from enjoying the benefits of the
unprecedented run up in dry cargo rates.





The
Company added that last summer, it had also extended Time Charter employment on
five of its OBO’s, each by 12 months.  As a result, the Charter
expirations of these vessels are now: three in 1Q 2011, one in 3Q 2011 and, one
in 3Q 2009.





The
Company noted that it had completed the conversion of a total of four
single-hull MR Product Tankers to IMO II / III Product Chemical Carriers, now
trading in vegetable oils and petroleum products.  No more of this
type of conversion are presently planned.  The Company’s fleet
currently consists of sixteen vessels: four Medium Range IMO II / III
Product/Chemical Carriers, seven combination carriers of which one is contracted
for sale, one Panamax Product Tanker, one Panamax Product Tanker under
conversion to a Supramax Dry Bulk Carrier, and three MR Product Tankers, of
which one is under conversion to a Handysize Dry Bulk Carrier and one is
awaiting delivery to a buyer.





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 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.











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For
further information, including the Company’s 2006 Annual Report on Form 20F and
previous announcements, access the Company’s website:  www.bhocean.com.





Company
contact:                John
LeFrere


917.225.2800