----

|   | Quarter      ended March 31, 2008 (unaudited) versus quarter ended March 31, 2007      (unaudited) |
|--------|----------------------------------------------------------------------------------------------------|

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| B+H      Ocean Carriers Ltd.                                                                                                                         |
|------------------------------------------------------------------------------------------------------------------------------------------------------|
| Unaudited      Consolidated Balance Sheets                                                                                                           |
|                                                                                                                                                 |   |   |   |   |   |   |
|                                                                                                                                                 |   |   |   |   |   |   |
|  ASSETS                                                                                                                                         |   | March      31, 2008 |   |   | December      31, 2007 |   |
|  CURRENT      ASSETS:                                                                                                                           |   |   |   |   |   |   |
|  Cash      and cash equivalents                                                                                                                 |   | $ | 87,858,184 |   |   | $ | 61,604,868 |   |
|  Marketable      securities                                                                                                                     |   |   | 791,351 |   |   |   | 982,300 |   |
|  Trade      accounts receivable, less allowance for doubtful accounts   of      $336,392 at March 31, 2008 and December 31, 2007 |   |   | 2,703,189 |   |   |   | 4,748,262 |   |
|  Vessel      Held for Sale                                                                                                                      |   |   | - |   |   |   | 24,984,092 |   |
|  Inventories                                                                                                                                    |   |   | 2,313,112 |   |   |   | 3,406,856 |   |
|  Prepaid      expenses and other current assets                                                                                                 |   |   | 1,296,027 |   |   |   | 1,682,264 |   |
|  Total      current assets                                                                                                                      |   |   | 94,961,863 |   |   |   | 97,408,642 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
|  Vessels,      at cost:                                                                                                                         |   |   |   |   |   |   |   |   |
|  Vessels                                                                                                                                        |   |   | 347,456,503 |   |   |   | 344,351,597 |   |
|  Less      - Accumulated depreciation                                                                                                           |   |   | (67,432,033 | ) |   |   | (61,888,379 | ) |
|                                                                                                                                                 |   |   | 280,024,470 |   |   |   | 282,463,218 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
|  Restricted      cash                                                                                                                           |   |   | 68,085 |   |   |   | 68,085 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
|  Investment      in Nordan OBO II Ltd                                                                                                           |   |   | 9,778,387 |   |   |   | 9,991,686 |   |
|  Investment      in debt securities                                                                                                             |   |   | 5,000,000 |   |   |   | 5,000,000 |   |
|  Other      assets                                                                                                                              |   |   | 3,517,698 |   |   |   | 3,576,221 |   |
|  Fair      value of  freight forward contracts                                                                                        |   |   | 6,973,197 |   |   |   | 7,292,718 |   |
|  Fair      value of derivative asset                                                                                                            |   |   | 334,485 |   |   |   | 32,904 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
|  Total      assets                                                                                                                              |   | $ | 400,658,185 |   |   | $ | 405,833,474 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
|  LIABILITIES      AND SHAREHOLDERS' EQUITY                                                                                                      |   |   |   |   |   |   |   |   |
|  CURRENT      LIABILITIES:                                                                                                                      |   |   |   |   |   |   |   |   |
|  Accounts      payable                                                                                                                          |   | $ | 26,066,547 |   |   | $ | 35,178,817 |   |
|  Accrued      liabilities                                                                                                                       |   |   | 5,176,967 |   |   |   | 3,111,242 |   |
|  Accrued      interest                                                                                                                          |   |   | 1,217,012 |   |   |   | 1,232,131 |   |
|  Current      portion of mortgage payable                                                                                                       |   |   | 37,943,056 |   |   |   | 37,632,601 |   |
|  Deferred      income                                                                                                                           |   |   | 6,204,304 |   |   |   | 6,578,016 |   |
|  Other      liabilities                                                                                                                         |   |   | 182,215 |   |   |   | 234,300 |   |
|  Total      current liabilities                                                                                                                 |   |   | 76,790,101 |   |   |   | 83,967,107 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
|  Fair      value of derivative liability                                                                                                        |   |   | 3,980,993 |   |   |   | 1,760,148 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
|  Long      term debt                                                                                                                            |   |   | 152,630,707 |   |   |   | 162,669,596 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
|  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, 6,857,844 shares outstanding as of                                                       |   |   |   |   |   |   |   |   |
|  March      31, 2008; 6,866,615 shares outstanding as of  December 31,      2007                                                      |   |   | 75,572 |   |   |   | 75,572 |   |
|  Paid-in      capital                                                                                                                           |   |   | 93,863,095 |   |   |   | 93,863,095 |   |
|  Retained      earnings                                                                                                                         |   |   | 61,762,092 |   |   |   | 50,699,428 |   |
|  Other      Comprehensive income                                                                                                                |   |   | (1,903,387 | ) |   |   | (824,785 | ) |
|  Treasury      stock                                                                                                                            |   |   | (11,540,988 | ) |   |   | (11,376,687 | ) |
|  Total      shareholders' equity                                                                                                                |   |   | 142,256,384 |   |   |   | 132,436,623 |   |
|  Total      liabilities and shareholders' equity                                                                                                |   | $ | 400,658,185 |   |   | $ | 405,833,474 |   |

----

----

| B+H      Ocean Carriers Ltd.                                                                  |
|-----------------------------------------------------------------------------------------------|
| Unaudited      Consolidated Statements of Income                                              |
|                                                                                          |   |   |   |   |   |   |
|                                                                                          |   |   |   |   |   |   |
|                                                                                          |   |   |   |   |  |   |
|                                                                                          |   | For      the three |   |   | For      the three |   |
|                                                                                          |   | months      ended |   |   | months      ended |   |
|                                                                                          |   | March      31, 2008 |   |   | March      31, 2007 |   |
|  Revenues:                                                                               |   |   |   |   |   |   |
|  Voyage,      time and bareboat charter revenues                                         |   |  $ | 25,590,791 |   |   | $ | 27,291,049 |   |
|  Other      revenue                                                                      |   |   | 502,022 |   |   |   | 499,462 |   |
|  Total      revenues                                                                     |   |   | 26,092,813 |   |   |   | 27,790,511 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
|  Operating      expenses:                                                                |   |   |   |   |   |   |   |   |
|  Voyage      expenses                                                                    |   |   | 7,220,522 |   |   |   | 6,290,145 |   |
|  Vessel      operating expenses, drydocking and survey costs                             |   |   | 9,729,633 |   |   |   | 9,768,655 |   |
|  Vessel      depreciation                                                                |   |   | 3,777,815 |   |   |   | 3,912,959 |   |
|  Amortization      of deferred charges                                                   |   |   | 1,923,116 |   |   |   | 1,091,409 |   |
|  General      and administrative:                                                        |   |   |   |   |   |   |   |   |
|       Management      fees to related party                     |   |   | 303,435 |   |   |   | 280,438 |   |
|       Consulting      and professional fees, and other expenses |   |   | 1,322,429 |   |   |   | 1,218,486 |   |
|  Total      operating expenses                                                           |   |   | 24,276,950 |   |   |   | 22,562,092 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
|  Income      from vessel operations                                                      |   |   | 1,815,863 |   |   |   | 5,228,419 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
|  Other      income (expense):                                                            |   |   |   |   |   |   |   |   |
|  Equity      in income of Nordan OBO II                                                  |   |   | 536,700 |   |   |   | 396,758 |   |
|  Interest      expense                                                                   |   |   | (3,550,145 | ) |   |   | (2,820,554 | ) |
|  Interest      income                                                                    |   |   | 490,297 |   |   |   | 1,088,365 |   |
|  Gain      on trading marketable securities                                              |   |   | (197,276 | ) |   |   | (5,681 | ) |
|  Loss      on fair value of interest rate swaps                                          |   |   | (1,142,243 | ) |   |   | (238,273 | ) |
|  Loss      on fair value of freight forward contracts                                    |   |   | (319,521 | ) |   |   | (577,538 | ) |
|  Gain      on foreign currency hedging transactions                                      |   |   | 301,581 |   |   |   | - |   |
|  Gain      on sale of vessels                                                            |   |   | 13,127,408 |   |   |   | - |   |
|  Total      other expenses, net                                                          |   |   | 9,246,801 |   |   |   | (2,156,923 | ) |
|                                                                                          |   |   |   |   |   |   |   |   |
|  Net      income                                                                         |   | $ | 11,062,664 |   |   | $ | 3,071,496 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
|  Basic      earnings per common share                                                    |   |  $ | 1.61 |   |   |  $ | 0.44 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
|  Diluted      earnings per common share                                                  |   |  $ | 1.61 |   |   |  $ | 0.44 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Weighted      average number of common shares outstanding:                                    |   |   |   |   |   |
|  Basic                                                                                   |   |   | 6,864,576 |   |   |   | 6,986,499 |   |
|  Diluted                                                                                 |   |   | 6,864,576 |   |   |   | 6,986,499 |   |

----

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| B+H      Ocean Carriers Ltd.                                                                      |
|---------------------------------------------------------------------------------------------------|
| Unaudited      Consolidated Statements of Cash Flows                                              |
|                                                                                              |   |   |   |   |   |   |
|                                                                                              |   | For      the Three |   |   | For      the Three |   |
|                                                                                              |   | months      ended |   |   | months      ended |   |
|                                                                                              |   | March      31, 2008 |   |   | March      31, 2007 |   |
|                                                                                              |   |   |   |   |   |   |
|  CASH      FLOWS FROM OPERATING ACTIVITIES:                                                  |   |   |   |   |   |   |
|  Net      income                                                                             |   | $ | 11,062,664 |   |   |  $ | 3,071,496 |   |
|  Adjustments      to reconcile net income to net cash provided by operating      activities: |   |   |   |   |   |   |   |   |
|  Vessel      depreciation                                                                    |   |   | 3,777,815 |   |   |   | 4,908,517 |   |
|  Amortization      of deferred charges                                                       |   |   | 1,923,116 |   |   |   | 95,851 |   |
|  Loss      on fair value of interest rate swaps                                              |   |   | 1,142,243 |   |   |   | 238,273 |   |
|  Loss      on fair value of Freight Forward Contracts                                        |   |   | 319,521 |   |   |   | 577,538 |   |
|  Loss      on fair value of marketable securities                                            |   |   | 190,949 |   |   |   | 5,681 |   |
|  Gain      on sale of vessels                                                                |   |   | (13,127,408 | ) |   |   | - |   |
|  Gain      on non deliverable foreign currency contracts                                     |   |   | (301,581 | ) |   |   | - |   |
|  Compensation      recognized under stock awards                                             |   |   | - |   |   |   | 8,446 |   |
|                                                                                              |   |   |   |   |   |   |   |   |
|  Changes      in assets and liabilities:                                                     |   |   |   |   |   |   |   |   |
|  Decrease      (increase) in trade accounts receivable                                       |   |   | 2,045,073 |   |   |   | (2,048,522 | ) |
|  Decrease      (increase) in inventories                                                     |   |   | 1,093,744 |   |   |   | (141,887 | ) |
|  Decrease      in prepaid expenses and other assets                                          |   |   | 386,237 |   |   |   | 1,024,442 |   |
|  (Decrease)      increase in accounts payable                                                |   |   | (9,112,270 | ) |   |   | 1,939,479 |   |
|  Increase      in accrued liabilities                                                        |   |   | 2,065,725 |   |   |   | 2,422,666 |   |
|  Decrease      in accrued interest                                                           |   |   | (15,119 | ) |   |   | (48,138 | ) |
|  (Decrease)      increase in deferred income                                                 |   |   | (373,712 | ) |   |   | 357,215 |   |
|  (Decrease)      increase in other liabilities                                               |   |   | (52,085 | ) |   |   | 825 |   |
|  Payments      for special surveys                                                           |   |   | (1,448,490 | ) |   |   | (1,517,188 | ) |
|  Total      adjustments                                                                      |   |   | (11,486,242 | ) |   |   | 7,823,199 |   |
|  Net      cash (used in) provided by operating activities                                    |   |   | (423,578 | ) |   |   | 10,894,695 |   |
|                                                                                              |   |   |   |   |   |   |   |   |
|  CASH      FLOWS FROM INVESTING ACTIVITIES:                                                  |   |   |   |   |   |   |   |   |
|  Proceeds      from sale of vessel                                                           |   |   | 38,111,500 |   |   |   | - |   |
|  Investment      in vessel conversions                                                       |   |   | (1,656,416 | ) |   |   | (6,226,515 | ) |
|  Investment      in Nordan OBO II Inc.                                                       |   |   | (536,701 | ) |   |   | (396,758 | ) |
|  Return      of capital from Nordan OBO II Inc.                                              |   |   | 750,000 |   |   |   | - |   |
|  Investment      in derivative asset                                                         |   |   | - |   |   |   | (655,414 | ) |
|  Other      investment                                                                       |   |   | (17,411 | ) |   |   | - |   |
|  Net      cash provided by (used in) investing activities                                    |   |   | 36,650,972 |   |   |   | (7,278,687 | ) |
|                                                                                              |   |   |   |   |   |   |   |   |
|  CASH      FLOWS FROM FINANCING ACTIVITIES:                                                  |   |   |   |   |   |   |   |   |
|  Payments      for debt/securities issuance costs                                            |   |   | (81,343 | ) |   |   | (250,131 | ) |
|  Mortgage      proceeds                                                                      |   |   | - |   |   |   | 27,000,000 |   |
|  Payment      of unsecured debt                                                              |   |   | - |   |   |   | (31,403,062 | ) |
|  Purchase      of treasury stock                                                             |   |   | (164,301 | ) |   |   | (2,194,232 | ) |
|  Issuance      of treasury shares                                                            |   |   | - |   |   |   | 200,690 |   |
|  Payments      of mortgage principal                                                         |   |   | (9,728,434 | ) |   |   | (8,300,000 | ) |
|  Net      cash used in financing activities                                                  |   |   | (9,974,078 | ) |   |   | (14,946,735 | ) |
|                                                                                              |   |   |   |   |   |   |   |   |
|  Net      increase (decrease) in cash and cash equivalents                                   |   |   | 26,253,316 |   |   |   | (11,330,727 | ) |
|  Cash      and cash equivalents, beginning of period                                         |   |   | 61,604,868 |   |   |   | 78,391,028 |   |
|  Cash      and cash equivalents, end of period                                               |   | $ | 87,858,184 |   |   | $ | 67,060,301 |   |

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