| MR.      WILLIAMS: | The      meeting will please come to order.  Welcome to the Annual      Meeting of Stockholders of B+H Ocean Carriers Ltd. (“B+H      Ocean”).   I am TREVOR J. WILLIAMS, a Director and the Vice      President of B+H OCEAN, and I will act as Chairman of this      meeting.  With me is DEBORAH L. PATERSON, Secretary of the      Corporation, who will act as Secretary of the meeting.  It gives      me great pleasure to introduce the other Officers and Directors of B+H      OCEAN who are present today by telephone, Michael S. Hudner, Chairman of      the Board, President and Chief Executive Officer and John LeFrere, a      Director.  WE HAVE DISTRIBUTED A DETAILED AGENDA AND THE RULES      WHICH GOVERN THIS MEETING.  WE ASK THAT ANY STOCKHOLDERS WHO      WISH TO ADDRESS THE MEETING DO SO ONLY DURING THE QUESTION AND ANSWER      PERIOD, AND ONLY AFTER BEING RECOGNIZED.  We will proceed with      the formal business of the meeting before I discuss the business of the      Corporation and then answer any questions. I hereby declare that the polls      are now open for voting.  American Stock Transfer & Trust      Company has provided the certified stockholders list as of the record      date, June 16, 2008, which I now present to the meeting, and direct the      Secretary to attach it to the minutes. MS. PATERSON will now attend to      procedural matters. |
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| MS.      PATERSON: | Mr.      Chairman, a copy of the Notice of Annual Meeting, Proxy Statement and form      of Proxy for use at this meeting was mailed to each holder of record of      such shares of Common Stock of this Corporation, on or about June 18,      2008.  I now present to themeeting: |
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|   | a) | An      affidavit with respect to mailing the Notice of the    Meeting, |
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|   | b) | An      authenticated copy of the Certificate of  Incorporation, |
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|   | c) | By-Laws,      and |
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|   | d) | All      proxies and powers of substitution. |
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| MS.      PATERSON | Deborah      Paterson of Southampton, Bermuda has been appointed Inspector of Election      to determine those entitled to vote, to tabulate the vote and to report on      the results of the voting.  The Inspector of Election has signed      an oath to faithfully perform her duties as such.  The Oath of      the Inspector of Election will be attached to the minutes of this meeting      as an exhibit thereto.  IF YOU HAVE BROUGHT A PROXY WITH YOU AND      WISH TO DELIVER IT, YOU MAY HAND IT TO THE INSPECTOR AT THIS      TIME.  ADDITIONAL BLANK PROXY CARDS WILL BE DISTRIBUTED LATER IN      THE MEETING. |
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| MR.      WILLIAMS: | The      first order of business is the election of four directors to hold office      until the Annual Meeting held in 2009, as set forth in Proposal 1 of the      Proxy Statement.  The nominees are: Charles L. Brock, R. Anthony      Dalzell, Per Ditlev-Simonsen and O. Michael Lewis as Class B directors for      a two year term. |
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|   | Since      no further nominations have been properly made, I declare the nominations      closed. |
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| MS.      PATERSON: | I      move that the directors nominated beelected. |
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| MR.      WILLIAMS: | I      second the motion. |
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| MR.      WILLIAMS: | The      next order of business is the proposal to ratify the approval of the      proposal to apply for de-listing from the secondary listing of the      Company’s shares on the Oslo StockExchange. |
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| MS.      PATERSON: | I      move that the proposal to ratify the approval of the proposal to apply for      de-listing from the secondary listing of the Company’s shares on the Oslo      Stock Exchange. |
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| MR.      WILLIAMS: | I      second the motion. |
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| D. | CLOSING      OF THE POLLS AND DISCUSSION OF BUSINESS AND AFFAIRS OF      CORPORATION |
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| MS.      PATERSON: | There      being no further discussion, I ask that the Inspector of Election      distribute blank proxy cards to all persons who are voting their shares in      person.  Kindly mark and sign your proxy cards and return them      to the Inspector of Election who shall prepare his written voting      report. |
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| MR.      WILLIAMS: | While      the Inspector is distributing the proxy cards and preparing his report, I      will take a few minutes to discuss with you the general business and      prospects of your Corporation. Those still holding proxy cards should so      signify, by raising their hands, and the Inspector will collect any      remaining proxy cards.  Since all those desiring to vote in      person have done so, I hereby declare the polls closed.  Does      anyone have any questions on matters relating to the Corporation’s      business? |
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| MS.      PATERSON: | If      there are no further questions, I ask that the Inspector of Election give      the Voting Report. |
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| INSPECTOR: | I      now present the Voting Report of the Inspector of Election.  The      Report indicates as follows: |
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|   | Proposal 1: At least      6,542,482 shares constituting  95.4% of all shares entitled to      vote have been voted in favor of the election of Charles L. Brock as a      Class B director, at least 6,363,369 shares constituting 92.8% of all      shares entitled to vote have been voted in favor of the election of R.      Anthony Dalzell, at least 6,541,294 shares constituting 95.4% of all      shares entitled to vote have been voted in favor of the election of Per      Ditlev-Simonsen as a Class B director, and at least 6,542,482 shares      constituting 95.4% of all shares entitled to vote have been voted in favor      of the election of O. Michael Lewis as a Class B director, in each case to      serve until the Annual Meeting held in 2010 or until their successors are      elected and qualified. |
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|   | Proposal 2: At least      3,949,759 shares constituting 60.26% of all shares entitled to vote have      been voted in favor of, 2,651 shares constituting .04% voted against and      2,601,541 shares constituting 39.69% abstaining, the approval of the      proposal to apply for de-listing from the secondary listing of the      Company’s shares on the Oslo StockExchange. |
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| MR.      WILLIAMS: | I      direct that the Voting Report be approved and accepted and filed with the      minutes of this meeting.  I declare that Proposal 1 and Proposal      2 have been duly adopted by thestockholders. |
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| MR.      WILLIAMS: | I      want to thank all of you for attending today’s meeting and for your      interest in and support of your Corporation. Since there is nothing      further to come before the meeting, it is  concluded. |
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|   | /s/ Trevor J.      Williams |
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|   | ------------------------------------------------ |
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|   | Trevor      J. Williams – Chairman |
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|   | /s/ Deborah L.      Paterson |
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|   | ---------------------------------------------- |
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|   | Deborah      L. Paterson - Secretary |
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