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 Retail Offering**








NEW
      YORK,
      NEW YORK, March
      27,
      2006 .
      As
      previously announced, B+H Ocean Carriers Ltd. (the “Company”) has applied for a
      Secondary Listing on the Oslo Stock Exchange. The Company’s primary listing is
      on the American Stock Exchange (“Amex”) where the shares trade under the ticker
      code “BHO.” On February 28, 2006, the board of directors of the Oslo Stock
      Exchange approved the listing subject to certain conditions, including but
      not
      limited to, the Company obtaining a minimum of 100 shareholders registered
      in
      the VPS, a Norwegian share register.





B+H
      Ocean
      Carriers Ltd. has resolved to carry out a Public Offering of up to 20,000 shares
      directed to non-US investors, for the purpose of meeting the minimum VPS
      shareholder requirement. The offering price will be in Norwegian
      Kroner.





The
      offer
      period is running from and including March 27 to and including April 4, 2006.





The
      Manager of the Offering is Pareto Securities ASA.





The
      Company has also issued a Prospectus containing information of the Offer and
      the
      Secondary Listing dated March 24, 2006. The Prospectus and the subscription
      material may be obtained from the Company or the Manager, and can be found
      on
      the web page of the manager, www.pareto.no





It
      is the
      intention that the Company be listed on or about April 12, 2006.








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 2004 Annual Report on Form 20F and
      previous announcements, access the Company’s website:  www.bhocean.com









Company
      Contact:  John
      LeFrere




917.225.2800