INVESTOR
CONTACT:
 John
LeFrere
 917
225 2800
 investorrelations@bhcousa.com
 
 
 
 B+H
OCEAN CARRIERS AUTHORIZES STOCK REPURCHASE
 
 
 NEW YORK,
NEW YORK – December 2, 2008 -- B+H Ocean Carriers Ltd. (Amex: BHO) today
announced that its board of directors authorized the Company to repurchase up to
550,000 of its common shares, in addition to previously authorized
repurchases.  BHO said it plans to buy shares on the open market from
time to time, depending on market conditions.
 
 About B+H
Ocean Carriers Ltd.
  The Company
was organized as a corporation under Liberian law on April 28, 1988 to engage in
the business of acquiring, investing in, owning, operating and selling vessels
for dry bulk and liquid cargo transportation.  As of December 1, 2008,
the Company owned and operated five medium-range product tankers, one Panamax
product tanker and five ore/bulk/oil combination carriers
(“OBOs”).  The Company also owns a 50% interest in a company which is
the disponent owner of a 1992-built 75,000 DWT Combination Carrier, effected
through a lease structure.  Each vessel accounts for a significant
portion of the Company’s revenues.
 
 Safe
Harbor Statement
 
 This
press release, including any documents incorporated by reference or deemed to be
incorporated by reference, contains “forward-looking statements,” which are
statements relating to future events, future financial performance, strategies,
expectations and competitive environment.  Words such as “may,”
“will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,”
“expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates”
and similar expressions, as well as statements in the future tense, identify
forward-looking statements.
  Stockholders
should not read forward-looking statements as a guarantee of future performance
or results.  They will not necessarily be accurate indications of
whether or at what time such performance or results will be
achieved.  Forward-looking statements are based on information
available at the time those statements are made and/or management’s good faith
belief at that time with respect to future events.  Such statements
are subject to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in or suggested by the
forward-looking statements.  Important factors that could cause such
differences include, but are not limited to:  uncertainties related to
BHO’s ability to implement BHO’s business strategy; uncertainties related to
litigation; economic and political conditions in the U.S. and abroad; and other
risks outlined in BHO’s filings with the SEC.  All forward-looking
statements are effective only as of the date they are made and BHO disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.  These risks and uncertainties include risks related to
BHO’s businesses as well as the factors relating to the transactions discussed
in BHO’s offer to purchase.  Stockholders should not place undue
reliance on the forward-looking statements, which speak only as to the date of
the offer to purchase or the date of documents incorporated by
reference.
 
 
 
 
 
 # #
#
 
 
 For
further information, including the Company’s Annual Report on Form 20F, access
the Company’s website:www.bhocean.com
 
 Company
Contact:                                John
LeFrere
 917.225.2800