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 Obtaining Waivers of Certain Loan Covenant
Breaches as of December 31, 2008, and Applying  for 15 Day Extension
to File its 20-F report
  NEW YORK, NEW YORK, July 2, 2009. . .
.. B+H Ocean Carriers Ltd.
(AMEX:  BHO)reported that on June 30 it
had made application for a 15 day extension for the filing of its 20-F report
including its financial statements for the period ended December 31, 2008. The
Company also announced that it had been advised by certain of its banks that
they had approved the waivers that had been requested for certain technical loan
covenant defaults as of December 31, 2008.   The Company stated
that it had requested these waivers in May 2009, in the belief that obtaining
these waivers would lead to an unqualified audit for the year ending December
31, 2008, with no reclassification of long term debt as short term debt, and no
going concern issue. However, the Company said that during June, it was advised
by its auditors that, notwithstanding that waivers were being approved for the
loan covenant breaches in place December 31, 2008,  given the
continuing deterioration of the shipping markets and the passage of time from
year end to the issuance of their opinion, they would review all of the
Company’s loan covenants for potential technical covenant breaches during 2009.
The Company stated that there is a possibility for such prospective breaches
during 2009, notwithstanding that no unwaived breaches are in place for the
period ending December 31, 2008. It added that this possibility may require the
Company to state its balance sheet reflecting the auditors’ view that during
2009, some or all of the Company’s indebtedness may become subject to
acceleration. The Company stated that it will continue to work with its banks to
obtain waivers of loan covenant breaches if and when they occur, and that it
expects any such efforts will be successful, as was the recent round of waiver
requests. The Company further said that it does not believe that its
indebtedness will be accelerated by its lenders, should further loan covenant
breaches be incurred.  The Company intends to file its Form 20-F for
the year ended December 31, 2008 by July 15, 2009.
 
  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 June 30, 2009, the Company owned
and operated two dry bulkcarriers, four medium-range product/chemical 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. On July 29, 2008, the Company, through
a wholly-owned subsidiary, acquired an Accommodation Field Development Vessel
(“AFDV”) under construction, for delivery in the 1st quarter of
2010.
 
  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 2007 Annual Report on Form 20F and
previous announcements, access the Company’s website:  www.bhocean.com.
 
 Company
contact:                                           John
LeFrere
 Tel:    +1 917 225
2800
 Email:
investorrelations@bhcousa.com
 
 
  063595.001-1707649.4