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 Results for the Fourth Quarterly Period and
      Year
      Ending December 31, 2005**





NEW
        YORK,
        NEW YORK, March 21, 2006. . . . B+H Ocean Carriers Ltd. (AMEX: BHO) reported
        unaudited net income of $22.8 million or $3.90 per share basic and $3.74
        per
        share diluted, for the twelve months ended December 31, 2005, compared to
        audited net income of $4.4 million, or $1.15 per share basic and $1.00 diluted,
        for the twelve months ended December 31, 2004. EBITDA for the twelve month
        period ending December 31, 2005 was $39.5 million as compared to $18.2 million
        for the comparable period of 2004. Basic earnings per share calculations
        are
        based on weighted average shares outstanding of 5,844,301 and 3,839,242
        respectively, for the twelve months ended December 31, 2005 and 2004. Diluted
        earnings per share calculations are based on weighted average shares outstanding
        of 6,092,522  and 4,404,757 respectively, for the twelve months ended
        December 31, 2005 and 2004. The increase in the weighted average number of
        shares outstanding is due to the issuance of 3,243,243 shares in the Company’s
        $60 million Equity Offering in May 2005.





The
      following is a discussion of our financial condition and results of operations
      for the twelve month and the quarterly period ended December 31, 2005 and 2004.
      You should read this section together with the unaudited and audited
      consolidated financial statements for the periods mentioned above.




***Twelve
      Months Ended December 31, 2005 (unaudited) versus
      December 31, 2004***





*Revenues*




Revenues
      from voyage and time charters increased $22.7 million or 44% from 2004. The
      increase is due to the Company’s ongoing vessel acquisition program, the
      composition of the fleet in terms of size and type of vessel and to higher
      time
      charter equivalent rates.





*Voyage
      expenses*





Voyage
      expenses consist of port, canal and fuel costs that are unique to a particular
      voyage and commercial overhead costs, including commercial management fees
      paid
      to BHM. Under a time charter, the Company does not incur port, canal or fuel
      costs. Voyage expenses decreased $3.6 million, or 38%, to $6.0 million for
      the
      twelve month period ended December 31, 2005 compared to $9.6 million for the
      comparable period of 2004. This is due to the significant decrease in voyage
      days from 946 in 2004 to 201 in 2005 as all of the Company’s MR product tankers
      and OBOs have been employed on long term time charters since March 2005. The
      newly acquired Panamax product tanker was employed on a voyage from the date
      of
      delivery to December 31, 2005 when it commenced on a three year time charter.
      All of the Company’s vessels are currently on time charters, two of which will
      terminate in each of the first, second and third quarters of 2006, and one
      of
      which terminates in the fourth quarter. One of the remaining time charters
      terminates in September 2008, one in January 2009 and three terminate in March
      2010. The Company may operate the vessels in the spot market after the current
      time charters terminate, with greater risk of volatility in rates and an
      increase in voyage expenses, or operate on new short to long term time charters.
      We also expect that three of the MR product tankers will cease to generate
      revenue for periods of up to two and one-half months each in 2006 if we convert
      them, as planned, to double hull tankers.





*Vessel
      operating expenses*





The
      increase in vessel operating expenses is due to the increase in the number
      of
      vessels, as noted above. Vessel operating expenses increased $6.6 million (34%)
      which is comprised of $7.8 million for five vessels acquired in 2005 and $1.5
      million for a vessel owned less than nine months in 2004. This is offset by
      a
      $2.7 million decrease relating to the sale of one vessel in each of the second
      and fourth quarters of 2004 and one vessel sold in the third quarter of 2005.





*Depreciation
      and amortization*





Depreciation
      and amortization, which includes depreciation of vessels as well as amortization
      of special surveys and debt issuance costs, increased by $4.2 million, or 54%,
      to $11.9 million for the twelve months ended December 31, 2005 compared to
      $7.8
      million for the prior period. This increase is due to changes in the fleet,
      as
      noted above.





*General
      and administrative expenses*





General
      and administrative expenses include all of our onshore expenses and the fees
      that BHM charges for administration of our vessels and shipowning companies.
      Management fees increased by $0.35 million, or 64%, to $0.89 million for the
      twelve month period ended December 31, 2005 compared to $0.55 million for the
      prior period. The increase is due to the increase in the number of vessels
      and
      therefore the number of months during which fees were incurred.





*Gain
      on sale of vessels*





The
      Company had a gain on the sale of the vessel M/T COMMUTER of $0.8 million for
      the twelve month period ended December 31, 2005 compared to losses of $4.6
      million on the M/T SKOWHEGAN and M/T ACOAXET during the prior twelve month
      period. The current market conditions were responsible for the dramatic shift
      in
      the value of MR product tankers in the course of the year.





*Interest
      expense and interest income*





The
      $4.2
      million (312%) increase in interest expense is due to the increase of $102
      million in debt for the acquisition of three vessels in March 2005 and the
      additional drawdown of $43.1 million in the fourth quarter to finance the
      acquisition of two vessels. The increase in interest income of $1.2 million
      is
      due to the fact that the Company issued 3,243,243 shares of its common stock
      for
      net cash proceeds of $57 million in May 2005.





***Quarter
      Ended December 31, 2005 (unaudited) versus December
      31, 2004***





*Revenues*





Revenues
      from voyage, time and bareboat charters increased $6.1 million or 37% from
      the
      fourth quarter of 2004 to that of 2005. The increase is due to the vessel
      acquisitions discussed above. This increase was offset by decreases in voyage
      charter revenue over time charter revenue, which generate greater gross revenues
      per charter.





*Voyage
      expenses*





Voyage
      expenses decreased $1.7 million or 54% from 2004. The decrease is due to the
      fact that there was only one voyage during the three month period ended December
      31, 2005 whereas there were twelve during this period in 2004. The ship owner
      is
      responsible for the port, canal and fuel charges of a voyage charter but is
      not
      responsible for these costs when on either a time or bareboat
      charter.





*Vessel
      operating expenses*





Vessel
      operating expenses increased $2.9 million or 66% for the three month period
      ended December 31, 2005 versus the comparable period in 2004. This increase
      is
      the result of the increase in the size and number of vessels comprising the
      Company’s fleet.





*Depreciation
      and amortization*





The
      increase in depreciation and amortization of $1.6 million or 81% is due to
      the
      increase in the size and number of vessels comprising the Company’s fleet. The
      five vessels were acquired during 2005 are considerably larger than other
      vessels in the fleet and were acquired at prices that are significantly higher
      than previous acquisitions. Therefore, the increase in depreciation is higher
      relative to the percentage increase in the number of vessels.




*General
      and administrative expenses*





Management
      fees increased by $0.1 million, or 28%, to $0.3 million for the three month
      period ended December 31, 2005 compared to $0.2 million for the prior period.
      The increase is due to the increase in the number of vessels and therefore
      the
      number of months during which fees were incurred. Consulting, professional
      and
      other expenses decreased $0.4 million or 49% due predominantly to a change
      in
      the consulting arrangement with JV Equities.





*Interest
      expense and interest income*





The
      $1.5
      million (334%) increase in interest expense is due to the increase of $102
      million in debt for the acquisition of three vessels in March 2005 and the
      additional drawdown of $43.1 million in the fourth quarter to finance the
      acquisition of two vessels. The increase in interest income is due to the fact
      that the Company issued 3,243,243 shares of its common stock for net cash
      proceeds of $57 million in May 2005.





*Loss
      on sale of vessels*





The
      Company had a loss on the sale of the vessel M/T ACOAXET of $0.6 million for
      the
      three month period ended December 31, 2004. There were no vessel sales in the
      same period of 2005.





*Liquidity
      and Capital Resources*





Cash
      at
      December 31, 2005, amounted to $60.8 million, an increase of $48.8 million
      as
      compared to December 31, 2004. The increase in the cash balance is
      attributable to net inflows from operations of $36.4 million and inflows from
      financing activities of $162.3 million. These inflows were offset by outflows
      for investing activities of $174.7 million.





The
      inflow for financing activities is primarily attributable to mortgage proceeds
      of $145.0 million to finance the acquisition of three combination carriers
      in
      the first quarter, a panamax product tanker and a combination carrier in the
      fourth quarter, to the issuance of common stock for net proceeds of $56.7
      million and the issuance of treasury stock for $0.2 million. This was offset
      by
      the payment of mortgage principal of $24.6 million, payments for debt issuance
      costs of $1.3 million and the
      purchase of an aggregate of 70,170 shares of common stock for treasury, for
      an
      aggregate price of $1.3 million. The Company also made a purchase of 2,200
      shares of treasury stock in 2006, for $39,000.





The
      outflow for investing activities is attributable to the purchase of four
      combination carriers and a panamax product tanker for $167.7 million and capital
      improvements of $2.1 million, a net investment in marketable securities of
      $0.4
      million and. This was offset by proceeds from the sale of one vessel of $7.9
      million.





The
      Company intends to continue its vessel acquisition program to expand its
      presence in its two current sectors of the tanker market: combination carriers
      capable of transporting both wet and dry bulk cargoes, and  product
      carriers; however, there can be no assurance that the Company will be able
      to
      purchase any of such vessels on favorable terms or at all.





The
      Company’s fleet currently consists of six medium range product tankers, five
      combination carriers and one panamax product carrier, all of which are currently
      fixed on long-term time charters, which vary in original length of between
      one
      and five years.





We
      provide EBITDA (earnings before interest expense, taxes, depreciation and
      amortization) information as a guide to the operating performance of the
      Company. EBITDA, which is not a term recognized under generally accepted
      accounting principles, is calculated as net income plus interest expense, income
      taxes (benefit), depreciation and amortization, and an adjustment for book
      value
      gains and losses on the sale of vessels. Included in the depreciation and
      amortization for the purpose of calculating EBITDA is depreciation of vessels,
      including capital improvements and amortization of mortgage fees. EBITDA, as
      calculated by the Company, may not be comparable to calculations of similarly
      titled items reported by other companies.





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







**B+H
                OCEAN CARRIERS LTD.****UNAUDITED
                CONSOLIDATED BALANCE SHEETS****December
                31,**
            
            
            **December
                31,**ASSETS
            
            
            **2005**
            
            
            **2004**CURRENT
                ASSETS:Cash
                and cash equivalents
            
            $
            60,827,651
            
            $
            12,063,022Marketable
                securities
            
            
            567,566
            
            
            198,270Trade
                accounts receivable, less allowance for doubtful accountsof
                $ 229,000 and $137,000 in 2005 and 2004, respectively.
            
            
            2,258,572
            
            
            5,545,504Inventories
            
            
            855,086
            
            
            770,381Prepaid
                expenses and other current assets
            
            
            1,210,915
            
            
            766,827Total
                current assets
            
            
            65,719,790
            
            
            19,344,004Vessels,
                at cost:Vessels
            
            
            249,067,385
            
            
            94,705,496Less
                - Accumulated depreciation
            
            
            (34,900,653
            )
            
            (31,608,510
            )214,166,732
            
            
            63,096,986Investments
                and other assets
            
            
            1,536,764
            
            
            461,313Total
                assets
            
            $
            281,423,286
            
            $
            82,902,303LIABILITIES
                AND SHAREHOLDERS' EQUITYCURRENT
                LIABILITIES:Accounts
                payable
            
            $
            4,025,919
            
            $
            5,331,028Accrued
                liabilities
            
            
            1,747,909
            
            
            2,298,824Accrued
                interest
            
            
            454,620
            
            
            267,842Current
                portion of mortgage payable
            
            
            34,602,000
            
            
            10,800,000Deferred
                income
            
            
            2,728,416
            
            
            1,299,414Other
                liabilities
            
            
            59,836
            
            
            76,086Total
                current liabilities
            
            
            43,618,700
            
            
            20,073,194Mortgage
                payable
            
            
            115,063,472
            
            
            18,465,472Total
                liabilities
            
            
            158,682,172
            
            
            38,538,666Commitments
                and contingenciesSHAREHOLDERS'
                EQUITY:Preferred
                stock, $0.01 par value; 20,000,000 shares authorized; no
                shares issued and outstandingCommon
                stock, $0.01 par value; 30,000,000 shares authorized;7,557,268
                shares issued, 7,081,920 and 3,839,242 sharesoutstanding
                as of December 31, 2005 and 2004, respectively
            
            
            75,572
            
            
            43,140Paid-in
                capital
            
            
            94,094,949
            
            
            37,538,669Retained
                earnings
            
            
            32,592,939
            
            
            9,807,294126,763,460
            
            
            47,389,103Less
                - Treasury stock
            
            
            4,022,346
            
            
            3,025,466Total
                shareholders' equity
            
            
            122,741,114
            
            
            44,363,637Total
                liabilities and shareholders' equity
            
            $
            281,423,286
            
            $
            82,902,303




**B+H
                  OCEAN CARRIERS LTD.****UNAUDITED
                  CONSOLIDATED STATEMENT OF OPERATIONS****For
                  the twelve months** **ending
                  December 31,**
              
              
              **For
                    the three****months****ending December
                    31,****2005**
              
              
              **2004**
              
              
              **2005**
              
              
              **2004**Revenues:Voyage,
                  time and bareboat charter revenues
              
              $
              74,075,561
              
              $
              51,362,910
              
              $
              22,300,193
              
              $
              16,222,466Other
                  revenues
              
              
              514,491
              
              
              -
              
              
              498,018
              
              
              -Total
                  revenues
              
              
              74,590,052
              
              
              51,362,910
              
              
              22,798,211
              
              
              16,222,466Operating
                  expenses:Voyage
                  expenses
              
              
              6,033,470
              
              
              9,663,653
              
              
              1,428,535
              
              
              3,098,479Vessel
                  operating expenses, drydocking and survey costs
              
              
              26,369,749
              
              
              19,742,875
              
              
              7,282,581
              
              
              4,377,682Depreciation
                  and amortization
              
              
              11,917,359
              
              
              7,763,640
              
              
              3,678,584
              
              
              2,029,296(Gain)
                  loss on sale of vessels
              
              
              (828,115
              )
              
              4,682,965
              
              
              -
              
              
              597,800General
                  and administrative:Management
                  fees to related party
              
              
              898,490
              
              
              548,653
              
              
              330,914
              
              
              238,336Consulting
                  and professional fees, and other expenses
              
              
              2,899,123
              
              
              3,206,483
              
              
              750,435
              
              
              1,114,593Total
                  operating expenses
              
              
              47,290,076
              
              
              45,608,269
              
              
              13,471,049
              
              
              11,456,186Income
                  from vessel operations
              
              
              27,299,976
              
              
              5,754,641
              
              
              9,327,162
              
              
              4,766,280Other
                  income (expense):Interest
                  expense
              
              
              (5,604,637
              )
              
              (1,361,753
              )
              
              (1,885,673
              )
              
              (434,818
              )Interest
                  income
              
              
              1,221,010
              
              
              32,857
              
              
              463,907
              
              
              29,046Other
                  expense
              
              
              (130,704
              )
              
              (1,730
              )
              
              (148,165
              )
              
              (1,730
              )Total
                  other expenses, net
              
              
              (4,514,331
              )
              
              (1,330,626
              )
              
              (1,569,931
              )
              
              (407,502
              )Net
                  income
              
              $
              22,785,645
              
              $
              4,424,015
              
              $
              7,757,231
              
              $
              4,358,778Basic
                  earnings per common share
              
              $
              3.90
              
              $
              1.15
              
              $
              1.09
              
              $
              1.14Diluted
                  earnings per common share
              
              $
              3.74
              
              $
              1.00
              
              $
              1.05
              
              $
              1.00Weighted
                  average number of common shares outstanding:Basic
              
              
              5,844,301
              
              
              3,839,242
              
              
              7,129,094
              
              
              3,839,242Diluted
              
              
              6,092,522
              
              
              4,404,758
              
              
              7,364,490
              
              
              4,378,006


**B+H
                    OCEAN CARRIERS LTD.****UNAUDITED
                    CONSOLIDATED STATEMENT OF CASH FLOWS****For
                    the twelve months **ending
                    December 31,****
                **For
                    the three months ending
                    December 31,****2005**
                
                
                **2004**
                
                
                **2005**
                
                
                **2004**CASH
                    FLOWS FROM OPERATING ACTIVITIES:Net
                    income
                
                $
                22,785,645
                
                $
                4,424,015
                
                $
                7,757,231
                
                $
                4,358,778Adjustments
                    to reconcile net income to net cash provided by operating activities:Depreciation
                    and amortization
                
                
                11,917,359
                
                
                7,763,640
                
                
                3,678,584
                
                
                2,029,296(Gain)
                    loss on sale of vessels
                
                
                (828,115
                )
                
                4,682,965
                
                
                -
                
                
                597,800Provision
                    for bad debts
                
                
                92,077
                
                
                29,394
                
                
                92,077
                
                
                29,394Changes
                    in assets and liabilities:Decrease
                    (increase) in trade accounts receivable
                
                
                3,194,855
                
                
                (3,750,890
                )
                
                (1,942,325
                )
                
                (4,028,877
                )(Increase)
                    decrease in inventories
                
                
                (84,705
                )
                
                137,566
                
                
                (327,162
                )
                
                (165,481
                )Decrease
                    in cash on deposit for vessel acquisition
                
                
                -
                
                
                -
                
                
                2,430,000
                
                
                -(Increase)
                    decrease in prepaid expenses and other assets
                
                
                (444,088
                )
                
                126,606
                
                
                (452,037
                )
                
                357,819(Decrease)
                    increase in accounts payable
                
                
                (1,305,109
                )
                
                (2,115,851
                )
                
                1,227,796
                
                
                1,981,719(Decrease)
                    increase in accrued liabilities
                
                
                (550,915
                )
                
                533,947
                
                
                (893,644
                )
                
                (1,181,774
                )Increase
                    (decrease) in accrued interest
                
                
                186,778
                
                
                78,973
                
                
                (120
                )
                
                (36,216
                )Increase
                    (decrease) in deferred income
                
                
                1,429,002
                
                
                569,159
                
                
                (757,830
                )
                
                155,758(Decrease)
                    increase in other liabilities
                
                
                (16,250
                )
                
                (18,356
                )
                
                51,491
                
                
                30,498Net
                    cash provided by operating activities
                
                
                36,376,534
                
                
                12,461,168
                
                
                10,864,061
                
                
                4,128,714CASH
                    FLOWS FROM INVESTING ACTIVITIES:Purchase
                    and investment in vessels
                
                
                (169,834,866
                )
                
                (20,589,234
                )
                
                (24,305,017
                )
                
                (1,239,236
                )Proceeds
                    from sale of vessel
                
                
                7,918,810
                
                
                9,239,985
                
                
                -
                
                
                5,526,484Purchase
                    of marketable securities
                
                
                (500,000
                )
                
                (200,000
                )
                
                (500,000
                )
                
                (200,000
                )Loss
                    on trading of marketable securities
                
                
                130,704
                
                
                1,730
                
                
                148,165
                
                
                1,730Net
                    cash (used in) provided by investing activities
                
                
                (162,285,352
                )
                
                (11,547,519
                )
                
                (24,656,852
                )
                
                4,088,978CASH
                    FLOWS FROM FINANCING ACTIVITIES:Payments
                    for debt issuance costs
                
                
                (1,318,385
                )
                
                (359,655
                )
                
                (315,861
                )
                
                (359,655
                )Issuance
                    of common stock, net of issuance costs
                
                
                56,728,568
                
                
                -
                
                
                (100,000
                )
                
                -Repurchase
                    of options
                
                
                -
                
                
                (644,000
                )
                
                -
                
                
                (644,000
                )Purchase
                    of treasury stock
                
                
                (1,299,898
                )
                
                -
                
                
                (1,299,898
                )
                
                -Issuance
                    of treasury shares
                
                
                163,162
                
                
                88,718
                
                
                101,622
                
                
                88,718Proceeds
                    from vessel financing
                
                
                145,000,000
                
                
                19,000,000
                
                
                43,000,000
                
                
                -Related
                    party loan
                
                
                -
                
                
                (944,686
                )
                
                -
                
                
                (566,519
                )Payments
                    of mortgage principal
                
                
                (24,600,000
                )
                
                (8,899,828
                )
                
                (9,600,000
                )
                
                (4,000,000
                )Net
                    cash provided by (used in) financing activities
                
                
                174,673,447
                
                
                8,240,549
                
                
                31,785,863
                
                
                (5,481,456
                )Net
                    increase in cash and cash equivalents
                
                
                48,764,629
                
                
                9,154,198
                
                
                17,993,072
                
                
                2,736,236Cash
                    and cash equivalents, beginning of period
                
                
                12,063,022
                
                
                2,908,824
                
                
                42,834,579
                
                
                9,326,786Cash
                    and cash equivalents, end of period
                
                $
                60,827,651
                
                $
                12,063,022
                
                $
                60,827,651
                
                $
                12,063,022