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 VESSEL ACQUISITIONS**





NEW
      YORK,
      NEW YORK, March 20, 2006. . . . B+H Ocean Carriers Ltd. (AMEX: BHO) announced
      today that it had acquired a 1993-built, 83,000 DWT Combination Carrier to
      be
      renamed MV SAKONNET for $36.4 million. The purchase, made effective as of
      January 15, 2006, also reflects the continuation of a five-year Time Charter
      which commenced in October, 2005. The purchase was effected through an existing
      tax lease structure with the Company as disponent owner through a bareboat
      charter party.





Additionally,
      the Company announced that it acquired a 50% disponent owner interest in another
      vessel, a 1992-built 75,000 DWT Combination Carrier, presently named MV
      SIBOTESSA. This purchase was also effected through an existing tax lease
      structure. The Company acquired its 50% interest in an entity which is the
      disponent owner through a bareboat charter party. The terms of the transaction
      were based on a vessel value of $30.4 million and include a three-year charter
      which commenced in February, 2006. The charter includes a 50% profit sharing
      arrangement above a guaranteed minimum daily rate. The Company added that this
      purchase was also effective as of January 15, 2006.





The
      Company noted that because of the existing tax lease structures on these two
      vessels, no additional mortgage financing would be needed to fund the
      transactions.





The
      Company said that it expects its purchase of MV SAKONNET to generate annualized
      EBITDA of approximately $6.0 million during the period of the Time Charter.
      It
      added that for the period of its current Time Charter, it expects the disponent
      owner of MV SIBOTESSA to generate annual EBITDA of $5.1 million from the
      guaranteed minimum daily rate only, of which 50%, or $2.55 million will be
      for
      the Company’s benefit. The Company stated that the EBITDA estimates for both
      vessels are exclusive of periodic drydocking costs and related off-hire during
      the period of the respective Time Charters, and are subject to actual operating
      expenses and on-hire days which may vary from the assumptions used in the
      estimates.





The
      Company is engaged in the business of owning and operating Product Tankers
      and
      Combination Carriers. 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
      refined petroleum 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 currently owns a fleet of fourteen vessels comprised of six
      Medium Range Product Tankers, one Panamax Product Tanker, one 98,000 DWT
      Combination Carrier, and six Combination Carriers of 75,000 to 84,000 DWT which
      are coated for refined products. All but two of these vessels are currently
      fixed on Time Charters, which varied 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 book value 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.











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      #
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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