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 Completion Of Loan Amendments; Sale of
Vessel.
 
 NEW YORK, NEW
YORK    February 19, 2010....B+H Ocean Carriers Ltd. (NYSE
AMEX:  BHO) announced today that, effective February 11, 2010,
it completed the restructuring of two of its loans, and also announced
completion of the planned sale of its vessel M/V Sachem for $10.675
million.
 
 The
amendment to one of the loans, secured by five vessels, provides for deferral of
a $5.1 million loan payment due in December 2009, which will now become due at
the maturity of the loan in December 2011, and a $2.55 million loan payment due
in March 2010, which will now become due in six equal quarterly installments,
the first in June 2010.
 
 The
Company also announced that it completed the refinancing of the $3.9 million
balance of a loan remaining after the sale in 2009 of four product tankers that
secured such loan. The refinanced loan will be due in December 2011 and is
secured by a second mortgage on the five vessels securing the other restructured
loan.  In addition each loan amendment provided for revised financial
covenants. The Company said that similar revised financial covenants were also
incorporated into another loan, with  a balance of $1.5 million, which
will be retired in September, 2010.
 
 The
Company added that on January 15, 2009,  it completed the previously
announced sale of M/V SACHEM for $10.675 Million, through a wholly-owned
subsidiary. The sale of this vessel resulted in an impairment charge in fourth
quarter 2009 of approximately $18 million.
 
 Michael
S. Hudner, CEO of the Company, commented: “These amendments relieve certain of
the technical breaches of covenants and, with the sale of the Sachem, will
provide more financial flexibility.”
 
 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 Commission. 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.
 
 # #
#
 
 Company
contact:                                           John
M. LeFrere
 Tel:    +1 917 225
2800
 Email:investorrelations@bhcousa.com
 
  063595/001-1822770.3