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 Unaudited Results for the First Quarterly Period
      Ended March 31, 2006**





NEW
      YORK,
      NEW YORK, May
      18,
      2006 .
      . . .
      B+H Ocean Carriers Ltd. (AMEX: BHO) reported unaudited net income of $8.9
      million or $1.26 per share basic and $1.22 per share diluted, for the three
      months ended March 31, 2006, compared to unaudited net income of $2.0 million,
      or $0.52 per share basic and $0.49 diluted, for the three months ended March
      31,
      2005. EBITDA for the three months ended March 31, 2006 was $13.2 million as
      compared to $4.9 million for the comparable period of 2005. Basic earnings
      per
      share calculations are based on weighted average shares outstanding of 7,087,785
      and 3,854,145 respectively, for the three months ended March 31, 2006 and 2005.
      Diluted earnings per share calculations are based on weighted average shares
      outstanding of 7,315,224 and 4,139,585 respectively, for the three months ended
      March 31, 2006 and 2005. 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.





On
      April
      12, 2006, the Company obtained a listing on the Oslo Stock Exchange.





The
      following is a discussion of our financial condition and results of operations
      for the quarterly period ended March 31, 2006 and 2005. You should read this
      section together with the unaudited and audited consolidated financial
      statements for the periods mentioned above.




***Quarter
      Ended March 31, 2006 (unaudited) versus March 31, 2005
      (unaudited)***





*Revenues*





Revenues
      from voyage, time and bareboat charters increased $7.8 million or 56% from
      the
      first quarter of 2005 to that of 2006. The increase is due to the vessel
      acquisitions made in 2005 and 2006. The Company, through wholly-owned
      subsidiaries, acquired four combination carriers and one Panamax product tanker
      in 2005 and one combination carrier in the first quarter of 2006. Other revenue
      of $0.9 million was earned in respect of the combination carrier acquired in
      2006, in lieu of time-charter revenue, from the January 15, 2006 effective
      date
      of the purchase until the closing date.





*Voyage
      Expenses*





Voyage
      expenses decreased $0.6 million or 26% from 2005. The decrease is due to the
      fact that there were 155 voyage days during the three month period ended March
      31, 2005 whereas there were only 34 voyage days during this period in 2006.
      The
      change is reflective of the Company’s deliberate shift of exposure from the spot
      market to time charter employment. 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 $0.8 million or 14% for the three month period
      ended March 31, 2006 versus the comparable period in 2005. This increase is
      the
      result of the increase in number of vessels comprising the Company’s fleet.





*Depreciation
      and Amortization*





The
      increase in depreciation and amortization of $1.4 million or 64% is due to
      the
      increase in the age, size and number of vessels comprising the Company’s fleet.
      The five vessels acquired during 2005 are considerably larger and younger on
      average than other vessels in the fleet and were therefore 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 50%, to $0.3 million for the three month
      period ended March 31, 2006 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 increased $0.4 million or 60%. A portion of the increase is
      due
      to changes in the consulting arrangement with JV Equities. Costs for director
      and officers insurance, other consulting, travel and public relations also
      increased.





*Interest
      expense and interest income*





The
      $1.5
      million (220%) increase in interest expense is due to the impact of an increase
      of  $44.7 million in debt for the acquisition of two vessels in the third
      and fourth quarters of 2005, a capital lease obligation related to the
      acquisition in 2006 and to a full quarter of the $102 million loan
      drawn down in February and March of 2005, which increase in debt
      was partly offset by the impact of scheduled loan repayments in 2005 and 2006.
       The increase in interest income of $0.5 million is due to the fact that
      the Company’s average daily cash balance each month in the first quarter of 2006
      was $62.6 million compared to an average daily cash balance of $10.2 million
      for
      the same period in 2005.





*Equity
      in income of Nordan OBO II Inc.*





Equity
      in
      income of Nordan OBO II Inc. of $0.4 million represents income from the
      Company’s 50% interest in an entity which is the disponent owner of a 1992-built
      75,000 DWT combination carrier through a bareboat charter party, from the
      January 15, 2006 effective date of the acquisition through March 31, 2006.
      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.





***Liquidity
      and Capital Resources***





Cash
      at
      March 31, 2006, amounted to $46.9 million, a decrease of $13.9 million as
      compared to December 31, 2005. The decrease in the cash balance is
      attributable to outflows for investing activities of $17 million and
      financing activities of $ 9.2 million which were offset by net inflows from
      operations of $12.3 million.





The
      outflow for financing activities is primarily attributable to the payment
      of mortgage principal of $9.2 million.





The
      outflow for investing activities is attributable to an investment in a
      combination carrier for $3.64 million and the 50% investment in Nordan OBO
      II
      Inc. of $13.6 million. This was offset by an increase in the fair value of
      marketable securities of $0.2 million.





***Annual
      Report on Form 20-F filed with the Securities and Exchange
      Commission***





The
      Company also announced that it had filed its Annual Report on Form 20-F for
      the
      period ended December 31, 2005. Certain of the financial results were modified
      since the earnings release dated March 22, 2006 to reflect the financial
      reporting requirements of FTB 88-1 under US Generally Accepted Accounting
      Principles (“US GAAP”). The Company noted that FTB 88-1 requires that revenue
      recognition for three of its period time charters must be based on the average
      rate to be earned over the five year term of the charter parties, rather than
      the rates actually earned and paid by the charterer from year to year. The
      Company advised that for the year ended December 31, 2005, net income was $20.1
      million and EBITDA was $36.8 million. Deferred income totaled $5.4 million
      and
      included $2.7 million of time charter revenue actually earned and paid in full
      during 2005, but which could not be recognized as revenue for the period under
      FTB 88-1. The Company said its cash position remained unchanged from that
      reported on March 22, 2006 and that the revenue adjustment was solely a
      bookkeeping matter.





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, six
      combination carriers and a 50% interest in another and one panamax product
      carrier. Twelve of the vessels are currently fixed on long-term time charters,
      which varied in original length of between one and five years. The remaining
      two
      vessels are operated in the spot market at this time.





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 latest 6-K and press release
      reporting unaudited 2005 annual earnings and previous announcements, access
      the
      Company’s website:  www.bhocean.com





Company
      Contact:   John
      LeFrere


917.225.2800








**B+H
                  Ocean Carriers Ltd.****Consolidated
                  Balance Sheets****Unaudited**
              
              
              **Audited**
              
              
              **Unaudited**ASSETS
              
              
              **March
                  31, 2006**
              
              
              **December
                  31, 2005**
              
              
              **March
                  31, 2005**CURRENT
                  ASSETS:Cash
                  and cash equivalents
              
              $
              46,895,665
              
              $
              60,827,651
              
              $
              10,400,477Marketable
                  securities
              
              
              474,857
              
              
              567,566
              
              
              217,472Trade
                  accounts receivable, less allowance for doubtful accounts
                of
                  $229,000 and $137,000 in 2006 and 2005, respectively
              
              
              1,701,449
              
              
              2,258,572
              
              
              996,247Inventories
              
              
              1,509,247
              
              
              855,086
              
              
              524,994Prepaid
                  expenses and other current assets
              
              
              724,829
              
              
              1,210,915
              
              
              611,325**Total
                  current assets**
              
              
              51,306,047
              
              
              65,719,790
              
              
              12,750,515Vessels,
                  at cost:Vessels
              
              
              286,004,104
              
              
              249,067,385
              
              
              206,873,197Less
                  - Accumulated depreciation
              
              
              (38,492,364
              )
              
              (34,900,653
              )
              
              (33,796,265
              )247,511,740
              
              
              214,166,732
              
              
              173,076,932Investment
                  in Nordan OBO II Ltd
              
              
              13,611,453
              
              
              -
              
              
              -Other
                  assets
              
              
              1,509,281
              
              
              1,536,764
              
              
              1,292,796Fair
                  value of derivative asset
              
              
              11,204,713
              
              
              -
              
              
              -**Total
                  assets**
              
              $
              325,143,234
              
              $
              281,423,286
              
              $
              187,120,243LIABILITIES
                  AND SHAREHOLDERS' EQUITYCURRENT
                  LIABILITIES:Accounts
                  payable
              
              $
              2,993,919
              
              $
              4,025,919
              
              $
              5,452,774Accrued
                  liabilities
              
              
              2,992,891
              
              
              1,747,909
              
              
              3,443,906Accrued
                  interest
              
              
              542,371
              
              
              454,620
              
              
              554,709Current
                  portion of mortgage payable
              
              
              31,264,000
              
              
              32,602,000
              
              
              30,400,000Deferred
                  income
              
              
              5,754,462
              
              
              5,415,416
              
              
              2,486,109Other
                  liabilities
              
              
              292,410
              
              
              59,836
              
              
              173,690**Total
                  current liabilities**
              
              
              43,840,053
              
              
              44,305,700
              
              
              42,511,188Long
                  term debt
              
              
              141,998,472
              
              
              117,063,472
              
              
              98,165,472Fair
                  value of derivative liability
              
              
              10,321,684
              
              
              -
              
              
              -Commitments
                  and contingencies
              
              
              -
              
              
              -
              
              
              -SHAREHOLDERS'
                  EQUITY:Preferred
                  stock, $0.01 par value; 20,000,000 shares authorized;no
                  shares issued and outstanding
              
              
              -
              
              
              -
              
              
              -Common
                  stock, $0.01 par value; 30,000,000 shares authorized;7,557,268
                  shares issued, 7,087,785 and 3,908,847 sharesoutstanding
                  as of March 31, 2006 and 2005, respectively
              
              
              75,572
              
              
              75,572
              
              
              43,140Paid-in
                  capital
              
              
              94,067,440
              
              
              94,042,310
              
              
              37,538,669Retained
                  earnings
              
              
              38,836,880
              
              
              29,905,939
              
              
              11,825,700Treasury
                  stock
              
              
              (3,996,867
              )
              
              (3,969,707
              )
              
              (2,963,926
              )**Total
                  shareholders' equity**
              
              
              128,983,025
              
              
              120,054,114
              
              
              46,443,583**Total
                  liabilities and shareholders' equity**
              
              $
              325,143,234
              
              $
              281,423,286
              
              $
              187,120,243





**B+H
                  Ocean Carriers Ltd.****Unaudited
                  Consolidated Statements of Income****For
                  the three**
              
              
              **For
                  the three****months
                  ended**
              
              
              **months
                  ended****March
                  31, 2006**
              
              
              **March
                  31, 2005**Revenues:Voyage,
                  time and bareboat charter revenues
              
              $
              21,627,730
              
              $
              13,842,012Other
                  revenue
              
              
              886,675
              
              
              -Total
                  revenues
              
              
              22,514,405
              
              
              13,842,012Operating
                  expenses:Voyage
                  expenses
              
              
              1,663,622
              
              
              2,243,997Vessel
                  operating expenses, drydocking and survey costs
              
              
              6,735,271
              
              
              5,890,181Vessel
                  depreciation
              
              
              3,591,712
              
              
              2,187,754Amortization
                  of deferred charges
              
              
              81,909
              
              
              32,888General
                  and administrative:Management
                  fees to related party
              
              
              262,741
              
              
              175,478Consulting
                  and professional fees, and other expenses
              
              
              1,071,168
              
              
              671,066Total
                  operating expenses
              
              
              13,406,423
              
              
              11,201,364Income
                  from vessel operations
              
              
              9,107,982
              
              
              2,640,648Other
                  income (expense):Equity
                  in income of Nordan OBO II
              
              
              431,810
              
              
              -Interest
                  expense
              
              
              (2,123,161
              )
              
              (663,985
              )Interest
                  income
              
              
              505,705
              
              
              22,541Gain
                  on trading marketable securities
              
              
              125,576
              
              
              19,202Gain
                  on fair value of interest rate swap
              
              
              883,029
              
              
              -Total
                  other expenses, net
              
              
              (177,041
              )
              
              (622,242
              )Net
                  income
              
              $
              8,930,941
              
              $
              2,018,406Basic
                  earnings per common share
              
              $
              1.26
              
              $
              0.52Diluted
                  earnings per common share
              
              $
              1.22
              
              $
              0.49Weighted
                  average number of common shares outstanding:Basic
              
              
              7,087,785
              
              
              3,854,145Diluted
              
              
              7,315,224
              
              
              4,139,585




**B+H
                  Ocean Carriers Ltd.****Unaudited
                  Consolidated Statements of Cash Flows****For
                  the three**
              
              
              **For
                  the three****months
                  ended**
              
              
              **months
                  ended****March
                  31, 2006**
              
              
              **March
                  31, 2005**CASH
                  FLOWS FROM OPERATING ACTIVITIES:Net
                  income
              
              $
              8,930,941
              
              $
              2,018,406Adjustments
                  to reconcile net income to net cash provided by operating activities:Vessel
                  depreciation
              
              
              3,591,712
              
              
              2,187,754Amortization
                  of deferred charges
              
              
              81,909
              
              
              32,888Gain
                  on fair value of marketable securities
              
              
              (125,576
              )
              
              (19,202
              )Gain
                  on fair value of interest rate swaps
              
              
              (883,029
              )
              
              -Changes
                  in assets and liabilities:Decrease
                  in trade accounts receivable
              
              
              557,123
              
              
              4,549,257(Increase)
                  decrease in inventories
              
              
              (654,161
              )
              
              245,387Decrease
                  in prepaid expenses and other assets
              
              
              488,845
              
              
              155,500(Decrease)
                  increase in accounts payable
              
              
              (1,032,000
              )
              
              121,746Increase
                  in accrued liabilities
              
              
              1,244,982
              
              
              1,145,082Increase
                  in accrued interest
              
              
              87,751
              
              
              286,867Increase
                  in deferred income
              
              
              339,046
              
              
              1,186,695Increase
                  in other liabilities
              
              
              232,574
              
              
              97,604Payments
                  for special surveys
              
              
              (536,719
              )
              
              (1,967,697
              )Total
                  adjustments
              
              
              3,392,457
              
              
              8,021,881Net
                  cash provided by operating activities
              
              
              12,323,398
              
              
              10,040,287CASH
                  FLOWS FROM INVESTING ACTIVITIES:Purchase
                  and investment in vessels
              
              
              (3,640,000
              )
              
              (110,200,000
              )Investment
                  in Nordan OBO II
              
              
              (13,179,643
              )
              
              -Increase
                  in marketable securities
              
              
              218,284
              
              
              -Equity
                  in income of Nordan OBO II
              
              
              (431,810
              )Net
                  cash used in investing activities
              
              
              (17,033,169
              )
              
              (110,200,000
              )CASH
                  FLOWS FROM FINANCING ACTIVITIES:Payments
                  for debt issuance costs
              
              
              (56,926
              )
              
              (864,372
              )Mortgage
                  proceeds
              
              
              -
              
              
              102,000,000Purchase
                  of treasury stock
              
              
              (39,994
              )
              
              -Issuance
                  of treasury shares
              
              
              37,705
              
              
              61,540Payments
                  of mortgage principal
              
              
              (9,163,000
              )
              
              (2,700,000
              )Net
                  cash provided by financing activities
              
              
              (9,222,215
              )
              
              98,497,168Net
                  decrease in cash and cash equivalents
              
              
              (13,931,986
              )
              
              (1,662,545
              )Cash
                  and cash equivalents, beginning of period
              
              
              60,827,651
              
              
              12,063,022Cash
                  and cash equivalents, end of period
              
              $
              46,895,665
              
              $
              10,400,477