MCX MC Shipping

MC Shipping Inc. (AMEX: MCX) (the "Company") reports that on October 5, 2005, the previously announced transaction between the Company's principal shareholding was successfully completed, whereby the Navalmar group acquired 1,780,000 shares of the Company's common stock from V.Ships. Following completion of this transaction, Navalmar now beneficially owns approximately 51.4% of the Company's outstanding stock. V.Ships, with associates, still beneficially own approximately 2.8% of the Company's outstanding stock. The Company's CEO, Mr. Crawford, observed, "The Company is well underway in turning around its results; we are comfortable with the guidance given for 2005 and believe that 2006 will show a marked further improvement on 2005. We appreciate that this strong ship owning group has reinforced its faith in our strategy, and we are both pleased and fortunate to welcome Navalmar as majority shareholders who are supportive in our aspiration to continue growing the business." This news release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. One can generally identify these forward-looking statements because they contain "expect," "believe," "anticipate," "estimate," "confident" and other words that convey a similar meaning. One can also identify these statements as statements that do not relate strictly to historical or current facts. One should understand that it is not possible to predict or identify all factors that could cause actual results to differ from the Company's forward-looking statements. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.