MCX MC Shipping

MC Shipping Inc. (AMEX: MCX) (the "Company") announced today that it has taken further steps to focus on the liquefied petroleum gas (LPG) shipping sector with an agreement to acquire a liquefied petroleum gas (LPG) tanker from the A.P. Moller - Maersk Group of Denmark. The vessel, Hans Maersk is a 1993-built semi-refrigerated LPG carrier of 20,700 cbm capacity. The acquisition is being funded out of current cash holdings and a bank loan. The vessel is expected to be delivered before July 31, 2006. Simultaneously with the purchase, she will be time-chartered back to A.P. Moller - Maersk for a minimum period of 5 years. The Company further announced that it has signed contracts to sell its two small coastal bulkers, Bay Trader and Link Trader. Delivery to buyers is expected within June 2006. "In line with our strategy, we continue to grow our interests in the LPG sector and we are very pleased to have the chance to do that with a secure long term contract," commented CEO Tony Crawford. "Concurrently, while our investment in the Bay Trader and Link Trader has been profitable for shareholders, the time has come to dispose of these vessels that are non-core to the Company's main business. The sale proceeds will be used for further investments in the LPG sector shortly," continued Crawford. Following the delivery of Hans Maersk and sale of two coastal bulkers, the Company will fully or partially own a fleet of 17 vessels, of which 13 are LPG tankers ranging in capacity from 3,000 to 77,000 cbm. The Company retains an investment in four container carriers. 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.