MCX MC Shipping

MC Shipping Inc. (AMEX: MCX) (the "Company"), a leading liquefied petroleum gas (LPG) maritime carrier, announced today that it has agreed to acquire two 15,360 cbm semi-refrigerated LPG tankers, Tyco Brahe and Immanuel Kant from the Bernhard Schulte Group of Germany. The acquisition will be funded using current cash holdings and a bank loan from one of the Company's regular financiers. The vessels are expected to be delivered before July 31, 2006, and will be immediately time-chartered back to the Schulte Group for use in the Scandigas Pool for a minimum period of 2 years. "The further expansion of our fleet announced today reflects our core strategy: to build an increased presence in the LPG industry sector with strong partners," stated Tony Crawford, CEO of MC Shipping. "These two vessels, together with the recent acquisition of Hans Maersk, constitute a $71.5 million investment package that, once delivered, will increase revenues by approximately $1.7 million per month. Its positive contribution to the Company's Annual Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) is expected at approximately $14.5 million, annualized, clearly illustrating not only strategic value but the prospect for enhanced shareholder returns." Separately, the Company announced the appointment of Johan Wedell-Wedellsborg to the Board of Directors. Mr. Wedell-Wedellsborg is the owner and the Chief Executive Officer of Weco-Rederi A/S and the Chief Executive Officer of Dannebrog Rederi, a chemical tanker shipowning and operating subsidiary of Weco-Rederi. Weco-Rederi is also the parent company of Nordana Line, one of the premier multipurpose RoRo liner carriers. Mr. Wedell-Wedellsborg replaces Tullio Biggi who is stepping down from the board after two years of service. "Johan's background as a shipowner brings the right blend of expertise and motivation to our board," said Crawford. "We look forward to his contributions as our Company continues to grow." ABOUT MC SHIPPING INC. MC Shipping Inc. is an international shipping company with headquarters in Monaco and an office in London. The Company shares are listed on the American Stock Exchange (AMEX: MCX). Following the delivery of the Hans Maersk, Tyco Brahe and Immanuel Kant, the Company will fully or partially own a fleet of 15 LPG tankers with total capacity of 367,040 cbm. The Company also retains an investment in four container carriers, bringing the total fleet to 19 vessels. 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.