MCX MC Shipping

MC Shipping Inc. (AMEX: MCX) (the �Company�), a leading liquefied petroleum gas (LPG) maritime carrier, announced today that its Board of Directors has declared a quarterly cash dividend of $0.0625 per share of common stock payable on November 3, 2006 to shareholders of record as of October 20, 2006. The Company also announced that it has now completed the transfer of the technical management of its LPG fleet to three of the world�s major marine services groups, Anglo-Eastern and Wallem of Hong Kong, and Hanseatic Shipping of Cyprus. These three independent managers chosen on competitive basis will look after the Company�s 15-ship strong fleet of LPG tankers. The Company�s remaining container ships will remain with the current managers �We anticipate the shareholders to benefit from this change to unrelated managers who, we trust, will maintain our ships up to the highest standards of safety and quality,� commented Tony Crawford, CEO of MC Shipping. �One of our new managers, Hanseatic Shipping has just passed its first test by exceptional circumstances,� continued Crawford. �Last month, our vessel, Kew Bridge suffered an unfortunate grounding incident off the Indian coast, and we praise the crew and managers� professionalism in handling this difficult situation. We are pleased to state that no one was hurt and that there was no environmental damage caused by this incident. �The ship is now safely afloat and we are assessing extent of damages and estimated repair needs. We do not, however, expect this incident to have a material impact on the Company�s results since the costs are largely recoverable under the vessel�s insurance,� concluded Crawford. ABOUT MC SHIPPING INC. MC Shipping Inc. is an international shipping company focused on maritime transportation of the liquefied petroleum gas (LPG), with headquarters in Monaco and an office in London. MC Shipping fully or partially owns and operates a diversified fleet of 19 vessels that serve the world�s major oil, gas, shipping and trading companies. MC Shipping Inc. (AMEX: MCX) (the "Company"), a leading liquefied petroleum gas (LPG) maritime carrier, announced today that its Board of Directors has declared a quarterly cash dividend of $0.0625 per share of common stock payable on November 3, 2006 to shareholders of record as of October 20, 2006. The Company also announced that it has now completed the transfer of the technical management of its LPG fleet to three of the world's major marine services groups, Anglo-Eastern and Wallem of Hong Kong, and Hanseatic Shipping of Cyprus. These three independent managers chosen on competitive basis will look after the Company's 15-ship strong fleet of LPG tankers. The Company's remaining container ships will remain with the current managers "We anticipate the shareholders to benefit from this change to unrelated managers who, we trust, will maintain our ships up to the highest standards of safety and quality," commented Tony Crawford, CEO of MC Shipping. "One of our new managers, Hanseatic Shipping has just passed its first test by exceptional circumstances," continued Crawford. "Last month, our vessel, Kew Bridge suffered an unfortunate grounding incident off the Indian coast, and we praise the crew and managers' professionalism in handling this difficult situation. We are pleased to state that no one was hurt and that there was no environmental damage caused by this incident. "The ship is now safely afloat and we are assessing extent of damages and estimated repair needs. We do not, however, expect this incident to have a material impact on the Company's results since the costs are largely recoverable under the vessel's insurance," concluded Crawford. ABOUT MC SHIPPING INC. MC Shipping Inc. is an international shipping company focused on maritime transportation of the liquefied petroleum gas (LPG), with headquarters in Monaco and an office in London. MC Shipping fully or partially owns and operates a diversified fleet of 19 vessels that serve the world's major oil, gas, shipping and trading companies.