MCX MC Shipping

MC Shipping Inc. (AMEX: MCX) announced today that it has agreed to acquire three liquefied petroleum gas (LPG) vessels from the Komaya Group of Japan. The vessels, Windermere, Ullswater and Grasmere, built in 1995, 1996 and 1997, respectively, are fully pressurized LPG tankers of 6,500 to 7,200 cbm capacity each. The acquisition is being funded out of current cash holdings and a facility from one of the Company's regular financiers. The vessels are expected to be delivered before August 15, 2007. Simultaneously with the purchase, they will be time-chartered to Vitol SA, a major international oil and gas trading company for initial periods of up to 3 years. �Earlier this year, we created a special purpose vehicle which allowed us to retain exposure to our core market but also released additional equity from our small LPG vessels to a German KG�, stated CEO Tony Crawford. �Continuing our focus on LPG shipping, we are pleased now to reinvest again in this attractive segment.� �The Company estimates that the purchase will add approximately $10.5 million in revenue and $6.3 million in EBITDA in a full year of trading, improve our fleet's age profile and increase our presence in the chosen industry sector", concluded Crawford. Following the delivery of these three LPG tankers, MC Shipping Inc. will fully or partially own a fleet of 22 vessels, of which 18 are LPG carriers ranging from 3,000 to 77,000 cbm capacity. The Company retains an investment in four container carriers. ABOUT MC SHIPPING INC. MC Shipping Inc. is an international shipping company focused on maritime transportation of liquefied petroleum gas (LPG), with headquarters in Monaco and an office in London. MC Shipping fully or partially owns and operates a fleet of 19 vessels that serve the world�s major oil, gas, shipping and trading companies. FORWARD-LOOKING STATEMENTS Except for the historical information contained herein, the matters discussed in this press release could contain �forward-looking statements� that are based on current expectations and assumptions that involve risks and uncertainties, which could cause actual results to differ materially from those predicted. MC Shipping Inc. undertakes no obligation to update any forward-looking statement to conform to actual results or changes in the Company�s expectations, whether as a result of new information, future events, or otherwise.