MCX MC Shipping

MC Shipping Inc. (AMEX: MCX) announced today that it has agreed to acquire a liquefied petroleum gas (LPG) vessel from a subsidiary of Vitol SA, a major international oil and gas trading company. The vessel, Keswick, is built in 2003 and has a capacity of 11,000 cbm. The vessel is expected to be delivered at the end of June 2008. Simultaneously with the purchase, she will be time-chartered back to Vitol SA for a minimum period of three years. The Company expects to finance the acquisition with a combination of bank debt and internal cash resources. The Company will not be paying any of the purchase price until 2008. �Staying committed to the LPG shipping, we are satisfied to realize this value-creating investment in the vessel that will help to improve our fleet�s age profile, expand our presence in the buoyant mid-size LPG sector and provide attractive returns to the shareholders, generating approximately $4.6 million in additional revenues and $3.3 million in EBITDA per year,� commented CEO Tony Crawford. Disposal of Interest in a Container Vessel The Company further announced that its associate, MUNIA Mobiliengesellschaft mBH & Co. KG (�MUNIA�), in which the Company retains a 25.8% interest, has agreed to sell its container vessel, Maersk Belawan to a third party for a gross consideration of $13.15 million. The proceeds will be used to prepay the loan balance on the vessel and pay the costs and duties incurred in connection with the sale. Remaining net proceeds are expected to be distributed to the shareholders of MUNIA, including the Company, which will receive $1 million plus 40% of any amount in excess of $4.9 million. The delivery of the Maersk Belawan vessel to the buyers is expected before the end of February 2008. �We are pleased to benefit from participating in yet another significant release of value on the assets that we strategically placed in the special-purpose KG vehicle back in January 2005, thus maximizing returns to our shareholders,� stated Crawford. �This transaction also signifies another step to focus on the LPG business that we believe offers the most attractive long-term prospects for growth and profitability. Further disposals of these investments will be made when we can release similar value," concluded Crawford. Dividend The Company also announced today that its Board of Directors has declared a quarterly cash dividend of $0.0625 per share of common stock payable on July 30, 2007 to shareholders of record as of July 16, 2007. 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. Presently, 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.