B+H Ocean Carriers Ltd. Announces Obtaining Waivers of Certain Loan Covenant Breaches as of December 31, 2008, and Applying for 15 Day Extension to File its 20-F report

About B+H Ocean Carriers Ltd.

The Company was organized as a corporation under Liberian law on April 28, 1988 to engage in the business of acquiring, investing in, owning, operating and selling vessels for dry bulk and liquid cargo transportation. As of June 30, 2009, the Company owned and operated two dry bulkcarriers, four medium-range product/chemical tankers, one Panamax product tanker and five ore/bulk/oil combination carriers (“OBOs”). The Company also owns a 50% interest in a company which is the disponent owner of a 1992-built 75,000 DWT Combination Carrier, effected through a lease structure. Each vessel accounts for a significant portion of the Company’s revenues. On July 29, 2008, the Company, through a wholly-owned subsidiary, acquired an Accommodation Field Development Vessel (“AFDV”) under construction, for delivery in the 1st quarter of 2010.

Safe Harbor Statement

Certain statements contained in this press release, including, without limitation, statements containing the words “believes,” “anticipates,” “expects,” “intends,” and words of similar import, constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases, regarding the Company’s financial and business prospects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, those set forth in the Company’s Annual Report and filings with the Securities and Exchange Committee. Given these uncertainties, undue reliance should not be placed on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained or incorporation by reference herein to reflect future events or developments.

For further information, including the Company’s 2007 Annual Report on Form 20F and previous announcements, access the Company’s website: www.bhocean.com.

B+H Ocean Carriers Ltd.
John LeFrere, +1-917-225-2800
investorrelations@bhcousa.com