GLOBAL OCEAN CARRIERS POSTS $4.5 MILLION PROFIT

GLOBAL OCEAN CARRIERS POSTS $4.5 MILLION PROFIT

Global Ocean Carriers Ltd., a bulk shipping company launched in 1988, had 1989 net income of $4.5 million, or $1.49 a share, the company said.

Net income before depreciation, but after a provision for dry-dockings and special surveys, was $6.6 million, equivalent to $2.21 a share. The company paid $1.90 a share in dividends for the full year, including 60 cents a share paid in March 1990, covering last year's fourth quarter.In a statement issued Friday, Global's chairman, Alan Kennedy, hinted the company might not fare as well this year as in 1989. "Although freight rates in 1990 may reflect a slowing in growth of world trade relative to the past few years, the board remains optimistic concerning the longer-term trends in the bulk cargo industry," the statement said.

The company also named a new chief financial officer. James Fairbairn, formerly an investment banker with Merrill Lynch International & Co., was named to replace Earl Cowley in the post. Global Ocean Carriers said Mr. Cowley has resigned to accept an appointment with Thomas R. Miller (Bermuda) Ltd., a protection and indemnity club.

Global Ocean Carriers owns five bulk carriers of Panamax and Handy sizes, and two Cape-size combination carriers. The Piraeus-based company purchased six of the ships in 1989, using proceeds of a December 1988 initial public stock offering augmented by bank loans. A seventh ship, the Global Makatcha, was purchased earlier this year.

The six Global vessels available for hire during 1989 were chartered for 1,251 days out of 1,340 available operating days and received net charter hire of $12.5 million, the company said.

Global said it prepaid $1.5 million of bank loans in February, reducing the company's long-term debt to $16.8 million. In conjunction with the repayment, the company obtained a $7 million revolving line of credit secured by a second mortgage on its vessels, to provide for future working capital requirements.