SECURITIES PURCHASE AGREEMENT





         THIS SECURITIES PURCHASE AGREEMENT (this "Agreement") is entered into

as of July 30, 2007, by and among each of the parties listed on Schedule I

annexed hereto (each, a "Seller" and collectively, the "Sellers"), and Mast

Acquisition Ltd., a Bermuda exempted limited company (the "Purchaser").



         WHEREAS, contemporaneously herewith, Purchaser is entering into an

Agreement and Plan of Merger among MC Shipping Inc., a corporation organized

under the laws of the Republic of Liberia (the "Company"), Purchaser and an

affiliate of Purchaser (the "Merger Agreement");



         WHEREAS, the Sellers own an aggregate of 5,075,718 shares of common

stock, par value $.01 per share, of the Company ("Common Stock");



         WHEREAS, each Seller desires to sell to Purchaser, and Purchaser

desires to purchase from each Seller, all of such Seller's shares of Common

Stock (the "Purchased Shares") on the terms set forth herein; and



         WHEREAS, prior to the execution and delivery hereof, Messrs. Enrico

Bogazzi and Johan Wedell-Wedellsborg have each resigned their positions as

directors of the Company (and, to the extent applicable, its subsidiaries) and

did not participate in the negotiation of the Merger Agreement.



         NOW, THEREFORE, in consideration of the foregoing recitals and the

representations, warranties, covenants, and agreements herein contained, and

other good and valuable consideration, the receipt and sufficiency of which are

hereby acknowledged, the parties hereto intending to be legally bound, agree as

follows:



                                   ARTICLE 1



                      SALE AND PURCHASE OF PURCHASED SHARES



               1.1 Sale and Purchase of Purchased Shares. At the Closing (as

          defined below) and on the terms set forth herein, (a) each Seller

          shall sell and deliver to Purchaser all of its right, title, and

          interest in and to the amount of Purchased Shares set forth opposite

          such Seller's name on Schedule I hereto, and (b) Purchaser shall

          purchase and accept from each such Seller, all right, title, and

          interest of such Seller in and to such Purchased Shares, free and

          clear of all mortgages, liens, claims, pledges, security interests,

          transfer restrictions and other encumbrances ("Liens"), in each case

          in the amount as set forth opposite each Seller's name on Schedule I

          hereto. The closing (the "Closing") with respect to any Purchased

          Shares will take place upon the completion of the deliveries required

          by Section 1.3(a) and (b) hereof with respect to such Purchased

          Shares, it being understood and agreed that the Closing of the

          Purchased Shares owned by the Sellers in book-entry form (the

          "Electronic Shares") shall take place on the date hereof, concurrently

          with the execution and delivery of this Agreement.



               1.2 Purchase Price. The purchase price for the Purchased Shares

          shall be U.S. $14.25 per each such share. Purchaser shall pay to each

          Seller the amount in cash set forth opposite such Seller's name on

          Schedule I hereto (collectively, the "Aggregate Purchase Price") as

          consideration for the purchase of the Purchased Shares by wire

          transfer of immediately available funds to the accounts set forth on

          Schedule II hereto. The consideration payable by Purchaser for the

          Electronic Shares is set forth on Schedule I hereto.



{PAGE}



               1.3 Deliveries.



               (a) At the Closing, (i) in respect of Purchased Shares that are

not Electronic Shares (the "Certificated Shares"), if any, each Seller shall

deliver to the Company's transfer agent one or more share certificates

representing the relevant Purchased Shares (in such amounts as set forth

opposite each such Seller's name on Schedule I hereto), accompanied by (A) a

duly endorsed stock power in blank or other appropriate instrument of transfer

as may be required by the transfer agent (duly endorsed or otherwise in form

sufficient for transfer), and (B) written instructions to the transfer agent to

issue a new share certificate to Purchaser and (ii) in respect of the Electronic

Shares, if any, each Seller shall cause to be issued to Purchaser confirmation

of book entry transfer of such shares into Depository Trust Company accounts of

Purchaser as may be designated by Purchaser.



               (b) At the Closing, Purchaser shall deliver to each Seller the

portion of the Aggregate Purchase Price payable to such Seller in accordance

with Section 1.2 above.



               (c) After the date hereof, each Seller shall, with respect to

such Seller's Purchased Shares (i) use its commercially reasonable efforts to

take, or cause to be taken, all actions necessary or appropriate to consummate

the transactions contemplated by this Agreement and (ii) cooperate with

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