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      MC Shipping Inc. S-8 03-24-2006
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      filed
      with the Securities and Exchange Commission on March 24, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
      No. 333-</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>FORM
      S-8</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>REGISTRATION
      STATEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNDER</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>THE
      SECURITIES ACT OF 1933</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman"><strong>MC
      SHIPPING INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of issuer as specified in its charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="4%">&#160;</td>
            <td valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Liberia</strong></font></div>
            </td>
            <td valign="top" width="4%">&#160;</td>
            <td valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>98-0101881</strong></font></div>
            </td>
            <td valign="top" width="4%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="4%">&#160;</td>
            <td valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                of Incorporation)</font></div>
            </td>
            <td valign="top" width="4%">&#160;</td>
            <td valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
                Employer Identification No.)</font></div>
            </td>
            <td valign="top" width="4%">&#160;</td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Richmond
      House, 12 Par-la-ville Road, Hamilton HM CX, Bermuda</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>441-295-7933</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
      and telephone number of principal executive offices)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>MC
      Shipping Inc. 2001 Stock Option Plan</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Full
      Title of the Plans)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>John
      Blankley</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>10
      Doverton Drive, Greenwich, CT 06831</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>203-416-5811</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Name,
      address and telephone number of agent for service)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
      address a copy of all communications to:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Dominique
      Sergent</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Chief
      Financial Officer, Vice President and Treasurer</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>MC
      Shipping Inc.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>24,
      avenue de Fontvieille</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>98000
      Monaco</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>+
      (377) 9205 9404</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Joy
      K. Gallup, Esq.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Milbank,
      Tweed, Hadley &amp; McCloy LLP</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>One
      Chase Manhattan Plaza</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>New
      York, New York 10005</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(212)
      530-5211</strong></font></div>
    <div>&#160;</div>
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    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CALCULATION
      OF REGISTRATION FEE</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title
                of Securities to be</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registered</font></div>
            </td>
            <td valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amount
                to be</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registered
                (1)</font></div>
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            <td valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proposed</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maximum</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Offering
                Price</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Per</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Share</font></div>
            </td>
            <td valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proposed</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maximum</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aggregate</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Offering
                Price </font></div>
            </td>
            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amount
                of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
                Fee</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                Stock (par value </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$0.01
                per share)</font></div>
            </td>
            <td valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">357,996
                shares (2)</font></div>
            </td>
            <td valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$11.21
                (3)</font></div>
            </td>
            <td valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$4,015,204</font></div>
            </td>
            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$430</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <hr style="COLOR: black" align="left" noshade size="1" width="100%">
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&#160;&#160;Pursuant
      to Rule 416(c) under the Securities Act of 1933, as amended (the "Securities
      Act"), this registration statement also covers any additional securities that
      may be offered or issued in connection with any stock split, stock dividend
      or
      similar transaction.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)&#160;&#160;Represents
      (i)&#160;186,398 shares of common stock issuable upon exercise of options issued
      and available to be issued under the 2001 Stock Option Plan and
      (ii)&#160;171,598 shares of common stock for resale by certain current and
      former employees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)&#160;&#160;Computed
      in accordance with Rule 457(h) of the Securities Act, solely for purposes of
      calculating the registration fee based on the exercise price of $9.228 for
      the
      186,398 shares underlying the outstanding options and, for the remaining 171,598
      shares, by averaging the high and low sales prices of MC Shipping Inc. common
      stock as reported by the American Stock Exchange on March&#160;20,
      2006.</font></div>
    <div><br></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">2</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXPLANATORY
      NOTE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      prepared this Registration Statement in accordance with the requirements of
      Form
      S-8 under the Securities Act, to register 357,996 shares of common stock of
      MC
      Shipping Inc. (&#8220;MC Shipping,&#8221; the &#8220;Registrant,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or
&#8220;our&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Of
      the
      shares to be registered pursuant to this Registration Statement, 186,398 have
      been reserved for issuance pursuant to the terms of MC Shipping&#8217;s 2001 Stock
      Option Plan (the &#8220;Plan&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Registration Statement also registers the reoffer and resale, as permitted
      by
      Form S-8 General Instruction C and Rule 429 of the Securities Act, of up to
      357,996 shares of common stock of MC Shipping, of which 171,598 shares of common
      stock have been issued under the Plan prior to, or are issuable after, the
      filing of this Registration Statement to certain current and former employees
      named herein (the &#8220;Selling Shareholders&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Registration Statement contains two parts. The first part contains a &#8220;reoffer
      prospectus&#8221; prepared in accordance with Part I of Form S-3 of the Securities
      Act. The second part contains information required in this Registration
      Statement pursuant to Part II of Form S-8. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PART
      I</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INFORMATION
      REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 45pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
                1.</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PLAN
                INFORMATION</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      documents containing the information specified in Part I of Form S-8 will be
      sent or given to Plan participants as specified by Rule 428(b)(1) of the
      Securities Act. Such documents are not being filed with the Securities and
      Exchange Commission (the &#8220;Commission&#8221;) either as part of this Registration
      Statement or as prospectuses, or prospectus supplements pursuant to Rule 424
      of
      the Securities Act, but constitute (along with the documents incorporated by
      reference into this Registration Statement pursuant to Item 3 of Part II hereof)
      a prospectus that meets the requirements of Section 10(a) of the Securities
      Act.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 45pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
                2.</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REGISTRANT
                INFORMATION AND EMPLOYEE PLAN
                INFORMATION</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Registrant will, upon written or oral request, provide without charge to any
      persons to whom the prospectuses relating to this Registration Statement are
      delivered, a copy of any and all of the information which has been incorporated
      by reference in such prospectuses and this Registration Statement (pursuant
      to
      Item 3 of Part II hereof). Such requests should be directed to the Secretary,
      MC
      Shipping Inc., 24, avenue de Fontvieille, 98000 Monaco (telephone: + (377)
      9205
      9404).</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REOFFER
      PROSPECTUS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MC
      SHIPPING INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">357,996
      SHARES OF COMMON STOCK</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      prospectus relates to up to 357,996 shares of common stock, par value $.01
      per
      share, of MC Shipping Inc. which may be offered or sold from time to time by
      the
      Selling Shareholders. These shares of common stock are issued or issuable upon
      exercise of stock options held by the Selling Shareholders pursuant to the
      Plan.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      price
      at which a Selling Shareholder may sell any shares of common stock will be
      determined by the prevailing market price for such shares or through a privately
      negotiated transaction. We will receive no part of the proceeds of any sale
      of
      such shares made hereunder. We are paying the expenses incurred in registering
      the shares, but all selling and other expenses incurred by each of the Selling
      Shareholders will be borne by that Selling Shareholder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      common stock is traded on the American Stock Exchange under the symbol &#8220;MCX&#8221;. On
      March</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,
      2006,
      the last reported sale price of our common stock on the American Stock Exchange
      was $13.45 per share.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      mailing address of our principal executive offices is </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Richmond
      House, 12 Par-la-ville Road, Hamilton HM CX, Bermuda</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      and our
      telephone number is (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">441)
      295-7933</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INVESTING
      IN OUR COMMON STOCK INVOLVES RISKS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PLEASE
      SEE &#8220;RISK FACTORS&#8221; BEGINNING ON PAGE 5.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
      person
      has been authorized to give any information or to make any representations,
      other than those contained in this prospectus in connection with the offering
      made hereby, and if given or made, such information or representations must
      not
      be relied upon as having been authorized by us, any Selling Shareholder or
      any
      other person. Neither the delivery of this prospectus nor any sale made
      hereunder shall, under any circumstances, create any implication that
      information herein is correct as of any time subsequent to the date hereof.
      This
      prospectus does not constitute an offer to sell or a solicitation of an offer
      to
      buy any security other than the securities covered by this prospectus, nor
      does
      it constitute an offer to or solicitation of any person in any jurisdiction
      in
      which such offer or solicitation may not lawfully be made.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      prospectus contains certain forward-looking statements. Actual results could
      differ materially from those projected in the forward-looking statements due
      to
      a number of factors, including those set forth under &#8220;Risk Factors&#8221; and
      elsewhere in this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Neither
      the Securities and Exchange Commission nor any state securities commission
      has
      approved or disapproved of these securities or determined if this prospectus
      is
      truthful or complete. Any representation to the contrary is a criminal
      offense.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      date
      of this prospectus is March 24, 2006.</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em><a href="#toc">Table
            of Contents</a></em></font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="toc">TABLE
      OF CONTENTS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="90%">&#160;</td>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PAGE
                </font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#mcshipping">MC
                SHIPPING INC</a></font></div>
            </td>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#risk">RISK
                FACTORS</a></font></div>
            </td>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#use">USE
                OF PROCEEDS</a></font></div>
            </td>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#selling">SELLING
                SHAREHOLDERS</a></font></div>
            </td>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#plan">PLAN
                OF DISTRIBUTION</a></font></div>
            </td>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#description">DESCRIPTION
                OF SECURITIES</a></font></div>
            </td>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#experts">EXPERTS</a></font></div>
            </td>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#where">WHERE
                YOU CAN FIND MORE INFORMATION</a></font></div>
            </td>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="#incorporation">INCORPORATION
                OF CERTAIN DOCUMENTS BY
                REFERENCE</a></font></div>
            </td>
            <td align="left" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="mcshipping">MC
      SHIPPING INC.</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MC
      Shipping was incorporated on March 17, 1989, in the Republic of Liberia.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Since
      its
      founding, the Registrant has been engaged in the business of investing in,
      owning and operating second-hand vessels. As of December 31, 2005, the
      Registrant's fleet included nine liquid petroleum gas ("LPG") carriers and
      two
      multipurpose seariver vessels. Each of the Registrant&#8217;s vessels is owned by a
      separate wholly owned subsidiary of the Registrant. In</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">addition,
      the Registrant has a 25.8% percent interest in four containerships and a 50%
      participation in an additional LPG carrier;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An
      LPG
      carrier is designed to carry petroleum gases used primarily as low pollution
      fuels and as feedstock in the petrochemical and fertilizer industries. A
      containership is a vessel designed exclusively to carry containers. A
      multipurpose seariver vessel is a small vessel capable of carrying general
      cargo
      and/or bulk cargo both on rivers and at sea.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Registrant generally employs its vessels on time charter, bareboat charter
      or
      spot charter. With time charters, the Registrant receives a fixed charterhire
      per on-hire day and is responsible for meeting all the operating expenses of
      the
      vessels, such as crew costs, voyage expenses, insurance, repairs and
      maintenance. In the case of bareboat charters, the Registrant receives a fixed
      charterhire per day for the vessel and the charterer is responsible for all
      the
      costs associated with the vessel's operation during the bareboat charter period.
      In the case of voyage charters, the vessel is contracted only for a voyage
      between two ports: the Registrant is paid for the tonnage transported and pays
      all voyage costs.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="risk">RISK
      FACTORS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      should carefully consider the following factors and other information in this
      prospectus and in our annual reports on Forms 10-K when you evaluate our
      business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Risks
      Related to the Shipping Industry</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Our
      business is subject to the general volatility of the shipping
      market</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      shipping industry is subject to cyclical fluctuations in charter rates and
      vessel values based on changes in supply and demand. The industry has been
      experiencing volatility in profitability, vessel values and charter rates
      resulting from changes in the supply of, and demand for, shipping capacity.
      The
      demand for ships is influenced by, among other factors, global and regional
      economic conditions, developments in international trade, changes in seaborne
      and other transportation patterns, weather patterns, crop yields, armed
      conflicts, port congestion, canal closures, political developments, conflicts,
      embargoes and strikes. The demand for ships is also influenced by, among other
      things, the demand for consumer goods and perishable foodstuffs, dry bulk
      commodities, crude oil and oil products. Demand for such products is affected
      by, among other things, general economic conditions, commodity prices,
      environmental concerns, weather and competition from alternative fuels. The
      supply of shipping capacity is a function of the delivery of new vessels and
      the
      number of older vessels scrapped, converted to other uses, reactivated or lost.
      Such supply may be affected by regulation of maritime transportation practices
      by governmental and international authorities. All of these factors which affect
      the supply of and demand for vessel capacity are beyond the control of the
      Registrant. In addition, the nature, timing and degree of changes in the
      shipping markets, in which the Registrant operates, as well as future charter
      rates and values of its vessels, are not readily predictable. </font></div>
    <div><br></div>
    <div>
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            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em><a href="#toc">Table
            of Contents</a></em></font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Our
      business is subject to significant environmental and other
      regulations.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      operation of vessels is affected by extensive and changing environmental
      protection and other laws and regulations, compliance with which may entail
      significant expense, including expenses for ship modifications and changes
      in
      operating procedures. Such expense could have a material adverse effect on
      the
      Registrant at any time.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Our
      business is subject to</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>government
      regulation which may increase our costs and potential liabilities, including
      for
      the failure to obtain required permits, licenses and certificates and the
      failure to keep up with changing regulations</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      shipping business is materially affected by government regulation in the form
      of
      international conventions, national, state or local laws and regulations, and
      laws and regulations of the flag nations of its vessels, including laws relating
      to the discharge of materials into the environment. Because such conventions,
      laws and regulations are often revised, the Registrant is unable to predict
      the
      ultimate costs of complying with such conventions, laws and regulations. Under
      certain regulations, a vessel owner may be liable for property and environmental
      damages and all of its assets could be subject to claim for such damages.
      Moreover, in certain jurisdictions, under the "sister ship" doctrine, all of
      the
      affiliates in a fleet of ships may be liable for damages caused by, or debts
      incurred with respect to, a ship owned by one affiliate, and the ships and
      other
      assets of all the affiliates may be subject to attachments. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Risks
      Related to MC Shipping&#8217;s Operations</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Our
      vessels may be subject to catastrophic loss, which our insurance may be
      insufficient to cover</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      business of the Registrant is affected by the risks of mechanical failure of
      the
      Registrant&#8217;s vessels, collisions, property losses to the vessels, cargo loss or
      damage, and business interruption due to political action in foreign countries
      and labor strikes. In addition, the operation of any ocean-going vessel entails
      an inherent risk of catastrophic marine disaster. The Registrant maintains
      Hull
      and Machinery Insurance, War Risk Insurance, Protection and Indemnity Insurance,
      Freight Demurrage and Defense Insurance and Loss of Earnings Insurance on its
      vessels consistent with industry practice. The Registrant maintains total or
      constructive total loss coverage for each of its vessels. The insurance
      underwriters may require that additional premiums be paid for Hull and Machinery
      and War Risk Insurance prior to any vessels entering certain geographical areas
      subject to unstable political or military conditions.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Although
      the Registrant has had no difficulty in obtaining such insurance for its
      vessels, there can be no assurance that the Registrant will be able to continue
      to procure sufficient amounts of insurance at commercially reasonable rates
      to
      cover the repair and replacement cost of any vessel which is damaged or
      destroyed, loss of earnings on a vessel or the Registrant&#8217;s liability in the
      event of a catastrophic marine or ecological disaster. Further, the Registrant
      cannot guarantee that any particular claim will be paid.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>There
      may be risks associated with the purchase and operation of second hand vessels.
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      economic useful lives of most gas carriers are generally estimated to be
      approximately 30 years, depending on market conditions, the type of cargo being
      carried and the level of maintenance. Second-hand vessels carry no warranties
      from sellers or manufacturers. In general, expenditures necessary to maintain
      a
      vessel in good operating condition increase with the age of the vessel.
      Second-hand vessels may develop unexpected mechanical and operational problems
      despite adherence to regular survey schedules and proper maintenance. Changes
      in
      governmental regulations and safety standards may require expenditures for
      alterations. The Registrant&#8217;s vessels range from 10 to 30 years old. There can
      be no assurance that market conditions will justify the level of expenditures
      necessary to maintain such vessels, to comply with applicable regulations,
      to
      enable the Registrant to operate such vessels profitably during the remainder
      of
      such vessels&#8217; useful lives or to sell such vessels at prices approaching or in
      excess of the book value. Therefore, the Registrant&#8217;s future operating results
      could be negatively affected if some of its vessels do not perform as
      expected.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>We
      may face unexpected repair costs for our vessels.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Repairs
      and maintenance costs are difficult to predict with certainty and may be
      substantial.&#160; Many of these expenses are not covered by the Registrant&#8217;s
      insurance.&#160; Large repair expenses could decrease the Registrant&#8217;s cash flow
      and profitability and reduce its liquidity.&#160;</font></div>
    <div><br></div>
    <div>
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        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em><a href="#toc">Table
            of Contents</a></em></font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Our
      revenues may be adversely affected if we do not successfully employ our vessels
      at attractive rates.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      The
      Registrant&#8217;s vessels are currently chartered for periods ranging from three to
      fifty-one months. Upon the termination of such charters, the Registrant may
      seek
      to sell one or more of its vessels, enter into medium- to long-term charters
      or
      trade such vessels in the spot market. If the Registrant decides to recharter
      the vessels, there can be no assurance that it will be able to enter into
      charters for periods and at rates of hire that will be sufficient to enable
      the
      Registrant&#8217;s vessels to be operated profitably.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>We
      are dependent upon a few significant charterers and the loss of any one could
      have a material adverse affect on our results of operations</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Registrant has derived and is expected to continue to derive, a significant
      portion of its revenues from a limited number of charterers. In 2005, revenues
      from three charterers amounted to $12,481,360, $9,731,326 and $9,052,303
      respectively representing 35.3%, 27.5% and 25.6% of total revenues. In 2004,
      revenues from three charterers amounted to $12,202,388, $8,817,095 and
      $8,281,170 respectively representing 38.3%, 27.6% and 26.0% of total revenues
      from charterhires. In 2003, revenues from four charterers amounted to
      $12,811,153, $7,716,061, $7,605,471 and $4,692,500 respectively representing
      35.8%, 21.6%, 21.2% and 13.1% of total revenues. The insolvency of any of these
      charterers or the failure by any charterer to meet its charter obligations
      would
      likely require the Registrant to seek alternate employment for its vessels
      and
      might have a material adverse impact on the Registrant. In addition, the loss
      of
      any of these charterers as a customer or a significant decrease in the amount
      of
      business it transacts with the Registrant could materially adversely affect
      the
      Registrant&#8217;s revenues, cash flows and profitability.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>There
      may be risks associated with our operations outside the United
      States</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Registrant&#8217;s operations are conducted worldwide, and may be affected by changing
      economic, political and social conditions in the countries where the Registrant
      is engaged in business or where the Registrant&#8217;s vessels are registered or
      flagged. In particular, the Registrant&#8217;s operations may be affected by war,
      expropriation of vessels, the imposition of taxes, increase regulation or other
      circumstances, and as a consequence the Registrant may incur higher costs,
      its
      assets may be impaired or its operations may be curtailed.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Our
      operating performance may be materially affected by competition</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Competition in the operation of containerships and LPG carriers is intense.
      A
      few large and experienced operators, with greater financial resources than
      those
      of the Registrant, dominate the LPG and containership sectors, particularly
      in
      the larger ship segments, and there is no assurance that the Registrant will
      be
      able to compete successfully with other shipping firms.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Related
      party transactions may materially affect our business</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Certain
      of the directors and executive officers of the Registrant are involved in
      outside business activities similar to those conducted by the Registrant. As
      a
      result of such affiliations, such persons may experience conflicts of interest
      in connection with the selection, purchase, operation and sale of the
      Registrant&#8217;s vessels and those of other entities affiliated with such
      persons.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Our
      business exposes us to unpredictable contingent liabilities</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Various
      claims, suits, and complaints, including those involving government regulations
      and product liability, arise in the ordinary course of the shipping business.
      In
      addition, losses may arise from disputes with charterers, agents, insurance
      and
      other claims with suppliers relating to the operations of the Registrant&#8217;s
      vessels.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>If
      we
      default under any of our loan agreements, we could forfeit our rights in our
      vessels and their charters. </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Registrant has pledged all of its vessels and related collateral as security
      to
      the lenders under its loan agreements.&#160; Default under any of these loan
      agreements, if not waived or modified, would permit the lenders to foreclose
      on
      the mortgages over the vessels and the related collateral, and the Registrant
      could lose its rights in the vessels and their charters.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Risks
      Related to MC Shipping&#8217;s Common Stock</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>You
      may not be able to sell your common stock when you want to and, if you do,
      you
      may not be able to receive the price that you want</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Although our common stock trades on the American Stock Exchange, we do not
      know
      if an active trading market for the common stock will continue or, if it does,
      at what prices the common stock may trade. Since the beginning of fiscal 2005,
      the reported closing prices for our common stock have ranged from a high of
      $15.82 to a low of $3.55. In addition, the stock markets in general, including
      the American Stock Exchange, have experienced extreme price and trading volume
      fluctuations. These fluctuations have resulted in volatility in the market
      prices of securities that has often been unrelated or disproportionate to
      changes in operating performance. These broad market fluctuations may adversely
      affect the market prices of our common stock. Further, possible additional
      issuances could significantly increase the number of shares of our common stock
      outstanding, and could result in a decline in the market price of our common
      stock. Therefore, you may not be able to sell our common stock when you want
      and, if you do, you may not receive the price you want.</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">7</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em><a href="#toc">Table
            of Contents</a></em></font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>We
      cannot assure you that we will pay any dividends. </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      March
      2005, the Registrant&#8217;s board of directors initiated a cash dividend
      policy.&#160;The timing and amount of dividends, if any, could be affected by
      factors affecting cash flows, results of operations, required capital
      expenditures, or reserves.&#160; Maintaining the dividend policy will depend on
      the Registrant&#8217;s cash earnings, financial condition and cash requirements and
      could be affected by factors, including the loss of a vessel, required capital
      expenditures, reserves established by the board of directors, increased or
      unanticipated expenses, additional borrowings or future issuances of securities,
      which may be beyond the Registrant&#8217;s control.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="use">USE
      OF PROCEEDS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      will
      not receive any of the proceeds from the sale of any shares of our common stock
      by the Selling Shareholders pursuant to this prospectus. All such proceeds,
      net
      of brokerage commissions, if any, will be received by the Selling Shareholders.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="selling">SELLING
      SHAREHOLDERS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      shares of common stock to which this prospectus relates may be offered or sold
      from time to time by the Selling Shareholders. A first grant of 163,655 stock
      options, a second grant of 100,000 stock options and a third grant of 186,398
      stock options were granted to such Selling Shareholders pursuant to the Plan
      by
      the compensation committee of our board of directors on June 20, 2001, September
      17, 2004 and June 14, 2005, respectively. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following table sets forth certain information as to the beneficial ownership
      of
      MC Shipping&#8217;s common stock as of March 7, 2006 for each Selling
      Shareholder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table border="1" bordercolor="black" cellpadding="2" cellspacing="0" width="100%">

          <tr>
            <td valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Name
                of Selling </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Shareholder
                (1)</strong></font></div>
            </td>
            <td valign="middle" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Office/Position
                </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>of
                Selling </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Shareholder</strong></font></div>
            </td>
            <td valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Number
                of Shares </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Beneficially
                </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Owned
                Prior to </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Sale
                (2)</strong></font></div>
            </td>
            <td valign="middle" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Maximum
                </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Number
                of Shares </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Eligible
                To Be </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Sold
                (3)</strong></font></div>
            </td>
            <td valign="middle" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Number
                of Shares </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Beneficially
                </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Owned
                After </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Sale
                (4)</strong></font></div>
            </td>
            <td valign="middle" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Percentage
                of </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Shares
                Beneficially </strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Owned
                After</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Sale</strong></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Antony
                Crawford</font></div>
            </td>
            <td align="left" valign="top" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CEO
                and </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President
                </font></div>
            </td>
            <td valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">157,000</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">157,000(5)</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.8%</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Graham
                Pimblett</font></div>
            </td>
            <td align="left" valign="top" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COO</font></div>
            </td>
            <td valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">56,968</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">56,968(6)</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dominique
                Sergent</font></div>
            </td>
            <td align="left" valign="top" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CFO,
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vice
                President and </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Treasurer</font></div>
            </td>
            <td valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">66,935</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">66,935(7)</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Barbara
                Delacour</font></div>
            </td>
            <td align="left" valign="top" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Administrative
                Assistant</font></div>
            </td>
            <td valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,015</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,015
                (8)</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alex
                Gorchakov</font></div>
            </td>
            <td align="left" valign="top" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporate
                Secretary</font></div>
            </td>
            <td valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35,398</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">35,398
                (5)</font></div>
            </td>
            <td valign="bottom" width="17%">&#160;</td>
            <td valign="bottom" width="17%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guy
                Morel</font></div>
            </td>
            <td align="left" valign="top" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Former
                President and COO</font></div>
            </td>
            <td valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28,680</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">28,680
                (9)</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
            </td>
            <td valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*&#160;&#160;Less
      than 1%.</font></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
                Selling Shareholder received stock options determined by the compensation
                committee of our board of directors. Until June&#160;14, 2005, such stock
                options vested 25% per annum, commencing one year after the grant
                date of
                the respective option. On June 14, 2005, the Board modified the vesting
                conditions under the terms of the plan. The options now vest 100%
                on the
                day following the grant date. If any awards under the Plan expire
                or
                terminate unexercised, the shares of common stock allocatable to
                the
                unexercised or terminated portion of such award shall again be available
                for award under </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                Plan.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                number of shares beneficially owned by the Selling Shareholders includes
                options to purchase shares of our common stock under the Plan, whether
                or
                not exercisable, as of or within 60 days of the date of this prospectus,
                as well as shares of common stock beneficially owned by the Selling
                Shareholder.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Includes
                options to purchase shares of our common stock under the Plan, whether
                or
                not exercisable, as of or within 60 days of the date of this
                prospectus.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">8</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em><a href="#toc">Table
            of Contents</a></em></font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assumes
                the sale of all of the Selling Shareholder&#8217;s registered common
                stock.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
                these shares vested in June 2005.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">56,968
                of these shares vested in June
                2005.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(7)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9967
                of these shares vested in June 2004 and 56,968 vested in June 2005.
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3253
                of these shares vested in June 2002. 3254 of these shares vested
                in each
                of June 2003, June 2004 and June
                2005.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(9)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,340
                of these shares vested in each of June 2002 and June
                2003.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="plan">PLAN
      OF DISTRIBUTION</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      are
      registering the shares of common stock covered by this prospectus for the
      Selling Shareholders or their pledgees, donees, transferees or other
      successors-in-interest as a gift, partnership distribution or other
      non-sale-related-transfer after the date of this prospectus, who may sell the
      shares from time to time. The Selling Shareholders will act independently of
      us
      in making decisions with respect to the timing, manner and size of each sale.
      The sales may be made on one or more exchanges or otherwise, at prices and
      at
      terms then prevailing or at prices related to the then current market price,
      or
      in negotiated transactions. The Selling Shareholders may effect such
      transactions by selling the shares to or through broker-dealers or directly
      to
      purchasers (in the event of a private sale). The shares may be sold by one
      or
      more of, or a combination of, the following: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 27pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">o</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                block trade in which the broker-dealer so engaged will attempt to
                sell the
                shares as agent but may position and resell a portion of the block
                as
                principal to facilitate the transaction;
</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 27pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">o</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">purchases
                by a broker-dealer as principal and resale by such broker-dealer
                for its
                account pursuant to this prospectus;
</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 27pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">o</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ordinary
                brokerage transactions and transactions in which the broker solicits
                purchasers; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 27pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">o</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in
                privately negotiated transactions.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
      Selling Shareholders may enter into hedging transactions with broker-dealers
      in
      connection with distributions of the shares or otherwise. In such transactions,
      broker-dealers may engage in short sales of the shares in the course of hedging
      the positions they assume with certain Selling Shareholders. Certain Selling
      Shareholders may also sell the shares short and redeliver the shares to close
      out such short positions. Such Selling Shareholders may enter into option or
      other transactions with broker-dealers which require the delivery to the
      broker-dealer of the shares. The broker-dealer may then resell or otherwise
      transfer such shares pursuant to this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
      Selling Shareholders also may loan or pledge the shares to a broker-dealer.
      The
      broker-dealer may sell the shares so loaned, or upon a default the broker-dealer
      may sell the pledged shares, pursuant to this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Broker-dealers
      or agents may receive compensation in the form of commissions, discounts or
      concessions from Selling Shareholders. Broker-dealers or agents may also receive
      compensation from the purchasers of the shares for whom they act as agents
      or to
      whom they sell as principals, or both. In such cases, usual and customary
      brokerage fees will be paid by the Selling Shareholders. Broker-dealers or
      agents and any other participating broker-dealers or the Selling Shareholders
      may be deemed to be "underwriters" within the meaning of Section 2(11) of the
      Securities Act in connection with sales of the shares. Accordingly, any such
      commission, discount or concession received by them and any profit on the resale
      of the shares purchased by them may be deemed to be underwriting discounts
      or
      commissions under the Securities Act. Because Selling Shareholders may be deemed
      to be "underwriters" within the meaning of Section 2(11) of the Securities
      Act,
      the Selling Shareholders will be subject to the prospectus delivery requirements
      of the Securities Act. In addition, any securities covered by this prospectus
      which qualify for sale pursuant to Rule 144 promulgated under the Securities
      Act
      may be sold under Rule 144 rather than pursuant to this prospectus. There is
      no
      underwriter or coordinating broker acting in connection with the proposed sale
      of the shares by the Selling Shareholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      will
      bear all costs, expenses and fees in connection with the registration of the
      shares. The Selling Shareholders will bear all commissions and discounts, if
      any, attributable to the sales of the shares. The Selling Shareholders may
      agree
      to indemnify any broker-dealer or agent that participates in transactions
      involving sales of the shares against certain liabilities, including liabilities
      arising under the Securities Act.</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">9</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em><a href="#toc">Table
            of Contents</a></em></font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="description">DESCRIPTION
      OF SECURITIES</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      common stock being registered hereunder has been registered pursuant to Section
      12 of the Exchange Act on Form 8-A (File No. 001-10231) filed with the
      Commission on April 20, 1989 and a description of the common stock is contained
      in the Exchange Act registration statement which has been filed with the
      Commission.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="experts">EXPERTS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      consolidated financial statements of MC Shipping as of December 31, 2005 and
      for
      each of the fiscal years in the three year period ended December 31, 2005 are
      incorporated herein by reference from MC Shipping&#8217;s annual report on Form 10-K
      for the year ended December 31, 2005, in reliance upon the report of Moore
      Stephens Hays LLP, independent auditors, also incorporated by reference herein,
      and upon the authority of said firm as experts in accounting and
      auditing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="where">WHERE
      YOU CAN FIND MORE INFORMATION</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      file
      annual, quarterly and special reports and other information with the Securities
      and Exchange Commission. You may read and copy any of the information on file
      with the Commission at the Commission&#8217;s Public Reference Room at 100 F Street,
      N.E., Washington, D.C. 20549. Please call the Commission at 1-800-SEC-0330
      for
      further information on the Public Reference Room. In addition, the Commission
      maintains an Internet site at http://www.sec.gov that contains reports, proxy
      and information statements, and other information regarding issuers that file
      electronically with the Commission. We began filing documents with the
      Commission electronically on November 12, 2002. Our filings with the Commission
      are also available to the public from commercial document retrieval services.
      Some of our filings are available at http://www.mcshipping.com.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      common stock is listed on the American Stock Exchange. Reports and other
      information concerning MC Shipping may be inspected at the offices of the
      American Stock Exchange, 86 Trinity Place, New York, New York
      10006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      filed
      a registration statement on Form S-8 to register with the Commission the shares
      of common stock offered by this prospectus. This document is part of that
      registration statement and constitutes a prospectus of MC Shipping. As permitted
      by Commission rules, this document does not contain all the information you
      can
      find in the registration statement or exhibits to the registration
      statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="incorporation">INCORPORATION
      OF CERTAIN DOCUMENTS BY
      REFERENCE</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Commission allows us to incorporate by reference information into this document,
      which means that we can disclose important information to you by referring
      you
      to another document filed separately with the Commission. The information
      incorporated by reference is deemed to be part of this document, except for
      any
      information superseded by information in this document or a document
      subsequently filed by us. The following documents (which contain important
      information about us and our financial performance) have been filed by the
      Registrant with the Commission pursuant to the Exchange Act, as applicable,
      and
      are incorporated by reference herein and shall be deemed to be a part
      hereof:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;The
      Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31, 2005,
      filed March 17, 2006, which contains audited financial statements for the most
      recent fiscal year for which statements have been filed.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;The
      description of the Registrant's common stock contained in the Registrant's
      registration statement on Form 8-A filed with the Commission pursuant to Section
      12 of the Exchange Act on April 20, 1989, including any amendment or report
      filed for the purpose of updating such description.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      documents subsequently filed by us with the Commission pursuant to Section
      13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a
      post-effective amendment, which indicates that all securities offered have
      been
      sold or which deregisters all securities then remaining unsold, shall be deemed
      to be incorporated by reference in this prospectus and made a part hereof from
      their respective dates of filing.</font></div>
    <div><br></div>
    <div>
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        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">10</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em><a href="#toc">Table
            of Contents</a></em></font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Copies
      of
      these filings, excluding all exhibits unless an exhibit has been specifically
      incorporated by reference in this document, are available from us, at no cost,
      by writing or telephoning us at:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MC
      Shipping Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24,
      avenue de Fontvieille</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">98000
      Monaco</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">+
      (377)
      9205 9404</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attn:
      Corporate Secretary</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      should rely only on the information incorporated by reference or provided in
      this prospectus or any prospectus supplement. We have authorized no one to
      provide you with different information. You should not assume that the
      information in this prospectus or any prospectus supplement is accurate as
      of
      any date other than the date on the front of that document, regardless of the
      time of delivery of this prospectus or of any sale of shares of common
      stock.</font></div>
    <div><br></div>
    <div>
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        <div id="FTR">
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          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em><a href="#toc">Table
            of Contents</a></em></font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PART
      II</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INFORMATION
      REQUIRED IN THE REGISTRATION STATEMENT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 45pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
                3.</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INCORPORATION
                OF DOCUMENTS BY REFERENCE</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following documents which have been filed by the Registrant with the Commission
      pursuant to the Exchange Act, as applicable, are incorporated by reference
      herein and shall be deemed to be a part hereof:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;The
      Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31, 2005,
      filed March 17, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;The
      description of the Registrant's common stock contained in the Registrant's
      registration statement on Form 8-A filed with the Commission pursuant to Section
      12 of the Exchange Act on April 20, 1989, including any amendment or report
      filed for the purpose of updating such description.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      documents subsequently filed by us with the Commission pursuant to Sections
      13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
      post-effective amendment to this Registration Statement, which indicates that
      all securities offered have been sold or which deregisters all securities then
      remaining unsold, shall be deemed to be incorporated by reference in this
      Registration Statement and made a part hereof from their respective dates of
      filing (such documents, and the documents enumerated above, being hereinafter
      referred to as "Incorporated Documents").</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
      statement contained in an Incorporated Document shall be deemed to be modified
      or superseded for purposes of this Registration Statement to the extent that
      a
      statement contained herein or in any other subsequently filed Incorporated
      Document modifies or supersedes such statement. Any such statement so modified
      or superseded shall not be deemed, except as so modified or superseded, to
      constitute a part of this Registration Statement. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 45pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
                4.</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DESCRIPTION
                OF SECURITIES</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      common stock being registered hereunder has been registered pursuant to Section
      12 of the Exchange Act on Form 8-A (File No. 001-10231) filed with the
      Commission on April 20, 1989 and a description of the common stock is contained
      in the Exchange Act registration statement which has been filed with the
      Commission.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 45pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
                5.</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INTEREST
                OF NAMED EXPERTS AND COUNSEL</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      consolidated financial statements of MC Shipping as of December 31, 2005 and
      for
      each of the three years in the period ended December 31, 2005 are incorporated
      herein by reference from MC Shipping&#8217;s annual report on Form 10-K for the year
      ended December 31, 2005, in reliance upon the report of Moore Stephens Hays
      LLP,
      independent registered public accounting firm, also incorporated by reference
      herein, and upon the authority of said firm as experts in accounting and
      auditing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 45pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
                6.</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INDEMNIFICATION
                OF DIRECTORS AND OFFICERS</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Article
      III of the Registrant&#8217;s Articles of Incorporation, as amended, provides as
      follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"The
      purpose of the Corporation is to engage in the following
      activities:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">((1)
      through (13) omitted)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"(14)
      To
      indemnify any person to the full extent permitted by Section 6.13 of the
      Business Corporation Act, as now or hereafter amended, restated or recodified
      or
      as otherwise permitted by law by action of its Board of Directors without the
      authorization of the Shareholders, whether or not one or more of the directors
      voting for such indemnification constitute or are included among the parties
      indemnified; and to purchase and maintain insurance for any such person against
      any liability asserted against him and incurred by him, whether or not the
      Corporation would have the power to indemnify him against such liability under
      the provisions of the aforesaid Section 6.13."</font></div>
    <div><br></div>
    <div>
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        <div id="FTR">
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          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em><a href="#toc">Table
            of Contents</a></em></font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
      6.13 of the Business Corporation Act of Liberia provides as
      follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"1.&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Actions
      not by or in right of the corporation.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;A
      corporation shall have power to indemnify any person who was or is a party
      or is
      threatened to be made a party to any threatened, pending or completed action,
      suit or proceeding whether civil, criminal, administrative or investigative
      (other than an action by or in the right of the corporation) by reason of the
      fact that he is or was a director or officer of the corporation, or is or was
      serving at the request of the corporation as a director or officer of another
      corporation, partnership, joint venture, trust or other enterprise, against
      expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in
      settlement actually and reasonably incurred by him in connection with such
      action, suit or proceeding if he acted in good faith and in a manner he
      reasonably believed to be in or not opposed to the best interests of the
      corporation, and, with respect to any criminal action or proceeding had no
      reasonable cause to believe his conduct was unlawful. The termination of any
      action, suit or proceeding by judgment, order, settlement, conviction, or upon
      a
      plea of no contest, or its equivalent, shall not, of itself, create a
      presumption that the person did not act in good faith and in a manner which
      he
      reasonably believed to be in or not opposed to the best interests of the
      corporation, and, with respect to any criminal action or proceeding, had
      reasonable cause to believe that his conduct was unlawful.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"2.&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Actions
      by or in right of the corporation.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;A
      corporation shall have power to indemnify any person who was or is a party
      or is
      threatened to be made a party to any threatened, pending or completed action
      or
      suit by or in the right of the corporation to procure judgment in its favor
      by
      reason of the fact that he is or was a director or officer of the corporation,
      is or was serving at the request of the corporation as a director or officer
      of
      another corporation, partnership, joint venture, trust or other enterprise
      against expenses (including attorneys&#8217; fees) actually and reasonably incurred by
      him or in connection with the defense or settlement of such action or suit
      if he
      acted in good faith and in a manner he reasonably believed to be in or not
      opposed to the best interests of the corporation and except that no
      indemnification shall be made in respect of any claim, issue or matter as to
      which such person shall have been adjudged to be liable for negligence or
      misconduct in the performance of his duty to the corporation unless and only
      to
      the extent that the court in which such action or suit was brought shall
      determine upon application that, despite the adjudication of liability but
      in
      view of all the circumstances of the case, such person is fairly and reasonably
      entitled to indemnity for such expenses which the court shall deem
      proper.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"3.&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>When
      director or officer successful.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;To
      the extent that a director or officer of a corporation has been successful
      on
      the merits or otherwise in defense of any action, suit or proceeding referred
      to
      in paragraphs 1 or 2, or in the defense of a claim, issue or matter therein,
      he
      shall be indemnified against expenses (including attorneys&#8217; fees) actually and
      reasonably incurred by him in connection therewith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"4&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Payment
      of expenses in advance.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;Expenses
      incurred in defending a civil or criminal action, suit or proceeding may be
      paid
      in advance of the final disposition of such action, suit or proceeding as
      authorized by the board of directors in the specific case upon receipt of an
      undertaking by or on behalf of the director or officer to repay such amount
      if
      it shall ultimately be determined that he is not entitled to be indemnified
      by
      the corporation as authorized in this section.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"5.&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Insurance.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;A
      corporation shall have power to purchase and maintain insurance on behalf of
      any
      person who is or was a director or officer of the corporation or is or was
      serving at the request of the corporation as a director or officer against
      any
      liability asserted against him and incurred by him in such capacity whether
      or
      not the corporation would have the power to indemnify him against such liability
      under the provisions of this section."</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"6.&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Other
      rights of indemnification unaffected</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.&#160;&#160;The
      indemnification and advancement of expenses provided by, or granted pursuant
      to,
      this section shall not be deemed exclusive of any other rights to which those
      seeking indemnification or advancement of expenses may be entitled under any
      bylaw, agreement, vote of shareholders or disinterested directors or otherwise,
      both as to action in such person's official capacity and as to action in another
      capacity while holding such office.</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">13</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em><a href="#toc">Table
            of Contents</a></em></font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"7.&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Continuation
      of indemnification</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.&#160;&#160;The
      indemnification and advancement of expenses provided by, or granted pursuant
      to,
      this section shall, unless otherwise provided when authorized or ratified,
      continue as to a person who as ceased to be a director, officer, employee or
      agent and shall inure to the benefit of the heirs, executors and administration
      of such persons."</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Registrant&#8217;s By-Laws contain provisions to implement the foregoing Section 6.13.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 45pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
                7.</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXEMPTION
                FROM REGISTRATION CLAIMED</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      securities that are to be reoffered or resold pursuant to this Registration
      Statement were issued pursuant to our 2001 Stock Option Plan in transactions
      that were exempt from registration pursuant to Section 4(2) under the Securities
      Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 45pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
                8.</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBITS</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following exhibits are filed with or incorporated by reference into this
      Registration Statement (numbering corresponds to the exhibit table in Item
      601
      of Regulation S-K):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="8%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></u></div>
            </td>
            <td align="left" valign="bottom" width="92%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="8%">&#160;</td>
            <td align="left" valign="top" width="92%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1</font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Opinion
                of Holland &amp; Knight LLP as to the legality of the Registrant's common
                stock.</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="8%">&#160;</td>
            <td align="left" valign="top" width="92%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1
                </font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2001
                Stock Option Plan.</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="8%">&#160;</td>
            <td align="left" valign="top" width="92%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.1
                </font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                of Holland &amp; Knight LLP (included in the Opinion filed as Exhibit 5.1
                hereto).</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="8%">&#160;</td>
            <td align="left" valign="top" width="92%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.2
                </font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                of Moore Stephens Hays LLP, independent registered public accounting
                firm.</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="8%">&#160;</td>
            <td align="left" valign="top" width="92%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24.1
                </font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Power
                of Attorney (set forth on the signature page
                hereof).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 45pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
                9.</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNDERTAKINGS</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&#160;&#160;&#160;&#160;The
      Registrant hereby undertakes:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;To
      file, during any period in which offers or sales are being made, a
      post-effective amendment to this Registration Statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To include any prospectus
      required by Section 10(a)(3) of the Securities Act;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To reflect in the prospectus any
      facts or events arising after the effective date of the Registration Statement
      (or the most recent post-effective amendment thereof) which, individually or
      in
      the aggregate, represent a fundamental change in the information set forth
      in
      the Registration Statement; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;To
      include any material information with respect to the plan of distribution not
      previously disclosed in the Registration Statement or any material change to
      such information in the Registration Statement; </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      that
      paragraphs (1)(a)(i) and (1)(a)(ii) do not apply if the information required
      to
      be included in a post-effective amendment by those paragraphs is contained
      in
      periodic reports filed by the Registrant pursuant to Section 13 or Section
      15(d)
      of the Exchange Act that are incorporated by reference in the Registration
      Statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;That,
      for the purpose of determining any liability under the Securities Act, each
      such
      post-effective amendment shall be deemed to be a new registration statement
      relating to the securities offered therein, and the offering of such securities
      at that time shall be deemed to be the initial bona fide offering
      thereof.</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">14</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em><a href="#toc">Table
            of Contents</a></em></font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;To
      remove from registration by means of a post-effective amendment any of the
      securities being registered which remain unsold at the termination of the
      offering.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)&#160;&#160;&#160;&#160;The
      Registrant hereby undertakes that, for the purpose of determining any liability
      under the Securities Act, each filing of MC Shipping Inc.&#8217;s annual report
      pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable,
      each filing of an employee benefit plan's annual report pursuant to Section
      15(d) of the Exchange Act) that is incorporated by reference in the Registration
      Statement shall be deemed to be a new registration statement relating to the
      securities offered therein and the offering of such securities at the time
      shall
      be deemed to be the initial bona fide offering thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)&#160;&#160;&#160;&#160;Insofar
      as indemnification for liabilities arising under the Securities Act may be
      permitted to directors, officers and controlling persons of the Registrant
      pursuant to the above-mentioned provisions, or otherwise, the Registrant has
      been advised that in the opinion of the Commission such indemnification is
      against public policy as expressed in the Securities Act and is, therefore,
      unenforceable. In the event that a claim for indemnification against such
      liabilities (other than the payment by the Registrant of expenses incurred
      or
      paid by a director, officer or controlling person of the Registrant in the
      successful defense of any action, suit or proceeding) is asserted by such
      director, officer or controlling person in connection with the securities being
      registered, the Registrant will, unless in the opinion of its counsel the matter
      has been settled by controlling precedent, submit to a court of appropriate
      jurisdiction the question whether such indemnification by it is against public
      policy as expressed in the Securities Act and will be governed by the final
      adjudication of such issue.</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">15</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em><a href="#toc">Table
            of Contents</a></em></font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Act of 1933, as amended, the Registrant
      certifies that it has reasonable grounds to believe that it meets all of the
      requirements for filing on Form S-8 and has duly caused this Registration
      Statement to be signed on its behalf by the undersigned, thereunto duly
      authorized, in the Principality of Monaco, on March 24, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MC
                SHIPPING INC.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="29%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:/s/
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ANTONY
                S. CRAWFORD</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="29%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:
                Antony S. Crawford</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="29%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:
                President, Chief Executive Officer</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Act of 1933, the administrator of the
      Plan
      has duly caused this Registration Statement to be signed on its behalf by the
      undersigned, thereunto duly authorized, in the City of London in the United
      Kingdom on March&#160;24, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MC
                SHIPPING INC. 2001 STOCK OPTION PLAN</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="37%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:/s/
                CHRISTOPHER EDWARDS</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="37%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:
                Christopher Edwards</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="37%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:
                Director of Marine Legal Services
                Ltd.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">POWER
      OF
      ATTORNEY</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
      person whose signature appears below hereby severally constitutes and appoints
      Antony Crawford and John Blankley and each of them acting singly, as his or
      her
      true and lawful attorney-in-fact and agent, with full and several power of
      substitution and resubstitution, to sign for him or her and in his or her name,
      place and stead, in any and all capacities indicated below, the Registration
      Statement on Form S-8 filed herewith and any and all post-effective amendments
      and supplements to the said Registration Statement, and to file the same, with
      exhibits thereto and other documents in connection therewith, with the
      Securities and Exchange Commission, granting unto said attorney-in-fact and
      agent, full power and authority to do and perform each and every act and thing
      requisite and necessary fully to all intents and purposes as he or she might
      or
      could do in person, hereby ratifying and confirming all that said
      attorney-in-fact and agent, or his or her substitute, may lawfully do or cause
      to be done by virtue hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Act of 1933, as amended, this Registration
      Statement or amendment thereto has been signed below by the following persons
      in
      the capacities and on the date indicated below. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="30%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>SIGNATURE</u></font></div>
            </td>
            <td valign="top" width="45%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>TITLE</u></font></div>
            </td>
            <td valign="top" width="25%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>DATE</u></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ANTONY
                S. CRAWFORD</font></div>
            </td>
            <td align="left" valign="top" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President,
                Chief Executive Officer </font></div>
            </td>
            <td valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                24, 2006</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Antony
                S. Crawford</font></div>
            </td>
            <td align="left" valign="top" width="45%">&#160;</td>
            <td align="left" valign="top" width="25%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">&#160;</td>
            <td align="left" valign="top" width="45%">&#160;</td>
            <td align="left" valign="top" width="25%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                DOMINIQUE SERGENT</font></div>
            </td>
            <td align="left" valign="top" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                Financial Officer (Principal Accounting Officer)</font></div>
            </td>
            <td valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                24, 2006</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dominique
                Sergent</font></div>
            </td>
            <td align="left" valign="top" width="45%">&#160;</td>
            <td align="left" valign="top" width="25%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">&#160;</td>
            <td align="left" valign="top" width="45%">&#160;</td>
            <td align="left" valign="top" width="25%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CHARLES
                B. LONGBOTTOM</font></div>
            </td>
            <td align="left" valign="top" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chairman
                of the Board of Directors</font></div>
            </td>
            <td valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                24, 2006</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Charles
                B. Longbottom</font></div>
            </td>
            <td align="left" valign="top" width="45%">&#160;</td>
            <td align="left" valign="top" width="25%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">&#160;</td>
            <td align="left" valign="top" width="45%">&#160;</td>
            <td align="left" valign="top" width="25%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                JOHN H. BLANKLEY</font></div>
            </td>
            <td align="left" valign="top" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
            </td>
            <td valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                24, 2006</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">John
                H. Blankley</font></div>
            </td>
            <td align="left" valign="top" width="45%">&#160;</td>
            <td align="left" valign="top" width="25%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">&#160;</td>
            <td align="left" valign="top" width="45%">&#160;</td>
            <td align="left" valign="top" width="25%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                TULLIO BIGGI</font></div>
            </td>
            <td align="left" valign="top" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
            </td>
            <td valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                24, 2006</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="30%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Tullio
                Biggi</font></div>
            </td>
            <td align="left" valign="top" width="45%">&#160;</td>
            <td align="left" valign="top" width="25%">&#160;</td>
          </tr>

      </table>
    </div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="center">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">16</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><em><a href="#toc">Table
            of Contents</a></em></font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
      INDEX</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="8%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></u></div>
            </td>
            <td align="left" valign="bottom" width="92%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="8%">&#160;</td>
            <td align="left" valign="top" width="92%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="ex5_1.htm">5.1</a></font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Opinion
                of Holland &amp; Knight LLP as to the legality of the Registrant's common
                stock.</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="8%">&#160;</td>
            <td align="left" valign="top" width="92%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="ex10_1.htm">10.1
</a></font></div>
            </td>
            <td align="left" valign="top" width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2001
                Stock Option Plan.</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="8%">&#160;</td>
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                of Holland &amp; Knight LLP (included in the Opinion filed as Exhibit 5.1
                hereto).</font></div>
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                of Moore Stephens Hays LLP, independent registered public accounting
                firm.</font></div>
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                of Attorney (set forth on the signature page
                hereof).</font></div>
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MC Shipping Inc. S-8 03-24-2006
As
      filed
      with the Securities and Exchange Commission on March 24, 2006.
Registration
      No. 333-
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
FORM
      S-8
REGISTRATION
      STATEMENT
UNDER
THE
      SECURITIES ACT OF 1933
MC
      SHIPPING INC.
(Exact
      name of issuer as specified in its charter)
Liberia
98-0101881
(State
                of Incorporation)
(I.R.S.
                Employer Identification No.)
Richmond
      House, 12 Par-la-ville Road, Hamilton HM CX, Bermuda
441-295-7933
(Address
      and telephone number of principal executive offices)
MC
      Shipping Inc. 2001 Stock Option Plan
(Full
      Title of the Plans)
John
      Blankley
10
      Doverton Drive, Greenwich, CT 06831
203-416-5811
(Name,
      address and telephone number of agent for service)
Please
      address a copy of all communications to:
Dominique
      Sergent
Chief
      Financial Officer, Vice President and Treasurer
MC
      Shipping Inc.
24,
      avenue de Fontvieille
98000
      Monaco
+
      (377) 9205 9404
and
Joy
      K. Gallup, Esq.
Milbank,
      Tweed, Hadley & McCloy LLP
One
      Chase Manhattan Plaza
New
      York, New York 10005
(212)
      530-5211
CALCULATION
      OF REGISTRATION FEE
Title
                of Securities to be
Registered
Amount
                to be
Registered
                (1)
Proposed
Maximum
Offering
                Price
Per
Share
Proposed
Maximum
Aggregate
Offering
                Price
Amount
                of
Registration
                Fee
Common
                Stock (par value
$0.01
                per share)
357,996
                shares (2)
$11.21
                (3)
$4,015,204
$430
(1)  Pursuant
      to Rule 416(c) under the Securities Act of 1933, as amended (the "Securities
      Act"), this registration statement also covers any additional securities that
      may be offered or issued in connection with any stock split, stock dividend
      or
      similar transaction.
(2)  Represents
      (i) 186,398 shares of common stock issuable upon exercise of options issued
      and available to be issued under the 2001 Stock Option Plan and
      (ii) 171,598 shares of common stock for resale by certain current and
      former employees.
(3)  Computed
      in accordance with Rule 457(h) of the Securities Act, solely for purposes of
      calculating the registration fee based on the exercise price of $9.228 for
      the
      186,398 shares underlying the outstanding options and, for the remaining 171,598
      shares, by averaging the high and low sales prices of MC Shipping Inc. common
      stock as reported by the American Stock Exchange on March 20,
      2006.
2
EXPLANATORY
      NOTE
We
      have
      prepared this Registration Statement in accordance with the requirements of
      Form
      S-8 under the Securities Act, to register 357,996 shares of common stock of
      MC
      Shipping Inc. ("MC Shipping," the "Registrant," "we," "us" or
"our").
Of
      the
      shares to be registered pursuant to this Registration Statement, 186,398 have
      been reserved for issuance pursuant to the terms of MC Shipping's 2001 Stock
      Option Plan (the "Plan").
This
      Registration Statement also registers the reoffer and resale, as permitted
      by
      Form S-8 General Instruction C and Rule 429 of the Securities Act, of up to
      357,996 shares of common stock of MC Shipping, of which 171,598 shares of common
      stock have been issued under the Plan prior to, or are issuable after, the
      filing of this Registration Statement to certain current and former employees
      named herein (the "Selling Shareholders").
This
      Registration Statement contains two parts. The first part contains a "reoffer
      prospectus" prepared in accordance with Part I of Form S-3 of the Securities
      Act. The second part contains information required in this Registration
      Statement pursuant to Part II of Form S-8.
PART
      I
INFORMATION
      REQUIRED IN THE SECTION 10(a) PROSPECTUS
ITEM
                1.
PLAN
                INFORMATION
The
      documents containing the information specified in Part I of Form S-8 will be
      sent or given to Plan participants as specified by Rule 428(b)(1) of the
      Securities Act. Such documents are not being filed with the Securities and
      Exchange Commission (the "Commission") either as part of this Registration
      Statement or as prospectuses, or prospectus supplements pursuant to Rule 424
      of
      the Securities Act, but constitute (along with the documents incorporated by
      reference into this Registration Statement pursuant to Item 3 of Part II hereof)
      a prospectus that meets the requirements of Section 10(a) of the Securities
      Act.
ITEM
                2.
REGISTRANT
                INFORMATION AND EMPLOYEE PLAN
                INFORMATION
The
      Registrant will, upon written or oral request, provide without charge to any
      persons to whom the prospectuses relating to this Registration Statement are
      delivered, a copy of any and all of the information which has been incorporated
      by reference in such prospectuses and this Registration Statement (pursuant
      to
      Item 3 of Part II hereof). Such requests should be directed to the Secretary,
      MC
      Shipping Inc., 24, avenue de Fontvieille, 98000 Monaco (telephone: + (377)
      9205
      9404).
3
REOFFER
      PROSPECTUS
MC
      SHIPPING INC.
357,996
      SHARES OF COMMON STOCK
This
      prospectus relates to up to 357,996 shares of common stock, par value $.01
      per
      share, of MC Shipping Inc. which may be offered or sold from time to time by
      the
      Selling Shareholders. These shares of common stock are issued or issuable upon
      exercise of stock options held by the Selling Shareholders pursuant to the
      Plan.
The
      price
      at which a Selling Shareholder may sell any shares of common stock will be
      determined by the prevailing market price for such shares or through a privately
      negotiated transaction. We will receive no part of the proceeds of any sale
      of
      such shares made hereunder. We are paying the expenses incurred in registering
      the shares, but all selling and other expenses incurred by each of the Selling
      Shareholders will be borne by that Selling Shareholder.
Our
      common stock is traded on the American Stock Exchange under the symbol "MCX". On
      March
20,
      2006,
      the last reported sale price of our common stock on the American Stock Exchange
      was $13.45 per share.
The
      mailing address of our principal executive offices is
Richmond
      House, 12 Par-la-ville Road, Hamilton HM CX, Bermuda
,
      and our
      telephone number is (
441)
      295-7933
.
INVESTING
      IN OUR COMMON STOCK INVOLVES RISKS.
PLEASE
      SEE "RISK FACTORS" BEGINNING ON PAGE 5.
No
      person
      has been authorized to give any information or to make any representations,
      other than those contained in this prospectus in connection with the offering
      made hereby, and if given or made, such information or representations must
      not
      be relied upon as having been authorized by us, any Selling Shareholder or
      any
      other person. Neither the delivery of this prospectus nor any sale made
      hereunder shall, under any circumstances, create any implication that
      information herein is correct as of any time subsequent to the date hereof.
      This
      prospectus does not constitute an offer to sell or a solicitation of an offer
      to
      buy any security other than the securities covered by this prospectus, nor
      does
      it constitute an offer to or solicitation of any person in any jurisdiction
      in
      which such offer or solicitation may not lawfully be made.
This
      prospectus contains certain forward-looking statements. Actual results could
      differ materially from those projected in the forward-looking statements due
      to
      a number of factors, including those set forth under "Risk Factors" and
      elsewhere in this prospectus.
Neither
      the Securities and Exchange Commission nor any state securities commission
      has
      approved or disapproved of these securities or determined if this prospectus
      is
      truthful or complete. Any representation to the contrary is a criminal
      offense.
The
      date
      of this prospectus is March 24, 2006.
4
Table
            of Contents
TABLE
      OF CONTENTS
PAGE
MC
                SHIPPING INC
5
RISK
                FACTORS
5
USE
                OF PROCEEDS
8
SELLING
                SHAREHOLDERS
8
PLAN
                OF DISTRIBUTION
9
DESCRIPTION
                OF SECURITIES
9
EXPERTS
10
WHERE
                YOU CAN FIND MORE INFORMATION
10
INCORPORATION
                OF CERTAIN DOCUMENTS BY
                REFERENCE
10
MC
      SHIPPING INC.
MC
      Shipping was incorporated on March 17, 1989, in the Republic of Liberia.
Since
      its
      founding, the Registrant has been engaged in the business of investing in,
      owning and operating second-hand vessels. As of December 31, 2005, the
      Registrant's fleet included nine liquid petroleum gas ("LPG") carriers and
      two
      multipurpose seariver vessels. Each of the Registrant's vessels is owned by a
      separate wholly owned subsidiary of the Registrant. In
addition,
      the Registrant has a 25.8% percent interest in four containerships and a 50%
      participation in an additional LPG carrier;
An
      LPG
      carrier is designed to carry petroleum gases used primarily as low pollution
      fuels and as feedstock in the petrochemical and fertilizer industries. A
      containership is a vessel designed exclusively to carry containers. A
      multipurpose seariver vessel is a small vessel capable of carrying general
      cargo
      and/or bulk cargo both on rivers and at sea.
The
      Registrant generally employs its vessels on time charter, bareboat charter
      or
      spot charter. With time charters, the Registrant receives a fixed charterhire
      per on-hire day and is responsible for meeting all the operating expenses of
      the
      vessels, such as crew costs, voyage expenses, insurance, repairs and
      maintenance. In the case of bareboat charters, the Registrant receives a fixed
      charterhire per day for the vessel and the charterer is responsible for all
      the
      costs associated with the vessel's operation during the bareboat charter period.
      In the case of voyage charters, the vessel is contracted only for a voyage
      between two ports: the Registrant is paid for the tonnage transported and pays
      all voyage costs.
RISK
      FACTORS
You
      should carefully consider the following factors and other information in this
      prospectus and in our annual reports on Forms 10-K when you evaluate our
      business.
Risks
      Related to the Shipping Industry
Our
      business is subject to the general volatility of the shipping
      market
.
      The
      shipping industry is subject to cyclical fluctuations in charter rates and
      vessel values based on changes in supply and demand. The industry has been
      experiencing volatility in profitability, vessel values and charter rates
      resulting from changes in the supply of, and demand for, shipping capacity.
      The
      demand for ships is influenced by, among other factors, global and regional
      economic conditions, developments in international trade, changes in seaborne
      and other transportation patterns, weather patterns, crop yields, armed
      conflicts, port congestion, canal closures, political developments, conflicts,
      embargoes and strikes. The demand for ships is also influenced by, among other
      things, the demand for consumer goods and perishable foodstuffs, dry bulk
      commodities, crude oil and oil products. Demand for such products is affected
      by, among other things, general economic conditions, commodity prices,
      environmental concerns, weather and competition from alternative fuels. The
      supply of shipping capacity is a function of the delivery of new vessels and
      the
      number of older vessels scrapped, converted to other uses, reactivated or lost.
      Such supply may be affected by regulation of maritime transportation practices
      by governmental and international authorities. All of these factors which affect
      the supply of and demand for vessel capacity are beyond the control of the
      Registrant. In addition, the nature, timing and degree of changes in the
      shipping markets, in which the Registrant operates, as well as future charter
      rates and values of its vessels, are not readily predictable.
5
Table
            of Contents
Our
      business is subject to significant environmental and other
      regulations.
The
      operation of vessels is affected by extensive and changing environmental
      protection and other laws and regulations, compliance with which may entail
      significant expense, including expenses for ship modifications and changes
      in
      operating procedures. Such expense could have a material adverse effect on
      the
      Registrant at any time.
Our
      business is subject to
government
      regulation which may increase our costs and potential liabilities, including
      for
      the failure to obtain required permits, licenses and certificates and the
      failure to keep up with changing regulations
.
      The
      shipping business is materially affected by government regulation in the form
      of
      international conventions, national, state or local laws and regulations, and
      laws and regulations of the flag nations of its vessels, including laws relating
      to the discharge of materials into the environment. Because such conventions,
      laws and regulations are often revised, the Registrant is unable to predict
      the
      ultimate costs of complying with such conventions, laws and regulations. Under
      certain regulations, a vessel owner may be liable for property and environmental
      damages and all of its assets could be subject to claim for such damages.
      Moreover, in certain jurisdictions, under the "sister ship" doctrine, all of
      the
      affiliates in a fleet of ships may be liable for damages caused by, or debts
      incurred with respect to, a ship owned by one affiliate, and the ships and
      other
      assets of all the affiliates may be subject to attachments.
Risks
      Related to MC Shipping's Operations
Our
      vessels may be subject to catastrophic loss, which our insurance may be
      insufficient to cover
.
      The
      business of the Registrant is affected by the risks of mechanical failure of
      the
      Registrant's vessels, collisions, property losses to the vessels, cargo loss or
      damage, and business interruption due to political action in foreign countries
      and labor strikes. In addition, the operation of any ocean-going vessel entails
      an inherent risk of catastrophic marine disaster. The Registrant maintains
      Hull
      and Machinery Insurance, War Risk Insurance, Protection and Indemnity Insurance,
      Freight Demurrage and Defense Insurance and Loss of Earnings Insurance on its
      vessels consistent with industry practice. The Registrant maintains total or
      constructive total loss coverage for each of its vessels. The insurance
      underwriters may require that additional premiums be paid for Hull and Machinery
      and War Risk Insurance prior to any vessels entering certain geographical areas
      subject to unstable political or military conditions.
Although
      the Registrant has had no difficulty in obtaining such insurance for its
      vessels, there can be no assurance that the Registrant will be able to continue
      to procure sufficient amounts of insurance at commercially reasonable rates
      to
      cover the repair and replacement cost of any vessel which is damaged or
      destroyed, loss of earnings on a vessel or the Registrant's liability in the
      event of a catastrophic marine or ecological disaster. Further, the Registrant
      cannot guarantee that any particular claim will be paid.
There
      may be risks associated with the purchase and operation of second hand vessels.
The
      economic useful lives of most gas carriers are generally estimated to be
      approximately 30 years, depending on market conditions, the type of cargo being
      carried and the level of maintenance. Second-hand vessels carry no warranties
      from sellers or manufacturers. In general, expenditures necessary to maintain
      a
      vessel in good operating condition increase with the age of the vessel.
      Second-hand vessels may develop unexpected mechanical and operational problems
      despite adherence to regular survey schedules and proper maintenance. Changes
      in
      governmental regulations and safety standards may require expenditures for
      alterations. The Registrant's vessels range from 10 to 30 years old. There can
      be no assurance that market conditions will justify the level of expenditures
      necessary to maintain such vessels, to comply with applicable regulations,
      to
      enable the Registrant to operate such vessels profitably during the remainder
      of
      such vessels' useful lives or to sell such vessels at prices approaching or in
      excess of the book value. Therefore, the Registrant's future operating results
      could be negatively affected if some of its vessels do not perform as
      expected.
We
      may face unexpected repair costs for our vessels.
Repairs
      and maintenance costs are difficult to predict with certainty and may be
      substantial.  Many of these expenses are not covered by the Registrant's
      insurance.  Large repair expenses could decrease the Registrant's cash flow
      and profitability and reduce its liquidity.
6
Table
            of Contents
Our
      revenues may be adversely affected if we do not successfully employ our vessels
      at attractive rates.
The
      Registrant's vessels are currently chartered for periods ranging from three to
      fifty-one months. Upon the termination of such charters, the Registrant may
      seek
      to sell one or more of its vessels, enter into medium- to long-term charters
      or
      trade such vessels in the spot market. If the Registrant decides to recharter
      the vessels, there can be no assurance that it will be able to enter into
      charters for periods and at rates of hire that will be sufficient to enable
      the
      Registrant's vessels to be operated profitably.
We
      are dependent upon a few significant charterers and the loss of any one could
      have a material adverse affect on our results of operations
.
The
      Registrant has derived and is expected to continue to derive, a significant
      portion of its revenues from a limited number of charterers. In 2005, revenues
      from three charterers amounted to $12,481,360, $9,731,326 and $9,052,303
      respectively representing 35.3%, 27.5% and 25.6% of total revenues. In 2004,
      revenues from three charterers amounted to $12,202,388, $8,817,095 and
      $8,281,170 respectively representing 38.3%, 27.6% and 26.0% of total revenues
      from charterhires. In 2003, revenues from four charterers amounted to
      $12,811,153, $7,716,061, $7,605,471 and $4,692,500 respectively representing
      35.8%, 21.6%, 21.2% and 13.1% of total revenues. The insolvency of any of these
      charterers or the failure by any charterer to meet its charter obligations
      would
      likely require the Registrant to seek alternate employment for its vessels
      and
      might have a material adverse impact on the Registrant. In addition, the loss
      of
      any of these charterers as a customer or a significant decrease in the amount
      of
      business it transacts with the Registrant could materially adversely affect
      the
      Registrant's revenues, cash flows and profitability.
There
      may be risks associated with our operations outside the United
      States
.
      The
      Registrant's operations are conducted worldwide, and may be affected by changing
      economic, political and social conditions in the countries where the Registrant
      is engaged in business or where the Registrant's vessels are registered or
      flagged. In particular, the Registrant's operations may be affected by war,
      expropriation of vessels, the imposition of taxes, increase regulation or other
      circumstances, and as a consequence the Registrant may incur higher costs,
      its
      assets may be impaired or its operations may be curtailed.
Our
      operating performance may be materially affected by competition
.
      Competition in the operation of containerships and LPG carriers is intense.
      A
      few large and experienced operators, with greater financial resources than
      those
      of the Registrant, dominate the LPG and containership sectors, particularly
      in
      the larger ship segments, and there is no assurance that the Registrant will
      be
      able to compete successfully with other shipping firms.
Related
      party transactions may materially affect our business
.
      Certain
      of the directors and executive officers of the Registrant are involved in
      outside business activities similar to those conducted by the Registrant. As
      a
      result of such affiliations, such persons may experience conflicts of interest
      in connection with the selection, purchase, operation and sale of the
      Registrant's vessels and those of other entities affiliated with such
      persons.
Our
      business exposes us to unpredictable contingent liabilities
.
      Various
      claims, suits, and complaints, including those involving government regulations
      and product liability, arise in the ordinary course of the shipping business.
      In
      addition, losses may arise from disputes with charterers, agents, insurance
      and
      other claims with suppliers relating to the operations of the Registrant's
      vessels.
If
      we
      default under any of our loan agreements, we could forfeit our rights in our
      vessels and their charters.
The
      Registrant has pledged all of its vessels and related collateral as security
      to
      the lenders under its loan agreements.  Default under any of these loan
      agreements, if not waived or modified, would permit the lenders to foreclose
      on
      the mortgages over the vessels and the related collateral, and the Registrant
      could lose its rights in the vessels and their charters.
Risks
      Related to MC Shipping's Common Stock
You
      may not be able to sell your common stock when you want to and, if you do,
      you
      may not be able to receive the price that you want
.
      Although our common stock trades on the American Stock Exchange, we do not
      know
      if an active trading market for the common stock will continue or, if it does,
      at what prices the common stock may trade. Since the beginning of fiscal 2005,
      the reported closing prices for our common stock have ranged from a high of
      $15.82 to a low of $3.55. In addition, the stock markets in general, including
      the American Stock Exchange, have experienced extreme price and trading volume
      fluctuations. These fluctuations have resulted in volatility in the market
      prices of securities that has often been unrelated or disproportionate to
      changes in operating performance. These broad market fluctuations may adversely
      affect the market prices of our common stock. Further, possible additional
      issuances could significantly increase the number of shares of our common stock
      outstanding, and could result in a decline in the market price of our common
      stock. Therefore, you may not be able to sell our common stock when you want
      and, if you do, you may not receive the price you want.
7
Table
            of Contents
We
      cannot assure you that we will pay any dividends.
In
      March
      2005, the Registrant's board of directors initiated a cash dividend
      policy. The timing and amount of dividends, if any, could be affected by
      factors affecting cash flows, results of operations, required capital
      expenditures, or reserves.  Maintaining the dividend policy will depend on
      the Registrant's cash earnings, financial condition and cash requirements and
      could be affected by factors, including the loss of a vessel, required capital
      expenditures, reserves established by the board of directors, increased or
      unanticipated expenses, additional borrowings or future issuances of securities,
      which may be beyond the Registrant's control.
USE
      OF PROCEEDS
We
      will
      not receive any of the proceeds from the sale of any shares of our common stock
      by the Selling Shareholders pursuant to this prospectus. All such proceeds,
      net
      of brokerage commissions, if any, will be received by the Selling Shareholders.
SELLING
      SHAREHOLDERS
The
      shares of common stock to which this prospectus relates may be offered or sold
      from time to time by the Selling Shareholders. A first grant of 163,655 stock
      options, a second grant of 100,000 stock options and a third grant of 186,398
      stock options were granted to such Selling Shareholders pursuant to the Plan
      by
      the compensation committee of our board of directors on June 20, 2001, September
      17, 2004 and June 14, 2005, respectively.
The
      following table sets forth certain information as to the beneficial ownership
      of
      MC Shipping's common stock as of March 7, 2006 for each Selling
      Shareholder.
Name
                of Selling
Shareholder
                (1)
Office/Position
of
                Selling
Shareholder
Number
                of Shares
Beneficially
Owned
                Prior to
Sale
                (2)
Maximum
Number
                of Shares
Eligible
                To Be
Sold
                (3)
Number
                of Shares
Beneficially
Owned
                After
Sale
                (4)
Percentage
                of
Shares
                Beneficially
Owned
                After
Sale
Antony
                Crawford
CEO
                and
President
157,000
157,000(5)
0
1.8%
Graham
                Pimblett
COO
56,968
56,968(6)
0
*
Dominique
                Sergent
CFO,
Vice
                President and
Treasurer
66,935
66,935(7)
0
*
Barbara
                Delacour
Administrative
                Assistant
13,015
13,015
                (8)
0
*
Alex
                Gorchakov
Corporate
                Secretary
35,398
35,398
                (5)
Guy
                Morel
Former
                President and COO
28,680
28,680
                (9)
0
*
*  Less
      than 1%.
(1)
Each
                Selling Shareholder received stock options determined by the compensation
                committee of our board of directors. Until June 14, 2005, such stock
                options vested 25% per annum, commencing one year after the grant
                date of
                the respective option. On June 14, 2005, the Board modified the vesting
                conditions under the terms of the plan. The options now vest 100%
                on the
                day following the grant date. If any awards under the Plan expire
                or
                terminate unexercised, the shares of common stock allocatable to
                the
                unexercised or terminated portion of such award shall again be available
                for award under
the
                Plan.
(2)
The
                number of shares beneficially owned by the Selling Shareholders includes
                options to purchase shares of our common stock under the Plan, whether
                or
                not exercisable, as of or within 60 days of the date of this prospectus,
                as well as shares of common stock beneficially owned by the Selling
                Shareholder.
(3)
Includes
                options to purchase shares of our common stock under the Plan, whether
                or
                not exercisable, as of or within 60 days of the date of this
                prospectus.
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(4)
Assumes
                the sale of all of the Selling Shareholder's registered common
                stock.
(5)
All
                these shares vested in June 2005.
(6)
56,968
                of these shares vested in June
                2005.
(7)
9967
                of these shares vested in June 2004 and 56,968 vested in June 2005.
(8)
3253
                of these shares vested in June 2002. 3254 of these shares vested
                in each
                of June 2003, June 2004 and June
                2005.
(9)
14,340
                of these shares vested in each of June 2002 and June
                2003.
PLAN
      OF DISTRIBUTION
We
      are
      registering the shares of common stock covered by this prospectus for the
      Selling Shareholders or their pledgees, donees, transferees or other
      successors-in-interest as a gift, partnership distribution or other
      non-sale-related-transfer after the date of this prospectus, who may sell the
      shares from time to time. The Selling Shareholders will act independently of
      us
      in making decisions with respect to the timing, manner and size of each sale.
      The sales may be made on one or more exchanges or otherwise, at prices and
      at
      terms then prevailing or at prices related to the then current market price,
      or
      in negotiated transactions. The Selling Shareholders may effect such
      transactions by selling the shares to or through broker-dealers or directly
      to
      purchasers (in the event of a private sale). The shares may be sold by one
      or
      more of, or a combination of, the following:
o
a
                block trade in which the broker-dealer so engaged will attempt to
                sell the
                shares as agent but may position and resell a portion of the block
                as
                principal to facilitate the transaction;
o
purchases
                by a broker-dealer as principal and resale by such broker-dealer
                for its
                account pursuant to this prospectus;
o
ordinary
                brokerage transactions and transactions in which the broker solicits
                purchasers; and
o
in
                privately negotiated transactions.
Certain
      Selling Shareholders may enter into hedging transactions with broker-dealers
      in
      connection with distributions of the shares or otherwise. In such transactions,
      broker-dealers may engage in short sales of the shares in the course of hedging
      the positions they assume with certain Selling Shareholders. Certain Selling
      Shareholders may also sell the shares short and redeliver the shares to close
      out such short positions. Such Selling Shareholders may enter into option or
      other transactions with broker-dealers which require the delivery to the
      broker-dealer of the shares. The broker-dealer may then resell or otherwise
      transfer such shares pursuant to this prospectus.
Certain
      Selling Shareholders also may loan or pledge the shares to a broker-dealer.
      The
      broker-dealer may sell the shares so loaned, or upon a default the broker-dealer
      may sell the pledged shares, pursuant to this prospectus.
Broker-dealers
      or agents may receive compensation in the form of commissions, discounts or
      concessions from Selling Shareholders. Broker-dealers or agents may also receive
      compensation from the purchasers of the shares for whom they act as agents
      or to
      whom they sell as principals, or both. In such cases, usual and customary
      brokerage fees will be paid by the Selling Shareholders. Broker-dealers or
      agents and any other participating broker-dealers or the Selling Shareholders
      may be deemed to be "underwriters" within the meaning of Section 2(11) of the
      Securities Act in connection with sales of the shares. Accordingly, any such
      commission, discount or concession received by them and any profit on the resale
      of the shares purchased by them may be deemed to be underwriting discounts
      or
      commissions under the Securities Act. Because Selling Shareholders may be deemed
      to be "underwriters" within the meaning of Section 2(11) of the Securities
      Act,
      the Selling Shareholders will be subject to the prospectus delivery requirements
      of the Securities Act. In addition, any securities covered by this prospectus
      which qualify for sale pursuant to Rule 144 promulgated under the Securities
      Act
      may be sold under Rule 144 rather than pursuant to this prospectus. There is
      no
      underwriter or coordinating broker acting in connection with the proposed sale
      of the shares by the Selling Shareholders.
We
      will
      bear all costs, expenses and fees in connection with the registration of the
      shares. The Selling Shareholders will bear all commissions and discounts, if
      any, attributable to the sales of the shares. The Selling Shareholders may
      agree
      to indemnify any broker-dealer or agent that participates in transactions
      involving sales of the shares against certain liabilities, including liabilities
      arising under the Securities Act.
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DESCRIPTION
      OF SECURITIES
The
      common stock being registered hereunder has been registered pursuant to Section
      12 of the Exchange Act on Form 8-A (File No. 001-10231) filed with the
      Commission on April 20, 1989 and a description of the common stock is contained
      in the Exchange Act registration statement which has been filed with the
      Commission.
EXPERTS
The
      consolidated financial statements of MC Shipping as of December 31, 2005 and
      for
      each of the fiscal years in the three year period ended December 31, 2005 are
      incorporated herein by reference from MC Shipping's annual report on Form 10-K
      for the year ended December 31, 2005, in reliance upon the report of Moore
      Stephens Hays LLP, independent auditors, also incorporated by reference herein,
      and upon the authority of said firm as experts in accounting and
      auditing.
WHERE
      YOU CAN FIND MORE INFORMATION
We
      file
      annual, quarterly and special reports and other information with the Securities
      and Exchange Commission. You may read and copy any of the information on file
      with the Commission at the Commission's Public Reference Room at 100 F Street,
      N.E., Washington, D.C. 20549. Please call the Commission at 1-800-SEC-0330
      for
      further information on the Public Reference Room. In addition, the Commission
      maintains an Internet site at http://www.sec.gov that contains reports, proxy
      and information statements, and other information regarding issuers that file
      electronically with the Commission. We began filing documents with the
      Commission electronically on November 12, 2002. Our filings with the Commission
      are also available to the public from commercial document retrieval services.
      Some of our filings are available at http://www.mcshipping.com.
Our
      common stock is listed on the American Stock Exchange. Reports and other
      information concerning MC Shipping may be inspected at the offices of the
      American Stock Exchange, 86 Trinity Place, New York, New York
      10006.
We
      filed
      a registration statement on Form S-8 to register with the Commission the shares
      of common stock offered by this prospectus. This document is part of that
      registration statement and constitutes a prospectus of MC Shipping. As permitted
      by Commission rules, this document does not contain all the information you
      can
      find in the registration statement or exhibits to the registration
      statement.
INCORPORATION
      OF CERTAIN DOCUMENTS BY
      REFERENCE
The
      Commission allows us to incorporate by reference information into this document,
      which means that we can disclose important information to you by referring
      you
      to another document filed separately with the Commission. The information
      incorporated by reference is deemed to be part of this document, except for
      any
      information superseded by information in this document or a document
      subsequently filed by us. The following documents (which contain important
      information about us and our financial performance) have been filed by the
      Registrant with the Commission pursuant to the Exchange Act, as applicable,
      and
      are incorporated by reference herein and shall be deemed to be a part
      hereof:
(a)  The
      Registrant's Annual Report on Form 10-K for the year ended December 31, 2005,
      filed March 17, 2006, which contains audited financial statements for the most
      recent fiscal year for which statements have been filed.
(b)  The
      description of the Registrant's common stock contained in the Registrant's
      registration statement on Form 8-A filed with the Commission pursuant to Section
      12 of the Exchange Act on April 20, 1989, including any amendment or report
      filed for the purpose of updating such description.
All
      documents subsequently filed by us with the Commission pursuant to Section
      13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a
      post-effective amendment, which indicates that all securities offered have
      been
      sold or which deregisters all securities then remaining unsold, shall be deemed
      to be incorporated by reference in this prospectus and made a part hereof from
      their respective dates of filing.
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Copies
      of
      these filings, excluding all exhibits unless an exhibit has been specifically
      incorporated by reference in this document, are available from us, at no cost,
      by writing or telephoning us at:
MC
      Shipping Inc.
24,
      avenue de Fontvieille
98000
      Monaco
+
      (377)
      9205 9404
Attn:
      Corporate Secretary
You
      should rely only on the information incorporated by reference or provided in
      this prospectus or any prospectus supplement. We have authorized no one to
      provide you with different information. You should not assume that the
      information in this prospectus or any prospectus supplement is accurate as
      of
      any date other than the date on the front of that document, regardless of the
      time of delivery of this prospectus or of any sale of shares of common
      stock.
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PART
      II
INFORMATION
      REQUIRED IN THE REGISTRATION STATEMENT
ITEM
                3.
INCORPORATION
                OF DOCUMENTS BY REFERENCE
The
      following documents which have been filed by the Registrant with the Commission
      pursuant to the Exchange Act, as applicable, are incorporated by reference
      herein and shall be deemed to be a part hereof:
1.  The
      Registrant's Annual Report on Form 10-K for the year ended December 31, 2005,
      filed March 17, 2006.
2.  The
      description of the Registrant's common stock contained in the Registrant's
      registration statement on Form 8-A filed with the Commission pursuant to Section
      12 of the Exchange Act on April 20, 1989, including any amendment or report
      filed for the purpose of updating such description.
All
      documents subsequently filed by us with the Commission pursuant to Sections
      13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
      post-effective amendment to this Registration Statement, which indicates that
      all securities offered have been sold or which deregisters all securities then
      remaining unsold, shall be deemed to be incorporated by reference in this
      Registration Statement and made a part hereof from their respective dates of
      filing (such documents, and the documents enumerated above, being hereinafter
      referred to as "Incorporated Documents").
Any
      statement contained in an Incorporated Document shall be deemed to be modified
      or superseded for purposes of this Registration Statement to the extent that
      a
      statement contained herein or in any other subsequently filed Incorporated
      Document modifies or supersedes such statement. Any such statement so modified
      or superseded shall not be deemed, except as so modified or superseded, to
      constitute a part of this Registration Statement.
ITEM
                4.
DESCRIPTION
                OF SECURITIES
The
      common stock being registered hereunder has been registered pursuant to Section
      12 of the Exchange Act on Form 8-A (File No. 001-10231) filed with the
      Commission on April 20, 1989 and a description of the common stock is contained
      in the Exchange Act registration statement which has been filed with the
      Commission.
ITEM
                5.
INTEREST
                OF NAMED EXPERTS AND COUNSEL
The
      consolidated financial statements of MC Shipping as of December 31, 2005 and
      for
      each of the three years in the period ended December 31, 2005 are incorporated
      herein by reference from MC Shipping's annual report on Form 10-K for the year
      ended December 31, 2005, in reliance upon the report of Moore Stephens Hays
      LLP,
      independent registered public accounting firm, also incorporated by reference
      herein, and upon the authority of said firm as experts in accounting and
      auditing.
ITEM
                6.
INDEMNIFICATION
                OF DIRECTORS AND OFFICERS
Article
      III of the Registrant's Articles of Incorporation, as amended, provides as
      follows:
"The
      purpose of the Corporation is to engage in the following
      activities:
((1)
      through (13) omitted)
"(14)
      To
      indemnify any person to the full extent permitted by Section 6.13 of the
      Business Corporation Act, as now or hereafter amended, restated or recodified
      or
      as otherwise permitted by law by action of its Board of Directors without the
      authorization of the Shareholders, whether or not one or more of the directors
      voting for such indemnification constitute or are included among the parties
      indemnified; and to purchase and maintain insurance for any such person against
      any liability asserted against him and incurred by him, whether or not the
      Corporation would have the power to indemnify him against such liability under
      the provisions of the aforesaid Section 6.13."
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Section
      6.13 of the Business Corporation Act of Liberia provides as
      follows:
"1.
Actions
      not by or in right of the corporation.
A
      corporation shall have power to indemnify any person who was or is a party
      or is
      threatened to be made a party to any threatened, pending or completed action,
      suit or proceeding whether civil, criminal, administrative or investigative
      (other than an action by or in the right of the corporation) by reason of the
      fact that he is or was a director or officer of the corporation, or is or was
      serving at the request of the corporation as a director or officer of another
      corporation, partnership, joint venture, trust or other enterprise, against
      expenses (including attorneys' fees), judgments, fines and amounts paid in
      settlement actually and reasonably incurred by him in connection with such
      action, suit or proceeding if he acted in good faith and in a manner he
      reasonably believed to be in or not opposed to the best interests of the
      corporation, and, with respect to any criminal action or proceeding had no
      reasonable cause to believe his conduct was unlawful. The termination of any
      action, suit or proceeding by judgment, order, settlement, conviction, or upon
      a
      plea of no contest, or its equivalent, shall not, of itself, create a
      presumption that the person did not act in good faith and in a manner which
      he
      reasonably believed to be in or not opposed to the best interests of the
      corporation, and, with respect to any criminal action or proceeding, had
      reasonable cause to believe that his conduct was unlawful.
"2.
Actions
      by or in right of the corporation.
A
      corporation shall have power to indemnify any person who was or is a party
      or is
      threatened to be made a party to any threatened, pending or completed action
      or
      suit by or in the right of the corporation to procure judgment in its favor
      by
      reason of the fact that he is or was a director or officer of the corporation,
      is or was serving at the request of the corporation as a director or officer
      of
      another corporation, partnership, joint venture, trust or other enterprise
      against expenses (including attorneys' fees) actually and reasonably incurred by
      him or in connection with the defense or settlement of such action or suit
      if he
      acted in good faith and in a manner he reasonably believed to be in or not
      opposed to the best interests of the corporation and except that no
      indemnification shall be made in respect of any claim, issue or matter as to
      which such person shall have been adjudged to be liable for negligence or
      misconduct in the performance of his duty to the corporation unless and only
      to
      the extent that the court in which such action or suit was brought shall
      determine upon application that, despite the adjudication of liability but
      in
      view of all the circumstances of the case, such person is fairly and reasonably
      entitled to indemnity for such expenses which the court shall deem
      proper.
"3.
When
      director or officer successful.
To
      the extent that a director or officer of a corporation has been successful
      on
      the merits or otherwise in defense of any action, suit or proceeding referred
      to
      in paragraphs 1 or 2, or in the defense of a claim, issue or matter therein,
      he
      shall be indemnified against expenses (including attorneys' fees) actually and
      reasonably incurred by him in connection therewith.
"4
Payment
      of expenses in advance.
Expenses
      incurred in defending a civil or criminal action, suit or proceeding may be
      paid
      in advance of the final disposition of such action, suit or proceeding as
      authorized by the board of directors in the specific case upon receipt of an
      undertaking by or on behalf of the director or officer to repay such amount
      if
      it shall ultimately be determined that he is not entitled to be indemnified
      by
      the corporation as authorized in this section.
"5.
Insurance.
A
      corporation shall have power to purchase and maintain insurance on behalf of
      any
      person who is or was a director or officer of the corporation or is or was
      serving at the request of the corporation as a director or officer against
      any
      liability asserted against him and incurred by him in such capacity whether
      or
      not the corporation would have the power to indemnify him against such liability
      under the provisions of this section."
"6.
Other
      rights of indemnification unaffected
.  The
      indemnification and advancement of expenses provided by, or granted pursuant
      to,
      this section shall not be deemed exclusive of any other rights to which those
      seeking indemnification or advancement of expenses may be entitled under any
      bylaw, agreement, vote of shareholders or disinterested directors or otherwise,
      both as to action in such person's official capacity and as to action in another
      capacity while holding such office.
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"7.
Continuation
      of indemnification
.  The
      indemnification and advancement of expenses provided by, or granted pursuant
      to,
      this section shall, unless otherwise provided when authorized or ratified,
      continue as to a person who as ceased to be a director, officer, employee or
      agent and shall inure to the benefit of the heirs, executors and administration
      of such persons."
The
      Registrant's By-Laws contain provisions to implement the foregoing Section 6.13.
ITEM
                7.
EXEMPTION
                FROM REGISTRATION CLAIMED
The
      securities that are to be reoffered or resold pursuant to this Registration
      Statement were issued pursuant to our 2001 Stock Option Plan in transactions
      that were exempt from registration pursuant to Section 4(2) under the Securities
      Act.
ITEM
                8.
EXHIBITS
The
      following exhibits are filed with or incorporated by reference into this
      Registration Statement (numbering corresponds to the exhibit table in Item
      601
      of Regulation S-K):
Exhibit
No
.
Description
5.1
Opinion
                of Holland & Knight LLP as to the legality of the Registrant's common
                stock.
10.1
2001
                Stock Option Plan.
23.1
Consent
                of Holland & Knight LLP (included in the Opinion filed as Exhibit 5.1
                hereto).
23.2
Consent
                of Moore Stephens Hays LLP, independent registered public accounting
                firm.
24.1
Power
                of Attorney (set forth on the signature page
                hereof).
ITEM
                9.
UNDERTAKINGS
(1)    The
      Registrant hereby undertakes:
(a)    To
      file, during any period in which offers or sales are being made, a
      post-effective amendment to this Registration Statement:
(i)
               To include any prospectus
      required by Section 10(a)(3) of the Securities Act;
(ii)
              To reflect in the prospectus any
      facts or events arising after the effective date of the Registration Statement
      (or the most recent post-effective amendment thereof) which, individually or
      in
      the aggregate, represent a fundamental change in the information set forth
      in
      the Registration Statement; and
(iii)        To
      include any material information with respect to the plan of distribution not
      previously disclosed in the Registration Statement or any material change to
      such information in the Registration Statement;
provided
,
however
,
      that
      paragraphs (1)(a)(i) and (1)(a)(ii) do not apply if the information required
      to
      be included in a post-effective amendment by those paragraphs is contained
      in
      periodic reports filed by the Registrant pursuant to Section 13 or Section
      15(d)
      of the Exchange Act that are incorporated by reference in the Registration
      Statement.
(b)    That,
      for the purpose of determining any liability under the Securities Act, each
      such
      post-effective amendment shall be deemed to be a new registration statement
      relating to the securities offered therein, and the offering of such securities
      at that time shall be deemed to be the initial bona fide offering
      thereof.
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(c)    To
      remove from registration by means of a post-effective amendment any of the
      securities being registered which remain unsold at the termination of the
      offering.
(2)    The
      Registrant hereby undertakes that, for the purpose of determining any liability
      under the Securities Act, each filing of MC Shipping Inc.'s annual report
      pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable,
      each filing of an employee benefit plan's annual report pursuant to Section
      15(d) of the Exchange Act) that is incorporated by reference in the Registration
      Statement shall be deemed to be a new registration statement relating to the
      securities offered therein and the offering of such securities at the time
      shall
      be deemed to be the initial bona fide offering thereof.
(3)    Insofar
      as indemnification for liabilities arising under the Securities Act may be
      permitted to directors, officers and controlling persons of the Registrant
      pursuant to the above-mentioned provisions, or otherwise, the Registrant has
      been advised that in the opinion of the Commission such indemnification is
      against public policy as expressed in the Securities Act and is, therefore,
      unenforceable. In the event that a claim for indemnification against such
      liabilities (other than the payment by the Registrant of expenses incurred
      or
      paid by a director, officer or controlling person of the Registrant in the
      successful defense of any action, suit or proceeding) is asserted by such
      director, officer or controlling person in connection with the securities being
      registered, the Registrant will, unless in the opinion of its counsel the matter
      has been settled by controlling precedent, submit to a court of appropriate
      jurisdiction the question whether such indemnification by it is against public
      policy as expressed in the Securities Act and will be governed by the final
      adjudication of such issue.
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SIGNATURES
Pursuant
      to the requirements of the Securities Act of 1933, as amended, the Registrant
      certifies that it has reasonable grounds to believe that it meets all of the
      requirements for filing on Form S-8 and has duly caused this Registration
      Statement to be signed on its behalf by the undersigned, thereunto duly
      authorized, in the Principality of Monaco, on March 24, 2006.
MC
                SHIPPING INC.
By:/s/
ANTONY
                S. CRAWFORD
Name:
                Antony S. Crawford
Title:
                President, Chief Executive Officer
Pursuant
      to the requirements of the Securities Act of 1933, the administrator of the
      Plan
      has duly caused this Registration Statement to be signed on its behalf by the
      undersigned, thereunto duly authorized, in the City of London in the United
      Kingdom on March 24, 2006.
MC
                SHIPPING INC. 2001 STOCK OPTION PLAN
By:/s/
                CHRISTOPHER EDWARDS
Name:
                Christopher Edwards
Title:
                Director of Marine Legal Services
                Ltd.
POWER
      OF
      ATTORNEY
Each
      person whose signature appears below hereby severally constitutes and appoints
      Antony Crawford and John Blankley and each of them acting singly, as his or
      her
      true and lawful attorney-in-fact and agent, with full and several power of
      substitution and resubstitution, to sign for him or her and in his or her name,
      place and stead, in any and all capacities indicated below, the Registration
      Statement on Form S-8 filed herewith and any and all post-effective amendments
      and supplements to the said Registration Statement, and to file the same, with
      exhibits thereto and other documents in connection therewith, with the
      Securities and Exchange Commission, granting unto said attorney-in-fact and
      agent, full power and authority to do and perform each and every act and thing
      requisite and necessary fully to all intents and purposes as he or she might
      or
      could do in person, hereby ratifying and confirming all that said
      attorney-in-fact and agent, or his or her substitute, may lawfully do or cause
      to be done by virtue hereof.
Pursuant
      to the requirements of the Securities Act of 1933, as amended, this Registration
      Statement or amendment thereto has been signed below by the following persons
      in
      the capacities and on the date indicated below.
SIGNATURE
TITLE
DATE
/s/
ANTONY
                S. CRAWFORD
President,
                Chief Executive Officer
March
                24, 2006
Antony
                S. Crawford
/s/
                DOMINIQUE SERGENT
Chief
                Financial Officer (Principal Accounting Officer)
March
                24, 2006
Dominique
                Sergent
/s/
CHARLES
                B. LONGBOTTOM
Chairman
                of the Board of Directors
March
                24, 2006
Charles
                B. Longbottom
/s/
                JOHN H. BLANKLEY
Director
March
                24, 2006
John
                H. Blankley
/s/
                TULLIO BIGGI
Director
March
                24, 2006
Tullio
                Biggi
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EXHIBIT
      INDEX
Exhibit
No
.
Description
5.1
Opinion
                of Holland & Knight LLP as to the legality of the Registrant's common
                stock.
10.1
2001
                Stock Option Plan.
23.1
Consent
                of Holland & Knight LLP (included in the Opinion filed as Exhibit 5.1
                hereto).
23.2
Consent
                of Moore Stephens Hays LLP, independent registered public accounting
                firm.
24.1
Power
                of Attorney (set forth on the signature page
                hereof).
17