Edgar Filing: MC SHIPPING INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

NAVALMAR MARITIME TRANSPORTS LTD

2. Issuer Name and Ticker or Trading Symbol
MC SHIPPING INC [MCX]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

RUA DOS MURCAS 15, 2ND ANDAR SALA G

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2007

(Street)

FUNCHAL MADEIRA, S1 9000058

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.01 per share	07/10/2007		J⁽¹⁾		909	A	⁽¹⁾	4,227,357 ⁽¹⁾	D ⁽¹⁾
Common Stock, par value $0.01 per share	07/30/2007		S		4,226,448	D	$ 14.25	909 ⁽²⁾	D ⁽²⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
NAVALMAR MARITIME TRANSPORTS LTD RUA DOS MURCAS 15 2ND ANDAR SALA G FUNCHAL MADEIRA, S1 9000058		X
Bogazzi Fimpar SpA RUA DOS MURCAS 15 2ND ANDAR SALA G FUNCHAL MADEIRA, S1 9000058		X
BOGAZZI ENRICO DOTTORE RUA DOS MURCAS 15 2ND ANDAR SALA G FUNCHAL MADEIRA, S1 9000058	X	X

Signatures

Navalmar Maritime Transports Ltd By: /s/ Andrea Colombo		07/30/2007
^**Signature of Reporting Person		Date
CO.FI.PA. SpA By: /s/ Enrico Bogazzi		07/30/2007
^**Signature of Reporting Person		Date
/s/ Enrico Bogazzi		07/30/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Issued as compensation for Enrico Bogazzi's service as a director of the Issuer (not pursuant to Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as the Issuer is a "foreign private issuer" and therefore is not subject to Section 16 of the Exchange Act pursuant to Rule 3a12-3(b) thereunder).
(2)	CO.FI.PA SpA, 10% Owner, Via Cadorna 49/A, 54036 Marina di Carrara Italy; Mr. Bogazzi, 10% Owner, Via Cadorna 49/A, 54036 Marina di Carrara, Italy. The shares are held by Navalmar Transportes Maritimos LDA, a subsidiary in which CO.FI.PA SpA holds a majority interest, but may be deemed to be beneficially owned by Mr. Bogazzi who is the majority shareholder of CO.FI.PA SpA. As of July 30, 2007, the Reporting Persons ceased to own 10% or more of any class of securities of the Issuer. Following the sale reported herein, Mr. Bogazzi remains the beneficial owner of 909 shares of Common Stock of the Issuer, issued to him in connection with his service as a director of the Issuer. Effective July 24, 2007, Mr. Bogazzi ceased to serve as an officer or director of the Issuer. None of the other Reporting Persons may claim beneficial ownership of these shares.

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