SOURCE: Globus Maritime

Globus Maritime

December 02, 2009 07:00 ET

Globus Maritime Announces Agreement to Sell Handymax Dry Bulk Carriers

ATHENS, GREECE--(Marketwire - December 2, 2009) - Globus Maritime Limited ("Globus" or the "Company") (AIM: GLBS) (LSE: GLBS), a marine transportation company that owns and operates Handymax and Panamax dry bulk ocean-going vessels, announces that, in continuation of its fleet renewal program, it has signed a Memorandum of Agreement with an unaffiliated third party for the joint sale of the "Coral Globe," a 1994-built Handymax bulk carrier of 43,189 dwt, and the "Sea Globe," a 1995-built Handymax bulk carrier of 43,171 dwt, for the en-block gross price of US$34.0 million in cash.

Delivery of the two vessels to their new owner is expected to take place by early February 2010, at the option of Globus.

Taking depreciation and amortization into account, the Company expects to realize a book loss of approximately US$6.3 million on this sale. Globus intends to utilize the cash proceeds to repay bank debt and further strengthen its liquidity.

For further information please contact:

Globus Maritime Limited          +30 210 960 8300
George Karageorgiou, CEO         info@globusmaritime.gr

Jefferies International Limited  +44 20 7029 8000
Schuyler Evans
Anne Dovigen

Capital Link - London            +44 20 3206 1322
Annie Evangeli                   globus@capitallink.com

Capital Link - New York          +1 212 661 7566
Ramnique Grewal                  globus@capitallink.com

Further Information - Notes to Editors

About Globus Maritime Limited

Globus is a global provider of seaborne transportation services for dry bulk cargoes, including among others iron ore, coal, grain, cement, and fertilizers, along worldwide shipping routes. Globus owns and operates one Panamax and three Handymax vessels with a weighted average age of approximately 10.4 years (as at November 30, 2009) and a total carrying capacity of 212,789 dwt.

Following the delivery of the "Coral Globe" and the "Sea Globe" to their new owners by February 2010, Globus will own and operate one Panamax and one Handymax vessels with a weighted average age of approximately 6.5 years (as at November 30, 2009) and a total carrying capacity of 126,429 dwt.

Globus is listed on the AIM of the London Stock Exchange under ticker GLBS. Jefferies International Limited is acting as nominated adviser and broker to the Company.

Contact Information

  • For further information please contact:

    Globus Maritime Limited
    +30 210 960 8300
    George Karageorgiou
    CEO
    info@globusmaritime.gr

    Jefferies International Limited
    +44 20 7029 8000
    Schuyler Evans
    Anne Dovigen

    Capital Link - London
    +44 20 3206 1322
    globus@capitallink.com
    Annie Evangeli

    Capital Link - New York
    +1 212 661 7566
    globus@capitallink.com
    Ramnique Grewal