SOURCE: Globus Maritime Ltd.

Globus Maritime Ltd.

June 23, 2010 09:20 ET

Globus Maritime Ltd Enters Into Agreement to Acquire a 2010-Built Kamsarmax Dry Bulk Carrier Expanding Fleet to Five Vessels

ATHENS, GREECE--(Marketwire - June 23, 2010) - Globus Maritime Ltd ("Globus" or the "Company") (AIM: GLBS) (LSE: GLBS), a global shipping transportation company that owns and operates dry bulk carriers, announces that in line with its fleet renewal programme it has agreed to purchase for US$41,112,000 from an unaffiliated third party a 79,800 DWT Kamsarmax Bulk Carrier built in 2010 at an established Chinese yard.

The vessel is expected to be delivered to the Company by the end of June 2010. Upon her delivery to the Company she will fly the flag of Panama, and continue her deployment under a bareboat charter for a period of 5 years (plus 1 year at Bareboat Charterers' option plus another year at Globus' option) to a Far Eastern shipping entity.

On completion of this acquisition, Globus' fleet will comprise a total of five modern dry bulk carriers with a total carrying capacity of 319,952 dwt and a weighted average age of just 3.4 years, well below the industry average.

George Karageorgiou, Chief Executive of Globus Maritime, commented: "Consistent with our strategy to own modern assets and seek accretive acquisitions at the proper time, we have today agreed to add a new Kamsarmax vessel to our fleet. This acquisition is expected to significantly enhance our revenue and earnings capacity, while further decreasing the weighted average age of our fleet."

The following table represents the Company's fleet as on the date of this
release:

               Year                              Month/Yr
Vessel         Built      Yard          Type     Delivered   DWT     FLAG
               ----- --------------- ----------  --------- ------- --------
                                                                   Marshall
River Globe     2007 Yangzhou Dayang Supramax(1)  Dec 2007  53,500  Islands
               ----- --------------- ----------  --------- ------- --------
                                                                   Marshall
Sky Globe       2009   Taizhou Kouan Supramax(1)  May 2010  56,855  Islands
               ----- --------------- ----------  --------- ------- --------
                                                                   Marshall
Star Globe      2010   Taizhou Kouan Supramax(1)  May 2010  56,868  Islands
               ----- --------------- ----------  --------- ------- --------
                                                                   Marshall
Tiara Globe     1998 Hudong Zhonghua  Panamax(1)  Dec 2007  72,929  Islands
               ----- --------------- ----------  --------- ------- --------

To be delivered

Kamsarmax       2010    Chinese yard  Kamsarmax  June 2010  79,800   Panama
               ----- --------------- ----------  --------- ------- --------

Weighted Average Age at 30/06/2010    3.4 years            319,952
                                     ----------            -------

Note (1): The vessel is geared and fitted with grabs.


The following table represents the employment profile of the fleet as of
the date of this release:

                                         Charter      Charter
                                       Expiration   Expiration
                                          Date         Date     Gross Daily
Vessel            Charterer       Type  (Earliest)  (Latest)(1)  rate (US$)
            --------------------- ---- ------------ ------------ ----------
River Globe Eastern Bulk Carriers  T/C       9/2010      11/2010     25,000
            --------------------- ---- ------------ ------------ ----------
Sky Globe   Currently on Spot                   n/a          n/a     30,000
            --------------------- ---- ------------ ------------ ----------
Star Globe  Transgrain             T/C       5/2011       7/2011     22,000
            --------------------- ---- ------------ ------------ ----------
Tiara Globe Transgrain             T/C       2/2012       5/2012     20,000
            --------------------- ---- ------------ ------------ ----------
Kamsarmax   Far East Charterer     B/B       1/2015       1/2017     14,250
            --------------------- ---- ------------ ------------ ----------

Note:
(1)  The latest charter expiration date represents the last day on which
     the charterer may redeliver the vessel upon the termination of the
     charter assuming that all options for additional hire periods under
     the charter are exercised, including taking into account expected
     off-hire days because of scheduled dry-dockings.

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. Currently, Globus owns and operates one panamax and three supramax vessels, with a weighted average age of 4.4 years (as at May 31, 2010) and a total carrying capacity of 240,152 DWT. All vessels are geared and fitted with grabs.

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 (0) 20 7029 8000
    Schuyler Evans
    Oliver Griffiths
    Anne Dovigen

    Capital Link - London
    +44 (0) 20 3206 1322
    globus@capitallink.com
    Annie Evangeli

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