SOURCE: Globus Maritime

Globus Maritime

January 28, 2010 07:00 ET

Globus Maritime Announces a New 2-Year Time Charter Agreement for Its Panamax Vessel "Tiara Globe"

ATHENS, GREECE--(Marketwire - January 28, 2010) - Globus Maritime Limited ("Globus" or the "Company") (AIM: GLBS) (LSE: GLBS), a marine transportation company that owns and operates Handymax and Panamax dry bulk vessels, announces that a subsidiary of the Company has entered into a new time charter agreement for the M/V "Tiara Globe" with Transgrain Shipping at a gross rate of US$20,000 per day, for a minimum of 24 to a maximum of 26 months starting sometime in February 2010.

The M/V "Tiara Globe" is a geared Panamax bulkcarrier built in 1998 with a carrying capacity of 72,929 dwt.

George Karageorgiou, Chief Executive of Globus, commented: "We are pleased to announce this new employment agreement for our Panamax vessel, 'Tiara Globe,' which enhances the stability and predictability of our revenues and cash flows. Even though we remain concerned about the effect of the large orderbook of vessels scheduled to be delivered within 2010, we believe that Globus is strategically positioned to take advantage of market opportunities as these occur in 2010. Taking advantage of the available bank facilities and cash on our balance sheet, we will seek, at the appropriate time, to acquire younger assets that will generate value for our shareholders. We remain focused in our efforts to grow the Company."

The following tables represent our fleet as on the date of this release:


Table 1: Fleet Profile
                                             Month/Yr
Vessel        Year Built  Yard     Type(1)  Delivered    DWT       FLAG
------------- --------- --------  --------- ---------  -------  -----------
Coral Globe(2)   1994    Hyundai   Handymax   11/2006   43,189   Bahamas
------------- --------- --------  --------- ---------  -------  -----------
Sea Globe(2)     1995    Hyundai   Handymax    9/2006   43,171   Bahamas
------------- --------- --------  --------- ---------  -------  -----------
                        Yangzhou
River Globe      2007    Dayang    Handymax   12/2007   53,500  Marshall Is
------------- --------- --------  --------- ---------  -------  -----------
                         Hudong
Tiara Globe      1998   Zhonghua   Panamax    12/2007   72,929  Marshall Is
------------- --------- --------  --------- ---------  -------  -----------
                        Years at
W. Average Age   10.5   31/12/09                       212,789
------------- --------- --------  --------- ---------  -------  -----------

Notes:

(1) All the vessels are geared.
(2) MOAs have been signed for the sale of this vessel.



Table 2: Time Charter Profile
                                    Charter        Charter
                                   Expiration    Expiration       Gross
                                      Date       (Actual or       Daily
Vessel          Charterer          (Earliest)     Latest)(1)    rate (US$)
--------------  -----------------  ----------   ------------   -----------
Coral Globe(2)  Currently on Spot
--------------  -----------------  ----------   ------------   -----------
Sea Globe(2)    COSCO                5/2010         9/2010        14,000
--------------  -----------------  ----------   ------------   -----------
River Globe     Currently on Spot
--------------  -----------------  ----------   ------------   -----------
Tiara Globe     Transgrain           2/2012         5/2012        20,000
--------------  -----------------  ----------   ------------   -----------

Notes:

(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.
(2)  MOAs have been signed for the sale of this vessel.


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
Anne Dovigen
Schuyler Evans

Capital Link - London             +44 20 3206 1322 / globus@capitallink.com
Annie Evangeli
Capital Link - New York           +1 212 661 7566 / globus@capitallink.com

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 10.5 years (as at December 31, 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 7.6 years (as at December 31, 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
    George Karageorgiou, CEO
    +30 210 960 8300
    info@globusmaritime.gr

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

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

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