SOURCE: Globus Maritime


March 22, 2011 09:15 ET

Globus Maritime Limited Announces the Acquisition of a 2007-Built Supramax Dry Bulk Carrier, Expanding Fleet to Six Vessels

ATHENS, GREECE--(Marketwire - March 22, 2011) - Globus Maritime Limited ("Globus" or the "Company"), (NASDAQ: GLBS), a dry bulk vessel owner and operator, announces that it has agreed to purchase from an unaffiliated third party a 58,790 DWT Supramax dry bulk carrier for a purchase price of $30.3 million. The vessel was delivered from the Tsuneishi Heavy Industries Cebu yard in 2007.

The vessel is expected to be delivered to the Company during the third quarter of 2011. Upon her delivery to Globus she will continue her deployment under a time charter to Cosco Qingdao at the gross daily rate of $16,000 until the first quarter of 2015.

On completion of this acquisition, the Company's fleet will expand to six modern dry bulk carriers with a total carrying capacity of 378,703 DWT and a weighted average age of 4.6 years (as of September 30, 2011).

George Karageorgiou, President and CEO of Globus commented: "Consistent with our strategy to own modern assets, and to seek accretive acquisitions at the proper time, we have today agreed to acquire a modern Supramax vessel at a very competitive price. This acquisition is expected to provide additional visibility to our future cash flows, as the vessel is chartered until the first quarter of 2015. We continue to look for vessels that will be accretive to our profitability and cash flows."

About Globus Maritime Limited

Globus is a global provider of seaborne transportation services for dry bulk cargoes, including coal, grain, steel products, cement, alumina and other dry bulk cargoes along worldwide shipping routes. Currently the Company's subsidiaries own and operate five vessels with a weighted average age of 4.0 years (as of December 31, 2010) and a total carrying capacity of 319,913 DWT. Globus has contracted to acquire another dry bulk vessel to be delivered during the third quarter of 2011.

Safe Harbor Statement

This communication contains "forward-looking statements" as defined under U.S. federal securities laws. Forward-looking statements provide the Company's current expectations or forecasts of future events. Forward-looking statements include statements about the Company's expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "will" or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company's actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in the Company's filings with the Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Globus undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Globus describes in the reports it will file from time to time with the Securities and Exchange Commission after the date of this communication.

Contact Information

  • For further information please contact:
    Globus Maritime Limited
    +30 210 960 8300
    Goerge Karageorgiou
    President and CEO

    Capital Link - New York
    +1 212 661 7566
    Nicolas Bornozis
    Matthew Abenante