SOURCE: Globus Maritime Limited

Globus Maritime Limited

May 21, 2015 16:02 ET

Globus Maritime Limited Announces the Sale of a Panamax Vessel

ATHENS, GREECE--(Marketwired - May 21, 2015) -  Globus Maritime Limited ("Globus," the "Company," "we," or "our") (NASDAQ: GLBS), a dry bulk shipping company, announced today that it has entered into a binding agreement to sell to an unaffiliated third party its 1998-built panamax vessel, of 72,928 dwt, m/v Tiara Globe, for a gross price of US$5.5 million. The vessel is scheduled to be delivered to its new owners during the periods June 20, 2015 through July 25, 2015 the latest.

Commenting on the sale, Georgios K. Karageorgiou, President and CEO of Globus Maritime stated: "This transaction is in line with the company's strategy to prudently divest assets that do not fit the profile of its fleet and further strengthen its balance sheet. Upon the conclusion of this sale, the weighted average age of our fleet will be reduced from 8.5 years to 6.8 years."

About Globus Maritime Limited
Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide and presently owns, operates and manages a fleet of dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. Globus' subsidiaries own and operate seven vessels with a total carrying capacity of 452,886 dwt (including m/v Tiara Globe) and a weighted average age of 8.5 years as of May 20, 2015.

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.

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