SOURCE: Globus Maritime

Globus Maritime

May 25, 2010 09:33 ET

Globus Maritime Ltd Announces the Delivery of the New Supramax Dry Bulk Carrier "Star Globe"

ATHENS, GREECE--(Marketwire - May 25, 2010) -  Globus Maritime Ltd ("Globus" or the "Company") (AIM: GLBS) (LSE: GLBS), a global shipping transportation company that owns and operates Supramax and Panamax dry bulk carriers, announces that it took delivery from an unaffiliated third party of the bulk carrier "Star Globe," the second of two sistership-vessels it had previously agreed to acquire for US$32,825,000 each as announced on April 8, 2010.

The M/V "Star Globe," built in May 2010, is a geared and grab-fitted supramax bulk carrier with a carrying capacity of 56,868 dwt. The vessel was financed from the Company's existing bank facility and cash balances, and will fly the Marshall Islands flag. Following the delivery, the "Star Globe" began a time charter to Transgrain Shipping at the gross rate of US$22,000 per day for a minimum of 11 to a maximum of 13 months.

George Karageorgiou, Chief Executive of Globus Maritime, commented: "We are pleased to have taken delivery of the 'Star Globe,' a modern Supramax vessel, which expands our fleet to four vessels, further enhancing our ability to generate revenues and profits, while decreasing the weighted average age of our fleet."

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

Vessel Year Built Yard Type(1) Month/Yr Delivered DWT FLAG
River Globe 2007 Yangzhou Dayang Supramax Dec 2007 53,500 Marshall Islands
Sky Globe 2009 Taizhou Kouan Supramax May 2010 56,855 Marshall Islands
Star Globe 2010 Taizhou Kouan Supramax May 2010 56,868 Marshall Islands
Tiara Globe 1998 Hudong Zhonghua Panamax Dec 2007 72,929 Marshall Islands
Weighted Average Age at 31 May 2010 4.4 years   240,152  

Note (1): All vessels are geared and fitted with grabs.

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

Vessel Charterer Charter Expiration Date (Earliest) Charter Expiration Date (Latest)(1) Gross Daily rate (US$)
River Globe Eastern Bulk Carriers 9/2010 11/2010 25,000
Sky Globe Currently on Spot     30,000
Star Globe Transgrain 5/2011 7/2011 22,000
Tiara Globe Transgrain 2/2012 5/2012 20,000

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