SOURCE: Globus Maritime

Globus Maritime

May 20, 2010 07:00 ET

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

ATHENS, GREECE--(Marketwire - May 20, 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 on May 19, 2010 it took delivery from an unaffiliated third party of the bulk carrier "Sky Globe," the first 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 "Sky Globe," built in 2009, is a geared and grab-fitted supramax bulk carrier with a carrying capacity of 56,855 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 "Sky Globe" is employed on the spot market: for her first trip she was chartered by a first class European charterer at the gross rate of US$30,000 per day.

The second vessel, a newbuilding which is currently under construction, will be named "Star Globe" upon her delivery, which is scheduled for later this month. The "Star Globe" has been time chartered 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 'Sky Globe,' a modern Supramax vessel, which expands our fleet to three vessels, further enhancing our ability to generate revenues and profits. This acquisition occurs during this low phase of the shipping cycle, and is expected to significantly enhance our earnings, while decreasing the weighted average age of our fleet. We continue to implement our balanced charter strategy and we have secured period employment for the 'Star Globe.' Today, our time charter coverage for the remaining of 2010 stands at 61% at the earliest expiration date (or 70% at the latest). We believe that companies with modern tonnage such us ours will continue to benefit from the improving market dynamics."

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
Tiara Globe 1998 Hudong Zhonghua Panamax Dec 2007 72,929 Marshall Islands
          183,284  
To be delivered          
(tbn)
Star Globe
2010 Taizhou Kouan Supramax May 2010 57,000 Marshall Islands
          240,284  

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

The following table represent 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(2) 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.
2. T/C will begin following delivery from the shipyard, scheduled for late May 2010.

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 two supramax vessels, with a weighted average age of 5.7 years (as at May 19, 2010) and a total carrying capacity of 183,284 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
    George Karageorgiou
    CEO
    +30 210 960 8300
    info@globusmaritime.gr

    Jefferies International Limited
    Schuyler Evans
    Oliver Griffiths
    Anne Dovigen
    +44 (0) 20 7029 8000

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

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