SOURCE: Globus Maritime

Globus Maritime

February 18, 2010 09:57 ET

Globus Maritime Ltd Reports Delivery of the Vessels "Coral Globe" and "Sea Globe"

ATHENS, GREECE--(Marketwire - February 18, 2010) -  Globus Maritime Limited ("Globus" or the "Company") (AIM: GLBS) (LSE: GLBS), the owner and operator of Handymax and Panamax dry bulk vessels, announces that it has delivered the Handymax vessels "Coral Globe" (built in 1994) and "Sea Globe" (built in 1995) to their new owners, two unaffiliated third parties.

George Karageorgiou, Chief Executive of Globus, commented: "We have today concluded the sale of the last two of our vessels built in the mid-1990s. Taking advantage of the cash on our balance sheet and the available bank facilities, we will seek to acquire younger assets that will generate value for our shareholders. We remain focused in our efforts to grow the Company."

Elias Deftereos, Chief Financial Officer, added: "In the middle of turbulent times, Globus has today a very healthy balance sheet as our cash balances today exceed USD 68.40 million. We are confident that Globus is thus strategically positioned to take advantage of market opportunities as these occur in 2010 and 2011."

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

 Table 1: Fleet Profile

Vessel Year Built
Yard

Type(1)
Month/Yr Delivered DWT FLAG
River Globe 2007
Yangzhou Dayang
Handymax
(Supramax)
12/2007 53,500 Marshall Is
Tiara Globe 1998 Hudong Zhonghua Panamax 12/2007 72,929 Marshall Is
             
W. Average Age 7.7 Years at 31/01/10     126,429  

Note (1): All the vessels are geared.
Table 2: Time Charter Profile

Vessel Charterer Charter Expiration Date (Earliest) Charter Expiration Date (Latest)(1) Gross Daily rate (US$)
River Globe Currently on Spot      
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.

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 one Handymax vessels, with a weighted average age of 7.7 years (as at January 31, 2010) and a total carrying capacity of 126,429 DWT. Both vessels are geared.

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 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
    Ramnique Grewal