SOURCE: Globus Maritime

Globus Maritime

October 12, 2009 09:49 ET

Sale of a Vessel: Globus Maritime Announces Agreement to Sell Handymax Dry Bulk Carrier

ATHENS, GREECE--(Marketwire - October 12, 2009) - Globus Maritime Limited ("Globus" or the "Company") (AIM: GLBS) (LSE: GLBS), a marine transportation company that owns and operates a fleet of Handymax and Panamax dry bulk ocean-going vessels, announces that it has signed a Memorandum of Agreement with an unaffiliated third party for the sale of the M/V "Lake Globe," a 1994-built Handymax dry bulk carrier of approximately 43,216 dwt, for the gross price of US$16.5 million in cash. Delivery to the new owners is expected to take place between November 1 and November 30, 2009, at the option of Globus. Taking depreciation and amortization into account the Company expects to realize a book loss of approximately US$3.5 million on this sale. Globus intends to utilize the cash proceeds to repay bank debt and strengthen its liquidity.

Fleet Profile as of the date of this Press Release:

                Year                      Date
Vessel          Built   Yard   Type(1)  Delivered   DWT      FLAG
                ----- -------- -------- --------- ------- -----------
Lake Globe(2)    1994  Hyundai Handymax   12/2006  43,216     Bahamas
                ----- -------- -------- --------- ------- -----------
Coral Globe      1994  Hyundai Handymax   11/2006  43,189     Bahamas
                ----- -------- -------- --------- ------- -----------
Gulf Globe(2)    1994  Hyundai Handymax    1/2007  43,245     Bahamas
                ----- -------- -------- --------- ------- -----------
Sea Globe        1995  Hyundai Handymax    9/2006  43,171     Bahamas
                ----- -------- -------- --------- ------- -----------
                      Yangzhou
River Globe      2007   Dayang Handymax   12/2007  53,500 Marshall Is
                ----- -------- -------- --------- ------- -----------
                       Hudong
Tiara Globe      1998 Zhonghua  Panamax   12/2007  72,929 Marshall Is
                ----- -------- -------- --------- ======= -----------
                      years at
W. Aver. Age     11.7 30/09/09                    299,250
                ----- -------- -------- --------- ------- -----------

Notes:
   (1) All the vessels are geared.
   (2) The Company has signed an MOA with an unaffiliated third party
       to sell this vessel.

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. On September 30, 2009, Globus owned one Panamax and five Handymax vessels, with a weighted average age of approximately 11.7 years and a total carrying capacity of 299,250 DWT.

Following the delivery of the "Gulf Globe" and the "Lake Globe" to her new owners, the Company will own and operate one Panamax and three Handymax vessels with a weighted average age of approximately 11.2 years (as at September 30, 2009) and a total carrying capacity of 212,789 dwt. All the 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 (0) 20 7029 8000
    Schuyler Evans
    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