Globus Maritime Ltd Delivery of the Vessel "Sky Globe"


 

TIDMGLBS 
 
RNS Number : 2335M 
Globus Maritime Ltd 
20 May 2010 
 

Globus Maritime Ltd Announces the Delivery of the Supramax Dry Bulk Carrier "Sky 
Globe" 
 
 
Athens, Greece, May 20, 2010. Globus Maritime Ltd ("Globus" or the "Company") 
(AIM: 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  |          |          | Month/Yr  |  DWT    | FLAG     | 
|         |Built  | Yard     | Type(1)  |Delivered  |         |          | 
+---------+-------+----------+----------+-----------+---------+----------+ 
| River   | 2007  | Yangzhou | Supramax |    Dec    |  53,500 | Marshall | 
| Globe   |       | Dayang   |          |   2007    |         | Islands  | 
+---------+-------+----------+----------+-----------+---------+----------+ 
| Sky     | 2009  | Taizhou  | Supramax |    May    |  56,855 | Marshall | 
| Globe   |       | Kouan    |          |   2010    |         | Islands  | 
+---------+-------+----------+----------+-----------+---------+----------+ 
| Tiara   | 1998  | Hudong   | Panamax  |    Dec    |  72,929 | Marshall | 
| Globe   |       | Zhonghua |          |   2007    |         | Islands  | 
+---------+-------+----------+----------+-----------+---------+----------+ 
|         |       |          |          |           | 183,284 |          | 
+---------+-------+----------+----------+-----------+---------+----------+ 
| To be           |          |          |           |         |          | 
| delivered       |          |          |           |         |          | 
+-----------------+----------+----------+-----------+---------+----------+ 
| (tbn)   | 2010  | Taizhou  | Supramax |    May    |  57,000 | Marshall | 
| Star    |       | Kouan    |          |   2010    |         | Islands  | 
| Globe   |       |          |          |           |         |          | 
+---------+-------+----------+----------+-----------+---------+----------+ 
|         |       |          |          |           | 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    | Charter     | Gross   | 
|            |                 | Expiration | Expiration  | Daily   | 
|            |                 | Date       | Date        | rate    | 
|            |                 | (Earliest) | (Latest)(1) | (US$)   | 
+------------+-----------------+------------+-------------+---------+ 
| River      | Eastern Bulk    |  9/2010    |  11/2010    | 25,000  | 
| Globe      | Carriers        |            |             |         | 
+------------+-----------------+------------+-------------+---------+ 
| Sky Globe  | Currently on    |            |             | 30,000  | 
|            | Spot            |            |             |         | 
+------------+-----------------+------------+-------------+---------+ 
| Star Globe | Transgrain(2)   |  5/2011    |   7/2011    | 22,000  | 
+------------+-----------------+------------+-------------+---------+ 
| Tiara      | Transgrain      |  2/2012    |   5/2012    | 20,000  | 
| Globe      |                 |            |             |         | 
+------------+-----------------+------------+-------------+---------+ 
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. 
 
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 
 
- ENDS - 
 
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. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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