Agreement to Acquire a Dry Bulk Carrier


 

TIDMGLBS 
 
RNS Number : 1200O 
Globus Maritime Ltd 
23 June 2010 
 

 
Globus Maritime Ltd Enters into Agreement to Acquire a 2010-Built Kamsarmax Dry 
Bulk Carrier Expanding Fleet to Five Vessels 
 
 
Athens, Greece, June 23, 2010. Globus Maritime Ltd("Globus" or the "Company") 
(AIM: GLBS), a global shipping transportation company that owns and operates dry 
bulk carriers, announces that in line with its fleet renewal programme it has 
agreed to purchase for US$41,112,000 from an unaffiliated third party a 79,800 
DWT Kamsarmax Bulk Carrier built in 2010 at an established Chinese yard. 
 
The vessel is expected to be delivered to the Company by the end of June 2010. 
Upon her delivery to the Company she will fly the flag of Panama, and continue 
her deployment under a bareboat charter for a period of 5 years (plus 1 year at 
Bareboat Charterers' option plus another year at Globus' option) to a Far 
Eastern shipping entity. 
 
On completion of this acquisition, Globus' fleet will comprise a total of five 
modern dry bulk carriers with a total carrying capacity of 319,952 dwt and a 
weighted average age of just 3.4 years, well below the industry average. 
 
George Karageorgiou, Chief Executive of Globus Maritime, commented: "Consistent 
with our strategy to own modern assets and seek accretive acquisitions at the 
proper time, we have today agreed to add a new Kamsarmax vessel to our fleet. 
This acquisition is expected to significantly enhance our revenue and earnings 
capacity, while further 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  |          |             | Month/Yr  |  DWT    | FLAG     | 
|           |Built  | Yard     | Type        |Delivered  |         |          | 
+-----------+-------+----------+-------------+-----------+---------+----------+ 
| River     | 2007  | Yangzhou | Supramax(1) |    Dec    |  53,500 | Marshall | 
| Globe     |       | Dayang   |             |   2007    |         | Islands  | 
+-----------+-------+----------+-------------+-----------+---------+----------+ 
| Sky       | 2009  | Taizhou  | Supramax(1) |    May    |  56,855 | Marshall | 
| Globe     |       | Kouan    |             |   2010    |         | Islands  | 
+-----------+-------+----------+-------------+-----------+---------+----------+ 
| Star      | 2010  | Taizhou  | Supramax(1) |    May    |  56,868 | Marshall | 
| Globe     |       | Kouan    |             |   2010    |         | Islands  | 
+-----------+-------+----------+-------------+-----------+---------+----------+ 
| Tiara     | 1998  | Hudong   | Panamax(1)  |    Dec    |  72,929 | Marshall | 
| Globe     |       | Zhonghua |             |   2007    |         | Islands  | 
+-----------+-------+----------+-------------+-----------+---------+----------+ 
| To be delivered              |             |           |         |          | 
+------------------------------+-------------+-----------+---------+----------+ 
| Kamsarmax | 2010  | Chinese  | Kamsarmax   |   June    |  79,800 | Panama   | 
|           |       | yard     |             |   2010    |         |          | 
+-----------+-------+----------+-------------+-----------+---------+----------+ 
| Weighted Average Age at      | 3.4         |           | 319,952 |          | 
| 30/06/2010                   | years       |           |         |          | 
+-----------+-------+----------+-------------+-----------+---------+----------+ 
Note (1): The vessel is geared and fitted with grabs. 
 The following table represents the employment profile of the fleet as of the 
date of this release: 
+------------+---------------+-------+------------+-------------+--------+ 
| Vessel     | Charterer     | Type  | Charter    | Charter     | Gross  | 
|            |               |       | Expiration | Expiration  | Daily  | 
|            |               |       | Date       | Date        | rate   | 
|            |               |       | (Earliest) | (Latest)(1) | (US$)  | 
+------------+---------------+-------+------------+-------------+--------+ 
| River      | Eastern Bulk  |  T/C  |  9/2010    |  11/2010    |25,000  | 
| Globe      | Carriers      |       |            |             |        | 
+------------+---------------+-------+------------+-------------+--------+ 
| Sky Globe  | Currently on  |       |    n/a     |    n/a      |30,000  | 
|            | Spot          |       |            |             |        | 
+------------+---------------+-------+------------+-------------+--------+ 
| Star Globe | Transgrain    |  T/C  |  5/2011    |   7/2011    |22,000  | 
+------------+---------------+-------+------------+-------------+--------+ 
| Tiara      | Transgrain    |  T/C  |  2/2012    |   5/2012    |20,000  | 
| Globe      |               |       |            |             |        | 
+------------+---------------+-------+------------+-------------+--------+ 
| Kamsarmax  | Far East      |  B/B  |  1/2015    |   1/2017    |14,250  | 
|            | Charterer     |       |            |             |        | 
+------------+---------------+-------+------------+-------------+--------+ 
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. 
 
                                    - ENDS - 
 
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 
 
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. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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