Globus Maritime Limited (AIM: GLBS) (LSE: GLBS), a marine transportation company that owns and operates Handymax and Panamax dry bulk vessels, announced that a subsidiary of the company has entered into a new time charter agreement for the M/V Tiara Globe with Transgrain Shipping at a gross rate of $20,000 per day, for a minimum of 24 to a maximum of 26 months starting sometime in February 2010.
The M/V Tiara Globe is a geared Panamax bulkcarrier built in 1998 with a carrying capacity of 72,929 dwt. George Karageorgiou, Chief Executive of Globus, commented: "We are pleased to announce this new employment agreement for our Panamax vessel, Tiara Globe, which enhances the stability and predictability of our revenues and cash flows. Even though we remain concerned about the effect of the large orderbook of vessels scheduled to be delivered within 2010, we believe that Globus is strategically positioned to take advantage of market opportunities as these occur in 2010. Taking advantage of the available bank facilities and cash on our balance sheet, we will seek, at the appropriate time, to acquire younger assets that will generate value for our shareholders. We remain focused in our efforts to grow the company."