Globus Maritime Delivers Dry Bulk Vessels

Monday, February 22, 2010

Globus Maritime Limited (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, said, "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, said, "In the middle of turbulent times, Globus has today a very healthy balance sheet as our cash balances today exceed $68.4m. We are confident that Globus is thus strategically positioned to take advantage of market opportunities as these occur in 2010 and 2011."

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