Globus Maritime to Acquire Supramax Carriers

Friday, April 09, 2010

Globus Maritime Ltd (AIM: GLBS) (LSE: GLBS), a global shipping transportation company that owns and operates Supramax and Panamax dry bulk carriers, announced that in line with its fleet renewal program it has agreed to purchase from an unaffiliated third party two geared and grab-fitted sistership 57,000 dwt Supramax vessels built at an established Chinese yard, for $32,825,000 each.

The first vessel was built in the fourth quarter of 2009 and is expected to be delivered to the company by the end of June 2010. The second vessel, a newbuilding, is currently under construction and is expected to be delivered to the Company by the end of May 2010. Upon delivery to the company both vessels will fly the Marshall Islands flag.

Both vessels will be financed from the company's existing bank facility and existing cash balances. The company is currently negotiating the employment for these vessels and it is intended that one vessel will be fixed on a one-year time charter while the second vessel will be employed on the spot market.

On completion of this acquisition, Globus' fleet will comprise a total of four modern dry bulk carriers, consisting of three Supramaxes and one Panamax, with a total carrying capacity of 240,429 dwt and a weighted average age of just over four years.

George Karageorgiou, Chief Executive of Globus Maritime, commented: "Consistent with our strategy to own modern assets and our view regarding the dry bulk market, we have today initiated our investment program by adding two new sistership Supramax vessels to our fleet. Their 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. As our investment program is implemented over the next two years we are confident that Globus will generate shareholder value."
 

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