Globus Maritime to Sell Dry Bulk Carrier

Friday, May 08, 2009

Globus Maritime Limited (AIM: GLBS.L), a marine transportation company that owns and operates a fleet of Handymax and Panamax dry bulk ocean-going vessels, announced that it has signed a Memorandum of Agreement with an unaffiliated third party for the sale of the M/V Island Globe, a 1995-built Panamax dry bulk carrier, for the gross price of $19.1m in cash.

Delivery to the new owners is expected to take place between June 1, 2009 and October 20, 2009, at the option of Globus.

Once the sale is concluded and taking depreciation into account, the company expects to realize a capital loss of approximately $13.5m as the vessel had been purchased in July 2007 for $37.9m. Globus intends to utilize the proceeds from this sale to repay bank debt and strengthen its liquidity.

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. Following the delivery of the Island Globe to her new owners, the company will own and operate five Handymax vessels and one Panamax vessel, with a weighted average age of approximately 11.3 years as at April 30, 2009 and a total carrying capacity of 299,250 dwt.


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