Globus to Expand Fleet

Friday, September 14, 2007
Globus Maritime Limited has entered into an agreement with an unaffiliated third party in order to acquire a 1998- built 72,929 dwt geared Panamax bulkcarrier, for an agreed purchase price of $66.8m. The vessel is expected to be delivered by mid-December 2007, will be renamed M/V Tiara Globe and will fly the Marshall Islands flag.

On completion of this acquisition, Globus’ fleet will comprise a total of eight modern dry bulkcarriers, consisting of six Handymaxes and two Panamaxes, with a weighted average age of approximately 10.7 years as at December 31, 2007 and with a total carrying capacity of 415,558 dwt. The six vessels in Globus’ current trading fleet are under medium and long term charters with reputable charterers. Including the two additional vessels scheduled for delivery by year-end 2007, namely the Panamax Tiara Globe and the newbulding Handymax River Globe, the current charter coverage for 2007 is 100% of available days, while for 2008 it is 53% (assuming the latest possible redelivery dates).

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