Globus Maritime Limited Announces the Acquisition of a 2005-Built Panamax Dry Bulk Carrier, Expanding Fleet to Seven Vessels
News Release
Globus Maritime Ltd.
May 5, 2011
Athens, Greece, May 3, 2011 - Globus Maritime Limited ("Globus" or the “Company"), (NASDAQ:
GLBS), a dry bulk vessel owner and operator, announces that it has agreed to purchase, from an
unaffiliated third party, a 74,432 DWT Panamax dry bulk carrier for $31.4 million. The vessel was
delivered from Hudong Zhonghua Shipyard in China in November 2005.
The vessel is expected to be delivered to Globus during the third quarter of 2011. Upon her delivery,
she will be chartered back to a Gleamray Maritime Inc. guaranteed nominee at the net daily rate of
$18,000 until the third quarter of 2013.
On completion of this acquisition, the fleet of Globus will expand to seven modern dry bulk carriers
with a total carrying capacity of 453,135 DWT and a weighted average age of 4.8 years (as of
September 30, 2011).
George Karageorgiou, President and CEO of Globus commented: “Consistent with our strategy to own
modern assets and to seek accretive acquisitions at the proper time, we have agreed to acquire a
modern Panamax vessel. Thus far, 2011 has been a year of significant growth for Globus, as we have
agreed to acquire two modern vessels, a 2007-built Supramax and a 2005-built Panamax, expanding
our fleet by approximately 42% in terms of DWT. Both ships have charter coverage which enhances
our cash flow stability and visibility: the Supramax until the first quarter of 2015, and the Panamax
until the third quarter of 2013. We will continue to seek opportunities for accretive growth, which we
are confident, will lead to enhanced value for our loyal shareholders.”
GLBS), a dry bulk vessel owner and operator, announces that it has agreed to purchase, from an
unaffiliated third party, a 74,432 DWT Panamax dry bulk carrier for $31.4 million. The vessel was
delivered from Hudong Zhonghua Shipyard in China in November 2005.
The vessel is expected to be delivered to Globus during the third quarter of 2011. Upon her delivery,
she will be chartered back to a Gleamray Maritime Inc. guaranteed nominee at the net daily rate of
$18,000 until the third quarter of 2013.
On completion of this acquisition, the fleet of Globus will expand to seven modern dry bulk carriers
with a total carrying capacity of 453,135 DWT and a weighted average age of 4.8 years (as of
September 30, 2011).
George Karageorgiou, President and CEO of Globus commented: “Consistent with our strategy to own
modern assets and to seek accretive acquisitions at the proper time, we have agreed to acquire a
modern Panamax vessel. Thus far, 2011 has been a year of significant growth for Globus, as we have
agreed to acquire two modern vessels, a 2007-built Supramax and a 2005-built Panamax, expanding
our fleet by approximately 42% in terms of DWT. Both ships have charter coverage which enhances
our cash flow stability and visibility: the Supramax until the first quarter of 2015, and the Panamax
until the third quarter of 2013. We will continue to seek opportunities for accretive growth, which we
are confident, will lead to enhanced value for our loyal shareholders.”