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S H I P P I N G C O M P A N Y P R O F I L E S
Globus Maritime, Ltd.
www.globusmaritime.gr
Globus Maritime Ltd. is a dry-bulk shipping company, providing reliable and
secure marine transportation services on a worldwide basis. The Company
currently owns and operates a fleet of one Panamax and three Supramax
vessels, with a weighted average age of approximately 4.4 years as at May 31,
2010 and a total carrying capacity of 240,152 DWT.
Globus is listed on the AIM Market of the London Stock Exchange, since 2007,
under the ticker GLBS. The Company is incorporated in Jersey, with executive
offices in Athens, Greece. They intend to increase the size of their current fleet
through further vessel acquisitions and continue to focus on offering charterers
the commitment and service that they require.
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CEO Message
George Karageorgiou, Chief Executive
Officer of Globus Maritime, commented:
"Globus is in a strong financial condition
and has successfully managed to
overcome the difficulties of the past 18
months which have affected the shipping
markets worldwide. Even though we
went through challenging times, we
managed to weather the economic recession and the liquidity crunch, and we
renewed our fleet having disposed some older vessels and acquired new ones, of
much younger age.
In particular, since the end of 2008, in the context of our strategic fleet renewal
strategy we sold five vessels, all built in the mid-1990s, to unaffiliated third
parties, with total cash proceeds in excess of US$80.0 million.This enabled us to
drastically reduce bank debt, enhance our liquidity and strengthen the balance
sheet. This strategic move has allowed us to take advantage of accretive fleet
expansion opportunities during the downturn in the sector and expand the size of
our fleet with younger and modern vessels at the proper time. In April 2010 we
agreed to acquire, two sistership 57,000 dwt Supramaxes, one built in late 2009
and one newbuilding. We took delivery of these two vessels in late May 2010
and named them "Sky Globe" and "Star Globe". This decreased the weighted
average age of our fleet to 4.4 years.
Our latest acquisitions are expected to significantly enhance our earnings. Today,
our fleet has a balanced employment profile as one vessel is trading "spot" while
the other three are on T/C ranging from 6 months to 2 years. Our time charter
coverage for the remaining of 2010 stands at 61% taking into consideration the
earliest expiration date (or 70% at the latest). We believe that companies with
modern tonnage such us ours will continue to benefit from the improving market
dynamics.
Our main objective since Globus became public in 2007 is to manage the fleet in
a manner that allows us to maintain profitability across the shipping cycle and
thereby maximize returns for our shareholders. However, given the prevailing
market conditions, for the financial year 2009 we didn't pay a dividend in order
to preserve the cash to reinforce our Company's liquidity and enhance our ability
to proceed, as we did, with our fleet expansion plans.
In an effort to deal with the balance between supply and demand, we have taken
proactive initiatives and measures to optimize our fleet composition so that
Globus is able to weather the storm and come out of this turmoil even stronger.
Our careful and strategic decisions regarding our fleet expansion has enhanced
our ability to generate revenues and profits for the longer term based on a
younger and modern fleet. We currently have more than $34 million in cash
while our bank debt stands at a very reasonable $75.5 million and our fleet is
worth more than $130 million.
We are confident that Globus has a solid performance amongst the shipping
players in the market and we believe that the market will present us with many
attractive opportunities, given our strong balance sheet, and we will gradually
seek to take advantage of these and continue to grow the earnings capacity of
Globus, and thus create further value for our shareholders."