Globus Maritime Announces New Charter for the M/V Moon Globe

Rhea-AI Summary

On January 6, 2021, Globus Maritime Limited (NASDAQ: GLBS) announced a new time charter for its vessel Moon Globe. The charter, starting January 21, 2021, has a minimum duration of three months and can extend up to six months, potentially generating gross revenues of approximately $1.3 million for the minimum and $2.4 million for the maximum duration. This secures about 40% of the company's projected fleet operating expenses for 2021, indicating a strong start for the year.

Positive

• Secured new time charter for the vessel Moon Globe, contributing to revenue.
• Potential gross revenue of $1.3 million to $2.4 million, depending on charter duration.
• Charter secures approximately 40% of projected fleet operating expenses for 2021.

Negative

• None.

GLYFADA, Greece, Jan. 06, 2021 (GLOBE NEWSWIRE) -- Globus Maritime Limited (the “Company” or "Globus") (NASDAQ: GLBS), a dry bulk shipping company, announced today that it has secured new time charter employment for its vessel Moon Globe (a 74,432-deadweight ton built Panamax dry bulk carrier built in 2005, at Hudong-Zhonghua Shipyard in China).

The vessel has been chartered to an unrelated charterer. The charter commences on January 21, 2021 and has a minimum duration of three months and a maximum duration of six months, at the charterer’s option (plus 15 days for redelivery), which is expected to generate gross revenue of approximately $1.3 million assuming the charter continues for the minimum scheduled period and approximately $2.4 million if the charter continues for the maximum period, in each case assuming no offhire days.

Athanasios (“Thanos”) Feidakis, President and CEO of Globus commented:

“We are very pleased that after this charter and in combination with our current Galaxy Globe charter, we have now secured what we expect to be about 40% of our projected fleet operating expenses for 2021 in what looks like a promising start to the year.”

About Globus Maritime Limited

Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide and presently owns, operates and manages a fleet of six dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. Globus’ subsidiaries own and operate six vessels with a total carrying capacity of 381,738 deadweight tons and a weighted average age of 11.2 years as of December 31, 2020.

Safe Harbor Statement

This communication contains “forward-looking statements” as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in the Company’s filings with the Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Globus undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Globus describes in the reports it files from time to time with the Securities and Exchange Commission.

For further information please contact:

Globus Maritime Limited		+30 210 960 8300
Athanasios Feidakis		a.g.feidakis@globusmaritime.gr
Capital Link – New York		+1 212 661 7566
Nicolas Bornozis		globus@capitallink.com

FAQ

What is the latest news for Globus Maritime Limited (GLBS)?

On January 6, 2021, Globus announced a new time charter for its vessel Moon Globe.

When does the charter for Moon Globe begin?

The charter commences on January 21, 2021.

How much revenue is expected from the Moon Globe charter?

The charter is expected to generate approximately $1.3 million for the minimum duration and up to $2.4 million for the maximum duration.

What percentage of operating expenses does the new charter cover for Globus Maritime in 2021?

The new charter is expected to cover about 40% of the company's projected fleet operating expenses for 2021.