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

Rhea-AI Summary

Globus Maritime Limited (NASDAQ: GLBS) announced a new time charter for its vessel Star Globe, a 56,867-deadweight ton Supramax dry bulk carrier, effective January 13, 2021. The contract has a minimum duration of five months and a maximum of eight months, potentially generating gross revenue of approximately $1.4 million to $2.6 million, depending on duration. This agreement, along with previous charters, is expected to cover about 50% of the company’s projected fleet operating expenses for 2021, reinforcing the company’s strategy to leverage favorable market conditions.

Positive

• New time charter for Star Globe expected to generate $1.4 million to $2.6 million in gross revenue.
• Charter secures about 50% of projected fleet operating expenses for 2021.

Negative

• None.

GLYFADA, Greece, Jan. 13, 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 Star Globe (a 56,867-deadweight ton built Supramax dry bulk carrier built in 2010, at Kouan Shipbuilding Industry Shipyard in China).

The vessel has been chartered to an unrelated charterer. The charter commences today, January 13, 2021, and has a minimum duration of five months (minus 15 days) and a maximum duration of eight months, at the charterer’s option (plus 15 days for redelivery), which is expected to generate gross revenue of approximately $1.4 million assuming the charter continues for the minimum scheduled period and approximately $2.6 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 continue to take advantage of the upward trend in the market therefore, we are very pleased that after this charter and in combination with our previously announced charters of Moon Globe and Galaxy Globe, we have now secured what we expect to be about 50% of our projected fleet operating expenses for 2021.”

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

FAQ

What is the new charter agreement for the Star Globe vessel by GLBS?

Globus Maritime Limited announced a new time charter for Star Globe effective January 13, 2021, with a minimum duration of five months and a maximum of eight months, possibly generating $1.4 million to $2.6 million.

How much revenue is GLBS expected to generate from the Star Globe charter?

The Star Globe charter is anticipated to generate approximately $1.4 million if it lasts the minimum period, and up to $2.6 million if it extends to the maximum duration.

What percentage of GLBS's projected expenses will the new charters cover?

The new charters are expected to cover about 50% of Globus Maritime Limited's projected fleet operating expenses for 2021.

When does the new charter for GLBS's Star Globe start?

The new charter for the Star Globe vessel commenced on January 13, 2021.

What type of vessel is the Star Globe?

The Star Globe is a 56,867-deadweight ton Supramax dry bulk carrier, built in 2010.