Globus Maritime Limited Trading Update and Financial Highlights for the Three Months Ended March 31, 2008.

Athens, Greece, May 14, 2008. Globus Maritime Limited (AIM: GLBS), a marine transportation company that owns and operates Handymax and Panamax dry bulk ocean-going vessels, announced today a trading update and financial highlights for the three months (“Q1-08”) ended March 31, 2008.

Globus Maritime Limited ("Globus" or "the Company") began operations on September 15, 2006. During Q1-08 the Company owned an average of 8.0 vessels compared to 4.9 vessels in Q1-07.

First Quarter 2008 Highlights

Trading during Q1-08 was in line with management’s expectations. As a result of the increase in prevailing charter rates and the increase in the number of vessels in the Company’s fleet:

• Net Revenues of US$22.7 million versus US$7.2 million in Q1-07;
• Operating Expenses of US$3.3 million versus US$1.5 million in Q1-07;
• EBITDA of US$18.8 million versus US$5.0 million in Q1-07;
• Cash flow from operations of US$17.3 million versus US$6.8 million in Q1-07;
• Net Income of US$11.6 million versus US$1.5 million in Q1-07;
• Average Time Charter Equivalent (TCE) rate of US$31,979 per vessel per day with an average 8.0 vessels operated, versus an average TCE of US$16,328 per vessel per day with an average of 4.9 vessels operated during Q1-07;
• Fleet utilization of 98.3% versus 84.8% in Q1-07.

Fleet

Globus’ fleet comprises a total of eight modern dry bulk carriers, consisting of six Handymaxes and two Panamaxes, with a weighted average age of approximately 10.9 years as at March 31, 2008 and with a total carrying capacity of 415,558 dwt.

Fleet Deployment

The current charter coverage for 2008 and 2009 is 63% and 21% of the available days respectively.

Five vessels in Globus’ fleet are trading under time charters with reputable charterers, while three vessels traded in the spot market during the period. The Company refrained from fixing the employment for these three vessels as it was able to earn very attractive rates on the spot market during Q1-08. Globus management is however constantly monitoring the period charter rates and intend to fix these vessels on medium to long-term time charter at the appropriate time.

Liquidity and Capital Resources

On March 28, 2008, the Company drew US$70 million from a new US$85 million bank facility from Deutsche Schiffsbank (DSB), which the Company used to refinance the previous bank facility from ABB & HSH Nordbank. The new facility is repayable quarterly over 8 years, and the pricing and all other terms are favourable compared to the previous facility.

US$15 million is currently undrawn from the DSB facility, which, together with the US$5 million undrawn from the Credit Suisse facility, provides the Company with the means to further grow the fleet.

Due to the strong cash flow generated by operating activities, the Company voluntarily repaid early an amount of US$8 million to Credit Suisse during March 2008. As a result, total bank debt outstanding as at March 31, 2008 was US$176.3 million.

The issued share capital as at May 14, 2008 is 28,654,550 shares of US$0.001 each.

Dry-docking Schedule:

During the period under review, the Company incurred additional capital expenditures due to scheduled special surveys for the fleet. The Panamax vessel M/V “Tiara Globe” was dry-docked during Q1-08, and this was completed in the first week of April 2008. The Company’s second Panamax vessel M/V “Island Globe” will be dry-docked during Q2-08.

No other vessels are scheduled to be dry-docked during the rest of 2008.

Dividends:

On May 9 2008, the Company paid a final dividend of 7.31 pence per share in relation to net income earned during the second half of FY 2007. This brought the total dividend paid for the period from June to December 2007 (the period in which the Company has been a publicly listed entity in 2007) to 8.75 pence per share.

The Company expects to pay its next interim dividend on net income earned during the first half of FY 2008 in September 2008.

About Globus Maritime Limited
Globus is a global provider of seaborne transportation services for dry bulk cargoes, including among others iron ore, coal, grain, cement, and fertilizers, along worldwide shipping routes. It currently owns and operates six Handymax vessels and two Panamax vessels, with a weighted average age of approximately 10.9 years as at March 31, 2008 and a total carrying capacity of 415,558 dwt. Seven of the eight vessels are geared.

Five out of the eight vessels in Globus’ fleet are on medium to long term time charters to reputable charterers, which is expected to provide a stable revenue and earnings base. Three vessels are currently trading on the spot market.

Globus is listed on the AIM of the London Stock Exchange under ticker GLBS. Jefferies International Limited is acting as nominated adviser and broker to the Company.

Globus Maritime press release