Globus Maritime Limited reports Financial Highlights for the Three Months and Nine Months Ended September 30, 2008.

Athens, Greece, November 19, 2008. Globus Maritime Limited ("Globus" or the “Company"), (AIM: GLBS), a marine transportation company that owns and operates Handymax and Panamax dry bulk ocean-going vessels announces the following trading update and unaudited financial highlights for the three months (“Q3-08”) and nine months ended September 30, 2008.

Globus began operations on September 15, 2006. During Q3-08 the Company owned an average of 8.0 vessels compared to 5.9 vessels in Q3-07.

Third Quarter 2008 Financial Highlights versus Third Quarter 2007:
Trading during Q3-08 was in line with management’s expectations. As a result of the strength in prevailing charter rates and the increase in the number of vessels in the Company’s fleet within the period:
• Gross Revenues of US$28.3 million versus US$12.3 million, an increase of 130%;
• Net Revenues of US$26.3 million versus US$11.7 million, an increase of 125%;
• Operating Expenses of US$3.3 million versus US$2.1 million, an increase of 57%;
• EBITDA of US$21.8 million versus US$8.9 million, an increase of 145%;
• Cash flow from operations of US$21.5 million versus US$8.1 million, an increase of 165%;
• Net Income of US$14.8 million versus US$4.6 million, an increase of 222%;
• Average Time Charter Equivalent (TCE) rate of US$35,705 per vessel per day with an average 8.0 vessels operated, versus an average TCE of US$21,837 per vessel per day with an average of 5.9 vessels;
• Fleet utilization of 94.7% versus 100%.

Nine Months ended 30 September 2008 Financial Highlights versus Nine
Months ended 30 September 2007:
• Gross Revenues of US$81.1 million versus US$27.8 million, an increase of 192%;
• Net Revenues of US$76.7 million versus US$26.3 million, an increase of 192%;
• Operating Expenses of US$9.7 million versus US$5.2 million, an increase of 87%;
• EBITDA of US$64.0 million versus US$19.4 million, an increase of 230%;
• Cash flow from operations of US$62.6 million versus US$21.2 million, an increase of 195%;
• Net Income of US$43.3 million versus US$8.3 million, an increase of 422%; p. 2 of 8
• Average Time Charter Equivalent (TCE) rate of US$35,890 per vessel per day with an average 8.0 vessels operated, versus an average TCE rate of US$18,575 per vessel per day with an average 5.3 vessels;
• Fleet utilization of 97.3% versus 91.1%.

Fleet
As at September 30, 2008 Globus’ fleet comprised a total of eight modern dry bulk carriers, consisting of six Handymaxes and two Panamaxes, with a weighted average age of approximately 11.5 years and a total carrying capacity of 415,558 DWT. Following the sale and delivery of the M/V “Ocean Globe” to her new owners Romanos Maritime Ltd on November 12, 2008, Globus’ fleet comprises a total of seven dry bulk carriers, consisting of five Handymaxes and two Panamaxes, with a weighted average age of approximately 11.4 years and a total carrying capacity of 372,369 DWT.

Current Market Outlook:
Since October 2008 the dry bulk carrier market has changed dramatically, with the worldwide financial crisis affecting global trade leading to an unprecedented decline in the dry bulk carrier market.

As reported in a number of analyst and broker reports, the first contributing factor to the market turmoil has been the early September decision by Brazilian miner Vale to demand of Chinese steel mills a mid-contract term increase in its iron ore prices of approximately 12%. This caused the Chinese steel mills to freeze their Brazilian iron ore imports while consuming from existing stock piles and, more importantly, it has resulted in a downward renegotiation of prices.

In addition, the severe crisis in the global financial markets has stagnated the financing of global trade. Importers have experienced unprecedented difficulty in securing letters of credit, which are the backbone of global trade. Furthermore, the mistrust amongst banks in the interbank market has further drained the available liquidity. As a result, diverse cargoes of grain, coal, timber, consumer products, oil and others have all been affected by this credit crunch restricting the movement of cargoes from sellers to buyers.

Even though Globus’ fleet is not employed in the Brazil/China iron ore trade, activity in our segment has been severely impacted because of the reduced trade taking place globally.

We believe that once liquidity and confidence return to the financial markets, trade financing will resume, as the demand for dry bulk commodities is tied to the continued infrastructure development of emerging economies.

Fleet Deployment
As of the date of this release, the current charter coverage for 2009 is 18% of the available days.

During Q3-08, five vessels in Globus’ fleet were trading under time charters with reputable charterers, while the remaining three vessels traded on the spot market and earned an average TCE of US$44,720 per vessel per day. During Q3-08 the TCE for all eight vessels in Globus’ fleet came to US$35,705 per vessel per day. As a result of the turmoil in the spot market prevailing since September, the Company was notified in October that two vessels, the M/V “Sea Globe” and the M/V “Coral Globe”, would be redelivered to us at the end of November or early December 2008, i.e. at the earliest possible dates under their respective time charters.

The Company will determine the best option for the employment of the vessels in the spot or time charter market based on the prevailing conditions as these vessels come close to their respective charter expirations. Given the current difficult market circumstances we believe that our bulk carrier vessels opening for rechartering in 2009 will be chartered at significantly lower rates compared to the existing ones. However, thanks to the Company’s policy of accelerated debt repayment implemented from the beginning of our operations, the reduced cash break-even level will be a benefit to the Company.

George Karageorgiou, CEO of Globus, commented: "Since we went public in June 2007 the strategy of Globus Maritime has been to maximize returns to shareholders taking into account the highly cyclical nature of the dry bulk shipping industry. Taking advantage of the then prevailing robust freight rate environment and our charter coverage generating strong cash flows, we expanded our fleet without compromising our modest debt levels while implementing our dividend policy. The recent sale of the Ocean Globe reduced our total bank debt, increased our cash position and has thus strengthened our Balance Sheet.

With our modern fleet, experienced management, moderate debt and high liquidity, Globus Maritime is well positioned to weather the current turmoil in the dry bulk industry and to take advantage of market opportunities as they may arise in turn creating long term value for our shareholders.

We believe that the current environment will create new market opportunities as vessel prices have been drastically reduced, fewer new ships will actually be delivered from the shipyards, and fewer buyers will have access to bank financing.”

Liquidity and Capital Resources:
Given the market conditions and in order to maximize its liquidity, the Company drew in September 2008 the amounts of US$15 million from Deutsche Schiffsbank and US$10 million from Credit Suisse, and placed these amounts on various time deposits. Total bank debt outstanding on September 30, 2008 was US$175.5 million while total cash (including time deposits) was US$38.2 million.

Following the sale of the M/V “Ocean Globe” on November 12, 2008 for US$37 million in cash before commissions and other costs related to the sale, Globus has repaid US$16.1 million to Deutsche Schiffsbank and reduced the debt outstanding to this bank to US$64.4 million.

Since September 30, 2008 the Company has cancelled the undrawn amount of US$5 million from its facility with Credit Suisse, and therefore the Company’s total debt to its two banks on the date of this release is US$159.4 million, while total cash has increased to US$65.1 million.

Dividends:
On September 19, 2008, the Company paid to Shareholders on record on September 5, 2008, an interim dividend in the amount of GB 26.9 pence per share (US 50 cents per share), or US$14.3 million in total. This interim dividend was based on the net income of US$28.6 million for the six month period ended June 30, 2008.

Dry-docking Schedule:
There were no special surveys or dry dockings for the fleet during Q3-08. Earlier in the year the Company had incurred additional capital expenditures due to special surveys of the two Panamax vessels “Tiara Globe” and “Island Globe” which spent a total of 54 days in dry-dock during H1-08. The cost of these scheduled repairs was funded with cash from operations and will be amortized over the next two and a half years.

In addition to acquisitions that the Company may undertake in future periods, the Company will incur additional capital expenditures due to special surveys and dry dockings for our fleet. We estimate that one of our vessels, the Handymax “Sea Globe”, will be dry docked in the fourth quarter of 2008 as she will be delivered to the Company from her current charter at the end of November or early December 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. The Company owns and operates five Handymax vessels and two Panamax vessels, with a weighted average age of approximately 11.4 years as at November 12, 2008 and a total carrying capacity of 372,369 dwt. Six of the seven vessels are geared.

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 Limited