Globus Maritime Update on the Intended Cancellation of the AIM Listing and Trading Update for
the Three and Nine Months Ended September 30, 2010.
Athens, Greece, November 12, 2010. Globus Maritime Limited ("Globus" or the “Company"), (AIM:
GLBS), a marine transportation company with subsidiaries that own and operate dry bulk vessels,
announces this update on the intended cancellation of the AIM Listing and a trading update and
unaudited financial highlights for the three months and nine months ended September 30, 2010.
As announced on October 22, 2010, the Company intends to apply for the cancellation of the listing of its shares on the Alternative Investment Market (“AIM”) on or around November 25, 2010. The Company will proceed with such cancellation only in circumstances where the Company’s shares have been, or will shortly be, listed on an appropriate U.S. stock exchange following the Company’s redomiciliation into the Marshall Islands. Further to the Company's announcement on October 22, 2010 in relation to the possible US listing, the Company announces that trading in the ordinary shares of the Company on AIM will be suspended on the day preceding the day of cancellation of the AIM listing.
As stated in previous shareholder communications, the board of directors of the Company has noted that the Company’s shares have been consistently trading at a significant discount to their net asset value, which is a hindrance to the Company’s plans for growth. With a view to maximizing shareholder value, the board of directors of the Company believes that it may be in the interests of the Company and its shareholders as a whole for the Company to seek a listing on a stock exchange in the United States. The Company previously announced that were it to achieve such a listing, it would seek to cancel the listing of its shares from AIM so as to avoid the unnecessary expense of maintaining a dual listing. Although no final decision has been made regarding a U.S. listing, the Company is sufficiently progressed in its preparations for such a listing to announce the earliest intended date for such cancellation from AIM.
To effectuate the delisting of shares from AIM and the listing on a U.S. stock exchange, the Company will instruct its current registrar to transfer the Company’s share register to its U.S. counterpart, who will create the necessary accounts. Each record holder will receive a statement after completion of these transfers. Current share certificates will no longer represent shares in the Company following the Company’s redomiciliation into the Marshall Islands. Shares of the Company after such time will be recorded exclusively on the books of the transfer agent or registrar for such shares. As a result of the delisting, all public trading activities in the Company’s shares will occur under a new ISIN number, which will be issued upon the Company’s redomiciliation into the Marshall Islands. The Company will notify shareholders of such number in due course.
The press release does not constitute an offer to sell or a solicitation of an offer to buy the shares described above, nor shall there be any sale of such shares in a state or jurisdiction in which such offer, solicitation or sale will be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Third Quarter 2010 versus Third Quarter 2009
Globus’ performance during the third quarter of 2010 as opposed to the third quarter of 2009 is representative of the reduction in the size of the Company’s fleet.
• Time charter revenue of $8.8 million versus $15.0 million;
• Vessel operating expenses of $1.5 million versus $2.5 million;
• Cash generated from operations of $5.8 million versus $9.5 million;
• Total income of $2.3 million versus $2.7 million; and
• Fleet utilization of 100% versus 98.3%.
Nine Months ended 30 September 2010 versus Nine Months ended 30 September 2009
Globus’ performance during the nine month period ending September 30, 2010 as opposed to the nine month period ending September 30, 2009 clearly depicts the reduction in the size of the Company’s fleet:
• Time charter revenue of $20.4 million versus $41.5 million;
• Vessel operating expenses of $4.1 million versus $8.2 million;
• Cash generated from operations of $11.7 million versus $26.5 million;
• Total income of $3.4 million versus Total loss of $8.9 million; and
• Fleet utilization of 99.1% versus 98.5%.
Fleet Development
In February 2010, the mid-1990’s-built Handymax vessels “Sea Globe” and “Coral Globe” were delivered to their new owners, two unaffiliated third parties, generating net cash proceeds of $33.0 million in total.
In March 2010, the Company agreed to purchase from an unaffiliated third party two sistership Supramax vessels for $65.7 million en-bloc. Both vessels were delivered to Globus in May 2010 and were named “Sky Globe” and “Star Globe”, respectively.
In June 2010, the Company purchased from an unaffiliated third party the 2010-built Kamsarmax vessel “Jin Star” for $41.1 million, which was delivered to Globus in June 2010.
Globus’ fleet comprises of five modern dry bulk carriers, consisting of three Supramaxes, one Panamax and one Kamsarmax, with a weighted average age of approximately 3.7 years as at September 30, 2010, and a total carrying capacity of 319,913 DWT.
About Globus Maritime Limited
Globus is a global provider of seaborne transportation services for dry bulk cargoes, including among others iron ire, coal, grain, cement and fertilizers, along worldwide shipping routes. Globus’ subsidiaries own and operate three Supramax, one Panamax, and one Kamsarmax vessels, with a weighted average age of 3.7 years as at September 30, 2010, and a total carrying capacity of 319,913 DWT. Globus is listed on the AIM market of the London Stock Exchange under ticker GLBS. Jefferies International Limited is acting as nominated adviser and broker to the Company.
Detailed report at: www.globusmaritime.gr
Globus Maritime Limited