Globus Maritime Limited announced that in light of the prevailing market conditions it has renegotiated the Memorandum of Agreement with Romanos Maritime Ltd.
Romanos Maritime Ltd is a client of Nikator Navigation SA, as announced on 10 September 2008, for the sale of the M/V "Ocean Globe", a 1995-built handymax dry bulk carrier. The Company has renegotiated with the Buyer a reduced price of US$37 million in cash. As further security, the deposit paid by the Buyer was increased to a total amount of US$10,450,000 representing approximately 28% of the new price. Delivery of the vessel to the new owners is expected to take place during the first week of November 2008. Upon completion of the sale, and taking depreciation into account, the Company expects to realize a capital gain of approximately US$15 million as the vessel had been purchased in July 2006 for US$25 million. Globus intends to utilize the proceeds from this sale to strengthen its balance sheet. The reduction in dry bulk trade has caused a major correction in the dry freight market, and consequently in vessel values. Furthermore, the credit crisis has caused a number of banks to withdraw previously agreed financing for vessels and regrettably we have seen a number of previously agreed vessel sales being either severely renegotiated or "dropped" all together.”
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