Globus Maritime Limited Announces $ 34.25 Million Closing
GLYFADA, Greece, May 12, 2021 (GLOBE NEWSWIRE) – Globus Maritime Limited (“Globus” or the “Company”) (NASDAQ: GLBS), a dry bulk carrier, has successfully completed the refinancing of its six vessels with through a Term Loan Facility with CIT Bank, NA, most of which was used to repay the Company’s loan facility with EnTrust Global’s Blue Ocean Fund.
Athanasios (“Thanos”) Feidakis, President and CEO of Globus, said:
“We are very happy to have been able to refinance our fleet not only by extending the maturity of the loan, but also by reducing the margin on our existing loan from 8.5% to 3.75% per annum, which allows us to ‘save money by The cost of interest. For example, in 2021 we expect to save about $ 1.5 million compared to the costs of our previous loan agreement and in 2022 when we have completed a full year with this new loan from CIT Bank and a balance of lower outstanding capital, the savings in interest charges are expected to reach up to approximately $ 2.2 million compared to 2020. In addition, we have also agreed to enter into interest rate swaps to hedge the debt. exposure to interest rate fluctuations. As a result of this transaction, our bank indebtedness is approximately $ 34 million, compared to total company assets of approximately $ 144 million adjusted to reflect the market value of the six vessels. We believe our new financial situation is healthy and will help us achieve our long term plans. “
About Globus Maritime Limited
Globus is an integrated dry bulk transport company that provides worldwide shipping services and currently 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 dwt and a weighted average age of 11.4 years as of March 31, 2021.
Safe Harbor Declaration
This communication contains “forward-looking statements” as defined by US federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts regarding 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 facts or conditions. Words or expressions such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “in progress”, “plan”, ” potential ”,“ foresee ”,“ project ”,“ will ”or similar words or expressions, or the negatives of these words or expressions, can 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 actual results of the Company could differ materially from those anticipated in the forward-looking statements for a number of reasons, including those described in the documents filed by the Company with the Securities and Exchange Commission. Therefore, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this communication. Globus assumes no obligation to publicly revise any forward-looking statement to reflect circumstances or events occurring after the date of such communication or to reflect the occurrence of unforeseen events. You should, however, consider the factors and risks that Globus describes in reports that it will file from time to time with the Securities and Exchange Commission after the date of such communication.
|For more information, please contact:|
|Globus Maritime Limited||+30 210 960 8300|
|Athanasios Feidakis||[email protected]|
|Capital Link – New York||+1 212 661 7566|
|Nicolas bornozis||[email protected]|