Globus Maritime Pens USD 13.5 Mn Loan

usdIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Greek dry bulk shipping company Globus Maritime Limited has refinanced two ships via a long-term credit facility inked with investment bank Macquarie through its global ship financing business.  

Glogus said that the loan was worth USD 13.5 million and that it carried a 5-year tenor and an interest rate of Libor + 4.25%.

“We are pleased to be working with Macquarie, and are looking forward to a long and fruitful cooperation,” Chief Executive Officer of Globus Maritime, Athanasios Feidakis, said.

“We welcome the emergence of new entrants into the ship finance landscape and are glad that this was a smooth and timely loan execution process.”

The refinancing is being announced a month after the company closed a USD 15 million revolving facility with Firment Shipping Inc.

Feidakis said earlier that the said activities were aimed at restoring the balance sheet and making available significant liquidity to the company as it looks at accretive acquisition opportunities.

After four years of losses, Globus managed to return to profit in the third quarter of 2018, which stood at USD 254,000. The return to profitability was assigned to cutting of operation costs and an improved sentiment across all sectors year-on-year. For the nine-month period the company reported a loss of USD 2.2 million.

Globus own and operate 5 vessels with a total carrying capacity of 300,571 dwt and a weighted average age of 10.6 years.

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