Globus Maritime to Refinance Ships with USD 37 Mn Loan

FinanceSource: Pixabay under CC0 Creative Commons license

Greek dry bulk shipping company Globus Maritime Limited has reached an agreement for a USD 37 million loan.

The funds would be used to refinance five of the vessels operated by its subsidiaries, consisting of four Supramax and one Panamax unit, the company said.

The ships in question are the 2007-built Sun Globe and River Globe, the 2009-built Sky Globe, the 2010-built Star Globe, and the 2005-built Panamax Moon Globe.

The term loan facility deal was agreed with EnTrust Global’s Blue Ocean Fund.

For the first quarter of the year, Globus Maritime reported a loss of USD 0.5 million, compared to a loss of USD 1.5 million for the same period of 2018.

“Whilst we remain cautious, we are at the same time more optimistic about the latter part of the year where we expect rates to improve mainly due to continuous demand from China for dry bulk goods and the IMO 2020 regulations which we believe will have a positive impact on spot charter rates as the effective capacity of the fleet will be reduced since their owners in their efforts to comply with said regulations will try to burn more expensive compliant fuels more efficiently,” Athanasios Feidakis, President, CEO and CFO of Globus Maritime Limited, earlier said.

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