Set Sail with Globus Maritime: Exciting News of Vessel Sale and Bareboat Back Transaction for GLBS Magic!
GLYFADA, Greece, Dec. 30, 2024 (GLOBE NEWSWIRE) –
Globus Maritime Limited (“Globus” or the “Company”) (NASDAQ: GLBS), a dry bulk shipping company, announced today that it has closed a $25 million sale and bareboat agreement through its wholly owned subsidiary, Paralus Shipholding S.A., with an unrelated Japanese third party, with respect to the approximately 64,000 dwt bulk carrier “GLBS Magic” which was delivered from its builder, the Nantong Cosco Khi Ship Engineering Co., Ltd. shipyard in China on September 20, 2024.
The Company has sold the GLBS Magic to an unrelated third party for $25 million and has bareboat chartered back the vessel for (i) a fixed amount equal to $2,250 per day for the first three years from the delivery date, $2,550 per day for the next two years, $2,850 per day for the three years following, and $2,950 per day for the final two years plus (ii) a variable amount priced at Term SOFR plus a 2.1% margin of the outstanding lease obligation. As part of this transaction, the Company has continuous options to buy back the vessel following the third anniversary of its delivery to the purchaser, at purchase prices stipulated in the bareboat charter depending on when the option is exercised. At the end of the ten-year period, the Company has an obligation to buy back the vessel at a purchase price of $15,400,500, if not purchased earlier. The sale and bareboat charter back transaction closed on December 23, 2024. The bareboat charter contains certain covenants and agreements customary for financing agreements of this type.
How Will This Affect Me?
This news from Globus Maritime could impact individuals who are investors in the maritime industry or the stock market. If you are someone involved in these sectors, you may want to keep an eye on how this transaction influences the company’s performance and stock value. Additionally, if you are a stakeholder in the shipping or transportation industry, this announcement could have implications for your business decisions and strategies.
How Will This Affect the World?
The sale and bareboat agreement by Globus Maritime could have wider implications for the global shipping industry. This deal may signal trends in vessel sales and charter agreements within the maritime sector, potentially influencing similar transactions among other shipping companies worldwide. The innovative structure of this deal could set a precedent for future partnerships and agreements in the industry, leading to new opportunities for growth and collaboration on a global scale.
Conclusion
In conclusion, the news of Globus Maritime’s vessel sale and bareboat back transaction for the GLBS Magic signifies an exciting development in the company’s operations and the broader maritime industry. This deal demonstrates strategic financial planning and innovative business practices that could have a significant impact on stakeholders and industry players. As we navigate the ever-changing landscape of the shipping sector, it will be interesting to see how this transaction shapes future ventures and collaborations within the global maritime community.
