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Current Fleet Deployment
During January 2013 "River Globe" entered into a time charter agreement with Global Maritime Trust for a period of a minimum 12 to a maximum 14 months at the charterer's option.
The vessels Star Globe and Tiara Globe are currently operating on short term time charters.
Assuming all charter counterparties fully perform under the terms of the respective charters, and based on the earliest redelivery dates, as of the day of this press release, the Company has secured employment approximately 52% of our fleet days for the rest of 2013 and approximately 29% for 2014.
Employment Profile
---------------------------------------------------------------------------- ExpirationVessel Charterer Date Type Gross Daily (Earliest) rate----------------------------------------------------------------------------Tiara Globe Spot Spot Spot Spot----------------------------------------------------------------------------River Globe Global Maritime Trust Jan. 2014 Time charter $7,600----------------------------------------------------------------------------Star Globe Spot Spot Spot Spot----------------------------------------------------------------------------Sky Globe HMM Aug. 2013 Time charter $12,500---------------------------------------------------------------------------- Eastern Media International - Far Eastern Silo &Jin Star Shipping Jan. 2015 Bareboat $14,250---------------------------------------------------------------------------- Guaranteed nominee of $18,000 (net Gleamray Maritime ofMoon Globe Inc. June 2013 Time charter commissions)---------------------------------------------------------------------------- Cosco QingdaoSun Globe Shipping Co Jan. 2015 Time charter $16,000----------------------------------------------------------------------------
Management Commentary
George Karageorgiou, President, Chief Executive Officer and interim Chief Financial Officer of Globus Maritime Limited, stated:
"Fiscal year 2012 was a challenging period for our company as our results were negatively affected by weak freight rates reflecting the ongoing instability and weakness in the dry bulk market. Even though demand remained at satisfactory levels, the freight market was negatively impacted by a record of new building deliveries. We expect this trend to continue in 2013, as the orderbook remains quite sizeable and then tapers off in 2014.
"Despite the historically low rate environment for our ships that persisted in the fourth quarter of 2012, our total adjusted comprehensive loss for the period minus one-off items was $1.0 million. The non-cash impairment charge enables us to optimize our balance sheet and profitability going forward.
"Looking ahead, we maintain contracted coverage of 52% of our fleet for the remainder of 2013, and 29% in 2014. Our strategy is to continue with short term time charters that will ensure our ability to capture more attractive rates, upon a meaningful recovery in charter rates.
