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Dry bulk shipping outfit Globus Maritime joins AIM

Published: 18:23 15 Jun 2007 AEST

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The AIM dry bulk shipping sector received a new member this week after Globus Maritime successfully listed. Globus owns and operates five handymax vessels and has one panamax vessel due for delivery in July this year. The company has a combined capacity of 289,129 dry weight tonnes with a average age of 12.2 years. The company says all of its vessels are in long term contracts with reputable characters.

Globus raised £25.4 million by way of placing shares at 300 pence per share giving the company a market capitalisation of £85.8 million. Shares in Globus started trading at 330 pence but have slipped back to 310 pence.

George Karageorgiou, CEO of Globus, said on listing, "The listing of our shares on AIM marks a strategic milestone in the development of Globus Maritime and is expected to contribute significantly to the continued growth of our company. Dry bulk shipping is a vital activity in global trade and we believe that with our modern fleet, strong customer relationships and experienced management, Globus Maritime is well positioned to benefit from the positive sector fundamentals. We thank the investment community for the very positive response to our Placing. We will strive to maximize shareholder value by focusing not only on the quality of our shipping operations but also on the quality of our corporate governance and investor relations."

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