Globus Maritime bags sale and leaseback for ultramax newbuid

Globus Maritime, a prominent Greek dry bulk shipping company, has recently made headlines with a significant financial maneuver. The company has successfully executed a sale and leaseback agreement for one of its newly delivered vessels, the ultramax Glbs Magic. This strategic move not only highlights the company’s growth but also reflects the ongoing trends in the maritime industry.

Details of the Sale and Leaseback Agreement

In December, Globus Maritime announced the sale of its ultramax vessel, Glbs Magic, to a Japanese buyer for a substantial $25 million. This transaction marks a pivotal moment for the company as it continues to expand its fleet and enhance its financial standing. Following the sale, Globus Maritime has entered into a bareboat charter agreement, allowing them to lease the vessel back for a duration of ten years. This arrangement provides the company with the flexibility to maintain operational control over the ship while also securing immediate capital from the sale.

The deal includes specific options for Globus Maritime to repurchase the Glbs Magic. After three years, the company can exercise its option to buy back the 64,200 deadweight tonnage (dwt) vessel. Additionally, there is a purchase obligation of $15.4 million at the conclusion of the bareboat charter. This structure not only allows Globus to benefit from the sale but also positions them to regain ownership of the vessel in the future, depending on market conditions and their financial strategy.

ABS and AL Group to Study Ultramax Bulker Methanol Fuel Conversion

Fleet Expansion and Future Prospects

Globus Maritime, led by CEO Athanasios Feidakis, currently operates a fleet of ten vessels. This includes six kamsarmaxes, three ultramaxes, and one supramax bulker. The recent sale of the Glbs Magic aligns with the company’s broader strategy to optimize its fleet and enhance its operational capabilities. In October, Globus Maritime further expanded its fleet by acquiring two kamsarmaxes in a $54 million deal with its chairman, Georgios Feidakis.

This proactive approach to fleet management positions Globus Maritime favorably in a competitive market. The company is not only focusing on expanding its fleet but also on ensuring that its vessels are modern and efficient. As the global demand for dry bulk shipping continues to evolve, Globus Maritime’s strategic decisions will be crucial in maintaining its market presence and achieving long-term growth. The combination of sale and leaseback agreements, along with targeted acquisitions, demonstrates the company’s commitment to navigating the complexities of the maritime industry effectively.