Globus Maritime Stock In Spotlight After $25M Sale Of Its Vessel GLBS Magic: Retail Chatter Shows Enthusiasm
The firm said the sale was conducted through the company’s wholly-owned subsidiary, Paralus Shipholding S.A., with an unrelated Japanese third party.
FollowShares of Globus Maritime (GLBS) were trading marginally in the green on Tuesday after the company announced it has closed a $25 million sale and bareboat agreement for its 64,000 deadweight tonnage (dwt) bulk carrier GLBS Magic.
Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide. The firm’s operating fleet comprises ten dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina, and other dry bulk cargoes internationally.
The firm said the sale was conducted through the company’s wholly-owned subsidiary, Paralus Shipholding S.A., with an unrelated Japanese third party.
Globus Maritime said it has bareboat chartered back the vessel for 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. In a bareboat charter, the charterer rents the vessel without a crew.
The firm has also agreed on a variable amount priced at the term secured overnight financing rate (SOFR) plus a 2.1% margin of the outstanding lease obligation. The sale and bareboat charter back transaction closed on Dec. 23, 2024.
Most retail chatter on Stocktwits indicated optimism surrounding the stock’s near-term potential.
Globus noted that the company has continuous options to buy back the vessel following the third anniversary of its delivery to the purchaser. Depending on when the option is exercised, this would be done at purchase prices stipulated in the bareboat charter.
Once the ten-year period is over, the firm must buy back the vessel at a purchase price of $15.4 million if not purchased earlier.
Meanwhile, shares of the firm have lost nearly 56% since the beginning of the year.
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