Feidakis-led dry bulker shipowner Globus Maritime Limited has sealed a sale and bareboat agreement for one of its bulk carriers, the GLBS Magic.
The Nasdaq-listed company has closed a $25m sale and bareboat deal through its wholly owned subsidiary, Paralus Shipholding S.A., with an unrelated Japanese third party, with respect to the approximately 64,000 dwt ultramax GLBS Magic.
The ship was delivered from its builder, the Nantong Cosco Khi Ship Engineering Co. Ltd. shipyard in China on September 20.
Globus said that it has sold the GLBS Magic to an unrelated third party for $25m and 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 a variable amount priced at term SOFR plus a 2.1% margin of the outstanding lease obligation.
As part of deal, 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 shipowner said that it 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. The bareboat charter contains certain covenants and agreements customary for financing agreements of this type.
Globus operates a fleet of 10 dry bulk vessels with a total carrying capacity of 734,249 dead weight tons and a weighted average age of 7.8 years.
