ATHENS, GREECE -- (Marketwire) -- 09/09/10 -- Globus Maritime Limited ("Globus" or the "Company") (AIM: GLBS) (LSE: GLBS), a company with subsidiaries that own and operate Supramax, Panamax, and Kamsarmax dry bulk vessels, today reports its unaudited consolidated interim operating and financial results for the three months ("Q2-10") and six months ("H1-10") period ended June 30, 2010, and declares an interim cash dividend of GB 7.3 pence (US 11.29 cents) per share.

All the following figures are in United States Dollars, except for the dividend which is in British Pence.

First Half 2010 Highlights versus First Half 2009

Globus had 5 vessels at the end of June 2010 versus 7 vessels at the end of
June 2009. Taking into consideration the reduction in the size of the fleet
and the prevailing market conditions:

-- Gross Revenues were $11.6 million (H1-09: $26.5 million);
-- Net Revenues were $10.8 million (H1-09: $24.5 million);
-- Operating Expenses were $2.6 million (H1-09: $5.7 million);
-- EBITDA reached $5.9 million with zero impairment charge versus -$2.7
   million due to the impairment charge of $18.8 million in H1-09;
-- Cash flow from operations reached $5.9 million versus $16.9 million
   in H1-09;
-- Net Income was $1.0 million versus a Net Loss of $11.6 million
   in H1-09;
-- Average Time Charter Equivalent ("TCE") rate of $20,060 per vessel per
   day with an average 2.97 vessels operating, versus an average TCE of
   $19,484 per vessel per day with an average of 7 vessels operating
   during H1-09;
-- Fleet utilization of 98.3% (H1-09: 98.7%).

Second Quarter 2010 Highlights versus Second Quarter 2009:

-- Gross Revenues reached $5.8 million (Q2-09: $14.8 million);
-- Net Revenue was $5.4 million (Q2-09: $13.8 million);
-- Operating Expenses were $1.3 million (Q2-09: $2.9 million);
-- EBITDA of $2.9 million with zero impairment charge versus -$9.8 million
   due to the impairment charge of $18.8 million in Q2-09;
-- Cash flow from operations of $3.2 million versus $9.2 million in Q2-09;
-- Net Income of $0.6 million versus a Net Loss of $14.1 million in Q2-09;
-- Average TCE rate of $20,724 per vessel per day with an average 2.9
   vessels operating, versus an average TCE of $22,065 per vessel per day
   with an average of 7 vessels operating during Q2-09;
-- Fleet utilization of 100% (Q2-09: 98.9%).

Dividend Declaration

In implementation of the Company's dividend policy, the Directors declare an interim cash dividend of GB 7.3 pence per share (US 11.29 cents per share), amounting to $0.8 million in total, for the six months ended June 30, 2010.

This interim dividend will be payable on or about September 24, 2010 to all shareholders on record on September 17, 2010.

Reverse Stock Split

Following the 1-for-4 reverse stock split which took effect on July 29, 2010, the issued share capital as of the date of this release is 7,240,852 shares of $0.004 each.

Fleet Development

In February 2010, the mid-1990s-built Handymax vessels "Sea Globe" and "Coral Globe" were delivered to their new owners, two unaffiliated third parties, generating net cash proceeds of $33.0 million in total.

In March 2010 the Company agreed to purchase en-bloc, from an unaffiliated third party, two dry bulk sistership geared and grab-fitted Supramax vessels for $32.85 million each. The vessels, named "Sky Globe" (built in November 2009) and "Star Globe" (built in May 2010), were delivered to Globus in May 2010.

In June 2010 the Company agreed to purchase from an unaffiliated third party the dry bulk Kamsarmax vessel "Jin Star" (built in January 2010) for $41.1 million, with an attached bareboat charter agreement at the gross daily rate of $14,250. The vessel was delivered to Globus on June 29, 2010.

On the date of this release, the Company's subsidiaries own five modern dry bulk carriers, consisting of three Supramaxes, one Panamax, and one Kamsarmax. On June 30, 2010 the fleet had an aggregate carrying capacity of 319,913 DWT and a weighted average age of approximately 3.4 years, which is a 72% reduction from the weighted average age of 12.1 years at June 30, 2009.

Fleet Deployment

The Panamax "Tiara Globe" is currently on a time charter with Transgrain Shipping that began in February 2010 and is scheduled to expire in a minimum of 24 months -- maximum of 26 months from such date, at the gross rate of $20,000 per day.

The Supramax "Star Globe" is currently on a time charter with Transgrain Shipping that began in May 2010 and is scheduled to expire in a minimum of 11 months -- maximum of 13 months from such date, at the gross rate of $22,000 per day.

The Supramax "Sky Globe" is currently trading in the spot market.

The Supramax "River Globe" is currently on a time charter with Eastern Bulk Carriers A/S that is scheduled to expire in September 2010 (maximum November 2010) at the gross rate of $25,000 per day.

The Kamsarmax vessel "Jin Star" is on a bareboat charter with Eastern Media International and Far Eastern Silo & Shipping for a period of five years (which can be extended for one year at the charterer's option, and thereafter extended one additional year at the Company's option), at the gross rate of $14,250 per day. As of the day of this press release, we have secured under fixed employment 73% of our fleet days for the remaining of 2010 and 51% for 2011.

Management Commentary

George Karageorgiou, Chief Executive Officer of Globus Maritime Limited, said:

"Taking into consideration both the reduced size of our fleet during the reporting period and the prevailing market conditions, we are happy to report healthy results for the three month and six month periods ended June 30, 2010.

"During the first six months of 2010 we continued with our fleet renewal and expansion strategy enhancing the foundation of long term growth for our company. We sold two 'older Handymaxes' and acquired three 'newer and larger' vessels, expanding the operational versatility of our fleet with the addition of a Kamsarmax vessel. We now have a modern fleet of five dry bulk carriers comprised of three Supramaxes, one Panamax and one Kamsarmax with a weighted average age of just 3.4 years, which is a 72% reduction from the weighted average age of 12.1 years at June 30, 2009.

"As of today, we have secured under fixed employment 73% of our fleet days for 2010 and 51% for 2011.

"We are also pleased to reinstate the dividend, and have declared an interim dividend of GB 7.3 pence per share, consistent with our dividend policy.

"We are currently evaluating strategies that can enhance shareholder value for the long term. In July 2010, we consolidated our shares through a 4-for-1 reverse split, in preparation of a possible listing on a U.S. Stock Exchange. As announced, we believe that listing Globus on U.S. Exchange may result in our shares trading at a more favorable price relative to their net asset value than has recently been the case. In addition, we also believe that through a U.S. listing our Company would be in a better position to raise funds for its future development.

"We remain committed to pursue further accretive expansion opportunities, while safeguarding the strength of our balance sheet maximizing shareholder value. With a modern fleet, a strong balance sheet, a clear strategy and experienced management team we believe that Globus is strategically positioned to take advantage of the positive long term fundamentals of dry bulk shipping."

Elias Deftereos, Chief Financial Officer, added:

"Our results for the reporting period reflect the smaller size of our fleet and the continued volatility of market conditions. Taking into consideration the reduced size of the fleet we report a net income of $1.0 million during the period compared to a net loss of $11.6 million in the corresponding period in 2009.

"Our Company is in a strong financial condition. As of today, total bank debt outstanding is $102.2 million while our restricted and unrestricted cash balances are $27.1 million. Our net debt to net book capitalization (net debt plus equity) stands at 40%, a moderate figure for our industry, enabling us to pursue further fleet growth opportunities."

Review of Results for the Second Quarter 2010 -- unaudited

Globus began the second quarter of 2010 operating only two vessels, the "River Globe" and the "Tiara Globe". The sistership vessels "Sky Globe" and "Star Globe" were delivered to Globus in May 2010, and the vessel "Jin Star" was delivered on June 29, 2010. Consequently during Q2-10 Globus had an average of 2.9 vessels in its fleet whereas during Q2-09 the average number was 7.0 vessels.

Gross revenues were $5.8 million during Q2-10 compared to $14.8 million during Q2-09. Net revenues reached $5.4 million in Q2-10 compared to $13.8 million a year ago. The decrease is attributable to the decrease in the size of the fleet. Furthermore, during Q2-10 the vessels earned an average TCE of $20,724 per vessel per day as opposed to Q2-09 during which they earned an average TCE of US$22,065.

Voyage expenses decreased by $0.6 million, or 60%, to $0.4 million in Q2-10 compared to $1.0 million in 2009. This decrease is attributable to the decrease in revenues and the reduction of the size of the fleet.

Vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oils, insurance, maintenance, and repairs, decreased by $1.6 million, or 55%, and came to $1.3 million for Q2-10 versus $2.9 million a year ago, a decrease mainly due to the smaller fleet. While crew salaries were paid in U.S. dollars, a significant portion of other vessel operating expenses are regularly paid in currencies other than the U.S. dollar.

Average daily operating expenses reached $5,146 in Q2-10 compared to US$4,491 for the same period in 2009. The increase in the average daily operating expenses is mostly due to the initial supplies for the vessels "Sky Globe" and "Star Globe" which were delivered to Globus in May 2010.

Administrative expenses for Q2-10 decreased by $1.3 million or 62% to $0.8 million, compared to $2.1 million in 2009. The decrease is due to the decrease of share-based payments.

Interest expenses amounted to $0.4 million versus $0.8 million in Q2-09, attributable primarily to the lower level of debt.

Moreover, the results for the second quarter of 2010 include a $0.4 million non-cash loss from the change in the fair value of interest rate derivatives compared to a $0.2 million non-cash gain in the second quarter of 2009. The valuation of these interest rate swaps at the end of each quarter is affected by the prevailing interest rates at that time. The changes in the fair values of interest rate swaps are recorded in income as they do not meet the criteria for hedge accounting.

Foreign exchange losses amount to $0.2 million for Q2-10. Foreign exchange losses resulted primarily from currency exchanges to pay for operating expenses of the fleet and general and administrative expenses, a material portion of which were in currencies other than the U.S. dollar.

Three newly-established 100% subsidiaries of the Company bought the vessels "Sky Globe", "Star Globe", and "Jin Star" in Q2-10; cash used in investing activities was $106.1 million in the second quarter of 2010.

Review of Results for Six Months Ended June 30, 2010 -- unaudited

Globus began the year operating four vessels. The vessels "Sea Globe" and "Coral Globe" were sold in February 2010, the vessels "Sky Globe" and "Star Globe" were delivered to Globus in May 2010, and the vessel "Jin Star" was delivered on June 29, 2010. Consequently, during H1-10 the Company had an average of 2.97 vessels in its fleet whereas during H1-09 the average number was 7.0 vessels. The ownership days came to 538 versus 1,267 ownership days in H1-09, a reduction of 58%.

For the six months ended June 30, 2010, as a result of the decrease in the number of vessels in the Company's fleet, gross revenues amounted to $11.6 million versus $26.5 million in the corresponding period of 2009. Net revenues in H1-10 came to $10.8 million versus $24.5 million a year ago, a reduction by 56%.

During the first half of 2010 the vessels were earning an average TCE of $20,060 per vessel per day as opposed to H1-09 when they were earning an average TCE of US$19,484.

Voyage expenses decreased by $1.3 million, or 62%, to $0.8 million in H1-10 compared to $2.1 million in 2009. This decrease is attributable to the decrease in revenues and the reduction of the size of the fleet.

Vessel operating expenses decreased by $3.1 million, or 54%, and came to $2.6 million for H1-10 versus $5.7 million a year ago, a decrease mainly due to the smaller fleet. While crew salaries were paid in U.S. dollars, a significant portion of other vessel operating expenses are regularly paid in currencies other than the U.S. dollar.

Average daily operating expenses reached $4,922 compared to US$4,481 during the same period in 2009. This 10% increase in the average daily operating expenses is mostly due to the initial supplies for the vessels "Sky Globe" and "Star Globe" which were delivered to Globus in May 2010.

Depreciation decreased by $4.2 million to $2.8 million for H1-10, compared to $7.0 million for 2009. Amortization of drydocking costs decreased by $0.5 million to $0.3 million compared to $0.8 million for 2009. The decrease is directly the result of the decrease in the number of vessels in the fleet.

Total administrative expenses for H1-10 (including administrative expenses payable to related parties and non-cash share-based payments) decreased by $1.3 million or 43% to $1.7 million, compared to $3.0 million in 2009. The decrease is largely due to the decrease of non-cash share-based payments. Non-cash share-based payments of $0.1 million for the six months ended June 30, 2010 relate to the amortization of the cost recognized for vested share awards issued to executive officers and employees under the Company's incentive plan.

In H1-09 the Company had incurred a non-cash impairment charge of $18.8 million. There was no impairment charge in H1-10.

Interest income decreased by $0.3 million to $0.2 million in 2010, as compared to $0.5 million in the same period in 2009. The decrease is attributable to the lower prevailing LIBOR rates.

Interest expense decreased by $0.6 million or 38%, to $1.0 million in 2010, compared to $1.6 million in 2009. The decrease is attributable to the decreased average loan balances. All of the Company's bank loans are denominated in U.S. dollars.

Moreover, the results for the first half of 2010 include a $0.6 million non-cash loss from the change in the fair value of interest rate derivatives compared to a $0.3 million non-cash gain in the same period of 2009. The changes in the fair values of interest rate swaps are recorded in income as they do not meet the criteria for hedge accounting.

Foreign exchange losses amount to $1.0 million for H1-10. Foreign exchange losses resulted primarily from the change in the fair value of cash deposits in Euro, as well as currency exchanges to pay for vessel operating expenses and general and administrative expenses, a material portion of which were in currencies other than the U.S. dollar.

Net Income for H1-10 came to $1.0 million versus a Net Loss of $11.6 million for the first six months of 2009.

Two subsidiaries of the Company sold the vessels "Sea Globe" and "Coral Globe" for $33.0 million in total in Q1-10, and three newly-established subsidiaries of the Company bought the vessels "Sky Globe", "Star Globe", and "Jin Star" for $106.1 million in total in Q2-10; cash used in investing activities was $72.7 million in the first half of 2010.

Financing Activities & Cash Management

Outstanding bank debt at December 31, 2009 was $43.6 million to Credit Suisse and $27.0 million to Deutsche Schiffsbank, or $70.6 million in total. In addition, at December 31, 2009, the Company had committed undrawn funds up to $36.4 million under the facility with Credit Suisse.

In February 2010, Globus fully repaid the $27.0 million loan to Deutsche Schiffsbank upon the sale of the vessels "Sea Globe" and "Coral Globe". The Bank released $5.0 million from the deposit that was pledged as security for this loan.

In April 2010 Globus repaid early to Credit Suisse the regular semi-annual installment of $3.6 million (due in May) and reduced the committed undrawn funds to $35.5 million.

In May 2010 the Company drew the $35.5 million from Credit Suisse to finance the vessels "Sky Globe" and "Star Globe".

In June 2010 a subsidiary of the Company agreed a new facility with Deutsche Schiffsbank for $26.7 million, which it drew to finance the acquisition of the vessel "Jin Star".

Globus paid $0.4 million in interest for its bank loans during Q2-10, bringing the total interest paid for H1-10 to $0.9 million.

Cash provided by financing activities was $58.0 million in Q2-10 and $35.5 million in H1-10.

At June 30, 2010, total debt to the two banks amounted to $102.2 million while no amount remained undrawn.

Cash at June 30, 2010 was $22.7 million. Cash on the date of this release is $27.1 million.

Conference Call details

Today, September 9, 2010 at 2:30pm UK, 4:30pm Athens, 9:30am Eastern Time, the Company's management team will host a conference call to discuss the results.

Conference Call details:

Participants should dial into the call 10 minutes prior to the scheduled time using the following numbers: 0800-953-0329 (from the UK), 1-866-819-7111 (from the US), 00800-4413-1378 (from Greece), or +44 (0)1452-542-301 (all other callers). Please quote "Globus Maritime".

A telephonic replay of the conference call will be available until September 16, 2010 by dialing 0800-953-1533 (from the UK), 1-866-247-4222 (from the US), or +44(0)1452 550-000 (all other callers). Access Code: 36407079#

All information will also be accessible through the Globus Maritime Ltd website www.globusmaritime.gr. An audio file with the Conference Call as well as the slide presentation will remain archived on the company's website www.globusmaritime.gr under the section "Investor Relations".

SELECTED FINANCIAL INFORMATION (Unaudited)

                                For the Three Months   For the Six Months
                                        Ended                 Ended
                                --------------------  --------------------
                                 30 June    30 June    30 June    30 June
(in thousands of US dollars)      2010       2009       2010       2009
                               (unaudited)(unaudited)(unaudited)(unaudited)
Income Statement Data:
Gross Revenue                       5,791     14,772     11,618     26,540
Voyage expenses (incl.
 commissions)                        (361)      (961)      (845)    (2,070)
                                ---------  ---------  ---------  ---------
Net Revenue                         5,430     13,811     10,773     24,470
Vessel operating expenses          (1,343)    (2,861)    (2,638)    (5,678)
Total administrative expenses        (816)    (2,099)    (1,671)    (2,990)
Other expenses                        (25)        (2)       (31)       (20)
Gain on sale of vessel                  -          -          7          -
Impairment loss                         -    (18,826)         -    (18,826)
Depreciation                       (1,538)    (3,259)    (2,816)    (6,989)
Amortization of dry-docking
 costs                               (131)      (425)      (260)      (836)
                                ---------  ---------  ---------  ---------
Operating profit/(loss) before
 finance costs                      1,577    (13,661)     3,364    (10,869)
Interest expense                     (392)      (825)      (977)    (1,591)
Interest income                        26        185        223        488
(Loss)/gain on derivative
 financial instruments               (392)       164       (564)       309
Foreign exchange (loss)/gain         (188)        13       (956)        34
                                ---------  ---------  ---------  ---------
Profit/(loss) for the period          631    (14,124)     1,090    (11,629)
                                ---------  ---------  ---------  ---------
Finance costs net of derivative
 financial instruments                554        627      1,710      1,069
Depreciation                        1,538      3,259      2,816      6,989
Amortization of dry-docking
 costs                                131        425        260        836
                                ---------  ---------  ---------  ---------
EBITDA                              2,854     (9,813)     5,876     (2,735)
                                ---------  ---------  ---------  ---------
Impairment loss                         -     18,826          -     18,826
Gain on sale of vessel                  -                    (7)
Loss/(gain) on derivative
 financial instruments                392       (164)       564       (309)
                                ---------  ---------  ---------  ---------
Adjusted EBITDA                     3,246      8,849      6,433     15,782
                                ---------  ---------  ---------  ---------

Cash Flow Data:
Net cash flows from operating
 activities                         3,150      9,193      5,870     16,926
Net cash flows (used in)/from
 investing activities            (106,056)       197    (72,723)    10,769
Net cash flows from/(used in)
 financing activities              57,978     (5,733)    35,531    (26,693)
                                ---------  ---------  ---------  ---------
Net (decrease)/increase in cash
 & cash equivalents               (44,928)     3,657    (31,322)     1,002
                                ---------  ---------  ---------  ---------

FLEET OPERATING DATA
The following information is
 unaudited
Fleet Data:
Average number of vessels(1)          2.9          7       2.97          7
Number of vessels at end of
 period                                 5          7          5          7
Weighted average age of fleet
 (in years)(2)                        3.4       12.1        3.4       12.1
Bareboat charter days                   2          -          2          -
Bareboat charter revenue net
 (in thousands of US dollars)          21          -         21          -
Ownership days(3)                     263        637        538      1,267
Available days(4)                     263        626        538      1,256
Operating days(5)                     263        619        529      1,239
Fleet utilization(6)                  100%      98.9%      98.3%      98.7%
Average Daily Results:
Vessel operating expenses (U.S.
 dollars)(7)                        5,146      4,491      4,922      4,481
Time charter equivalent (TCE)
 rate (U.S. dollars)(8)            20,724     22,065     20,060     19,484

Notes:

(1) Average number of vessels is the number of vessels that constituted the Company's fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of the fleet during the period divided by the number of ownership days in the period.

(2) The average age of the fleet is calculated by aggregating the individual age of each vessel in the fleet at the period end weighted by each vessel's deadweight tonnage in proportion to the deadweight tonnage of the whole fleet at the period end.

(3) Ownership days are the aggregate number of days in a period during which each vessel in the fleet has been owned by the Company. Ownership days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of expenses that are recorded during a period.

(4) Available days are the number of ownership days less the aggregate number of days that vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time spent positioning vessels. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.

(5) Operating days are the number of available days in a period less the aggregate number of days that vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

(6) Fleet utilisation is measured by dividing the number of operating days during a period by the number of available days during the same period. The shipping industry uses fleet utilisation to measure a company's efficiency in finding suitable employment for its vessels and minimising the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning.

(7) Average daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period, excluding bareboat charter days.

(8) TCE rates are defined as time and voyage charter revenues less voyage expenses during a period divided by the number of available days during the period, excluding bareboat charter net revenue and days, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and commissions. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.

The following tables represent the Company's fleet as on the date of this release:

Fleet Employment Profile as at the day of this press release:

                                                    Charter
                                                   Expiration
                                         Charter     Date           Gross
Vessel           Type      Charterer      Type     (Earliest)    Daily rate
               --------- --------------- ------- -------------- -----------
                            Currently
Sky Globe       Supramax     on Spot
               --------- --------------- ------- -------------- -----------
                          Transgrain
Star Globe      Supramax   Shipping          T/C     April 2011 $    22,000
               --------- --------------- ------- -------------- -----------
                          Eastern Bulk
River Globe     Supramax   Carriers          T/C September 2010 $    25,000
               --------- --------------- ------- -------------- -----------
                           Transgrain
Tiara Globe      Panamax   Shipping          T/C   January 2012 $    20,000
               --------- --------------- ------- -------------- -----------
                         Eastern Media
                          Int'l and
                         Far Eastern
Jin Star       Kamsarmax Silo & Shipping     B/B   January 2015 $    14,250
               --------- --------------- ------- -------------- -----------

Fleet Profile as of the date of this Press Release:

                       Year                   Month/Yr
Vessel         Type    Built       Yard       Delivered   DWT      FLAG
             --------- ----- ---------------- --------- ------- -----------
Sky Globe     Supramax  2009 Taizhou Kouan     May 2010  56,785 Marshall Is
             --------- ----- ---------------- --------- ------- -----------
Star Globe    Supramax  2010 Taizhou Kouan     May 2010  56,785 Marshall Is
             --------- ----- ---------------- --------- ------- -----------
River Globe   Supramax  2007 Yangzhou Dayang   Dec 2007  53,627 Marshall Is
             --------- ----- ---------------- --------- ------- -----------
Tiara Globe   Panamax   1998 Hudong Zhonghua   Dec 2007  72,928 Marshall Is
             --------- ----- ---------------- --------- ------- -----------
Jin Star     Kamsarmax  2010 Jiangsu Eastern  June 2010  79,788 Panama
             --------- ----- ---------------- --------- ------- -----------

             --------- ----- ---------------- --------- ------- -----------
W. Aver. Age             3.4 years at 30/6/10           319,913
             --------- ----- ---------------- --------- ------- -----------




GLOBUS MARITIME LIMITED
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At June 30, 2010
(Expressed in thousands of U.S. Dollars)

                                                     As at        As at
                                                    June 30,   December 31,
                                                      2010         2009
                                                  ------------ ------------
ASSETS                                            (Unaudited)   (Audited)
                                                  ------------ ------------

NON-CURRENT ASSETS
    Vessels, net                                       196,184       93,166
    Office furniture and equipment                          22           28
    Other assets                                            10           10
                                                  ------------ ------------
        Total non-current assets                       196,216       93,204
CURRENT ASSETS
    Cash and bank balances and bank deposits            22,745       59,157
    Trade receivables, net                                 253          336
    Inventories                                            416          355
    Prepayments and other assets                           958        1,488
                                                  ------------ ------------
                                                        24,372       61,336
    Non-current assets held for sale                         -       33,030
                                                  ------------ ------------
        Total current assets                            24,372       94,366
                                                  ------------ ------------
TOTAL ASSETS                                           220,588      187,570
                                                  ============ ============

EQUITY AND LIABILITIES

EQUITY ATTRIBUTABLE TO SHAREHOLDERS
    Share capital                                           29           29
    Share premium                                       88,529       88,516
    Retained earnings                                   26,138       24,913
                                                  ------------ ------------
        Total shareholders' equity                     114,696      113,458
                                                  ------------ ------------
NON-CURRENT LIABILITIES
    Long-term borrowings, net of current portion        90,785       36,175
    Provision                                               43           43
                                                  ------------ ------------
        Total non-current liabilities                   90,828       36,218
                                                  ------------ ------------
CURRENT LIABILITIES
    Current portion of long-term borrowings             10,902       33,900
    Trade accounts payable                                 935        1,158
    Accrued liabilities and other payables                 698        1,095
    Derivative financial instruments                     1,794        1,230
    Deferred revenue                                       735          511
                                                  ------------ ------------
        Total current liabilities                       15,064       37,894
                                                  ------------ ------------
TOTAL LIABILITIES                                      105,892       74,112
                                                  ------------ ------------
TOTAL EQUITY AND LIABILITIES                           220,588      187,570
                                                  ============ ============




GLOBUS MARITIME LIMITED
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended June 30, 2010
(Expressed in thousands of U.S. Dollars, except per share data)

                                                          (Unaudited)
                                                      --------------------
                                                       For the six months
                                                         ended June 30,
                                                        2010       2009
                                                      ---------  ---------
REVENUE:
  Time charter revenue                                   11,618     26,540

EXPENSES & OTHER OPERATING INCOME:
  Voyage expenses                                          (845)    (2,070)
  Vessel operating expenses                              (2,638)    (5,678)
  Depreciation                                           (2,816)    (6,989)
  Depreciation of dry docking costs                        (260)      (836)
  Administrative expenses                                (1,005)      (907)
  Administrative expenses payable to related parties       (518)      (541)
  Share-based payments                                     (148)    (1,542)
  Impairment loss                                             -    (18,826)
  Gain on sale of vessel                                      7          -
  Other expenses, net                                       (31)       (20)
                                                      ---------  ---------

     Operating profit/(loss) before financial
      activities                                          3,364    (10,869)

  Interest income from bank balances & deposits             223        488
  Interest expense and finance costs                       (977)    (1,591)
  Gain/(loss) on derivative financial instruments          (564)       309
  Foreign exchange losses, net                             (956)        34
                                                      ---------  ---------
     Total loss from financial activities, net           (2,274)      (760)
                                                      ---------  ---------
     TOTAL PROFIT/(LOSS) FOR THE PERIOD                   1,090    (11,629)
     Other Comprehensive Income/(loss)                        -          -
                                                      ---------  ---------
     TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD     1,090    (11,629)
                                                      =========  =========

     Attributable to:

                                                      ---------  ---------
  Globus Maritime Limited shareholders                    1,090    (11,629)
                                                      =========  =========

 Earnings/(loss) per share (U.S.$):

- Basic EPS/(LPS) for the period                          0.151     (1.619)
- Diluted EPS/(LPS) for the period                        0.151     (1.619)




GLOBUS MARITIME LIMITED
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended June 30, 2010
(Expressed in thousands of U.S. Dollars, except share and per share data)


                      Ordinary shares
                  -------------------------
                                    Issued                       Total
                  Number of   Par   Share   Share   Retained  Shareholders'
                    Shares   Value  Capital Premium Earnings     Equity
                  ---------- ------ ------- ------- --------  ------------

Balance at
 January 1, 2010
 (audited)        28,956,172  0.001      29  88,516   24,913       113,458
Profit for the
 period                    -      -       -       -    1,090         1,090
Other comprehensive
 income/(loss)             -      -       -       -        -             -
                  ---------- ------ ------- ------- --------  ------------
Total comprehensive
 income for the
 period                    -      -       -       -    1,090         1,090
Share-based payment    7,236  0.001       -      13      135           148
                  ---------- ------ ------- ------- --------  ------------
Balance at June
 30, 2010
 (unaudited)      28,963,408  0.001      29  88,529   26,138       114,696
                  ---------- ------ ------- ------- --------  ------------


                      Ordinary shares
                  -------------------------
                                    Issued                       Total
                  Number of   Par   Share   Share   Retained  Shareholders'
                    Shares   Value  Capital Premium Earnings     Equity
                  ---------- ------ ------- ------- --------  ------------

Balance at
 January 1, 2009
 (audited)        28,665,450  0.001      29  87,600   34,154       121,783
Loss for the
 period                    -      -       -       -  (11,629)      (11,629)
Other comprehensive
 (loss)/income             -      -       -       -        -             -
                  ---------- ------ ------- ------- --------  ------------
Total comprehensive
 loss for the
 period                    -      -       -       -  (11,629)      (11,629)
Share-based payment  102,210  0.001       -     721      821         1,542
                  ---------- ------ ------- ------- --------  ------------
Balance at June
 30, 2009
 (unaudited)      28,767,660  0.001      29  88,321   23,346       111,696
                  ---------- ------ ------- ------- --------  ------------




GLOBUS MARITIME LIMITED
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended June 30, 2010
(Expressed in thousands of U.S. Dollars)

                                                        For the six months
                                                           ended June 30,
                                                          2010      2009
                                                        --------  --------
Cash Flows from Operating Activities:
   Profit/(loss) for the period                            1,090   (11,629)
Adjustments for:
   Depreciation                                            2,816     6,989
   Depreciation of deferred dry docking costs                260       836
   Deferred dry docking costs                                  -      (312)
   Gain on sale of vessel                                     (7)        -
   Impairment loss                                             -    18,826
   Provision                                                   -         7
   Loss/(gain) on derivative financial instruments           564      (309)
   Interest expense and finance costs                        977     1,591
   Interest income                                          (223)     (488)
   Foreign exchange losses/(gains), net                       90       (34)
   Share-based payment                                       148     1,542
(Increase)/Decrease in:
   Trade receivables, net                                     83        91
   Inventories                                               (61)      (46)
   Prepayments and other assets                              426        74
Increase/(Decrease) in:
   Trade accounts payable                                   (223)     (136)
   Accrued liabilities and other payables                   (294)       62
   Deferred revenue                                          224      (138)
                                                        --------  --------
Net cash generated from operating activities               5,870    16,926
                                                        --------  --------

Cash Flows from Investing Activities:
 Vessel acquisitions                                    (106,084)        -
 Time deposits with maturity of three months or more           -    10,000
 Net proceeds from sale of vessels                        33,037         -
 Fixed asset purchase (office furniture and equipment)        (3)       (1)
 Interest received                                           327       770
                                                        --------  --------
Net cash (used in)/generated from investing activities   (72,723)   10,769
                                                        --------  --------

Cash Flows from Financing Activities:
 Proceeds from issuance of long-term debt                 62,170         -
 Repayment of long-term debt                             (30,583)  (28,900)
 Pledged Bank deposits                                     5,000     3,800
 Payment of financing costs                                 (200)        -
 Interest paid                                              (856)   (1,593)
                                                        --------  --------
Net cash used in financing activities                     35,531   (26,693)
                                                        --------  --------

Net (decrease)/increase in cash and cash equivalents     (31,322)    1,002
Foreign exchange losses on cash and bank deposits            (90)        -
Cash and cash equivalents at the beginning of the period  53,157    33,942
                                                        --------  --------
Cash and cash equivalents at the end of the period        21,745    34,944
                                                        ========  ========

Further Information -- Notes to Editors

About Globus Maritime Limited

Globus is a global provider of seaborne transportation services for dry bulk cargoes, including among others iron ire, coal, grain, cement and fertilizers, along worldwide shipping routes. Globus' subsidiaries own and operate three Supramax, one Panamax, and one Kamsarmax vessels, with a weighted average age of 3.4 years as at June 30, 2010, and a total carrying capacity of 319,913 DWT.

Globus is listed on the AIM market of the London Stock Exchange under ticker GLBS. Jefferies International Limited is acting as nominated adviser and broker to the Company.