Georgios Karageorgiou – President, Director, Chief Executive Officer and Chief Financial Officer Nikos Kalapotharakos – Financial Controller

Thank you for standing by ladies and gentlemen, and welcome to the Globus Maritime Conference Call on the Second Quarter 2013 Financial Results. We have with us, Mr. Georgios Karageorgiou, President and Chief Executive Officer; and Mr. Nikos Kalapotharakos, Financial Controller of the Company. At this time, all participants are in a listen-only mode. (Operator Instructions) I must advise you, the conference is being recorded today, Wednesday, September 04, 2013. This communication contains forward-looking statements as defined under U.S. federal security laws. Forward-looking statements provide Globus current expectations or forecast the future events. Forward-looking statements include statements about Globus expectations, beliefs, plans objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as anticipate, believe, continue, estimate, expect, intend, may, ongoing, plan, potential, predict, project, will or similar words or phrases or the negatives of these words or phrases may identify forward-looking statements, but the absences of these words does not necessarily mean that the statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Globus actual results could differ materially from those anticipated in forward-looking statements for many reasons, specifically as described in Globus’ filings with the Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Globus undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should however review the factors and risks Globus described in the reports it will file from time-to-time with the Securities and Exchange Commission after the date of this communication. I now pass the floor to one of your speakers today, Mr. Karageorgiou. Please go ahead, sir?

Thank you, operator. Welcome to our conference call, and thank you for joining us today to discuss Globus’ operating and financial results for the three months ended June 30, 2013, and first half of 2013. I am Georgios Karageorgiou, President and CEO of Globus Maritime, and with me today is Nikos Kalapotharakos, our Financial Controller. For those of you that just joined, please note that we have posted a slide presentation for this conference call, which you will be able to download in PDF by clicking on the banner titled “Second Quarter Earnings Conference Call” located on the homepage of our website. The same presentation can also be accessed from our Investor Relations page under the webcasts and presentations menu. Let me quickly refer everyone to Slide #2, which contains the disclaimer about any forward-looking statements, which should be noted in the context of this conference call. Let’s start with Slide #4 that highlights our performance. Our net loss for the quarter came to $1.1 million. Our gross revenue was $6.8 million, while our net revenue was $5.8 million. Our EBITDA was $2.5 million, and our average TCE rate was $8,838 per day, per vessel while our operating expenses came at $4,791 per day, per vessel. Our fleet utilization rate reached 97.4%. Looking at the first half numbers, I’m pleased to report that despite the Q2 loss, we closed the half year with a profit of 200,000. Our gross revenue was $14.3 million while our net revenue was $12.8 million. Our EBITDA was $6.6 million, and our average TCE rate was $9,712 per day, per vessel while our operating expenses came at $4,333 per day, per vessel. Our fleet utilization rate reached 98.5%. Moving on to Slide 5, our operating highlights, you will see that the Company’s fleet has remained…

Thank you, George. I’d like now to discuss in more detail the financial results of the company for the second quarter of the year 2013, which should be at in conjunction with the detail that appear on Pages 7, 8, 9 of yesterday’s press release. So let’s turn to Slide 15, which corresponds to the company’s statement of comprehensive income of the period. Early [ph] results and operational highlights mentioned can be found at Slide 5. Net revenue for the second quarter of 2013 amounted to $5.8 million corresponding to an increase of 18% from $4.9 million during the same period last year. Net revenue for the second quarter of 2012 included a one-time charge of $1.7 million with reference to a charter that did not perform. Excluding the aforementioned charge, net revenue for the second quarter last year accounts $6.6 million that if compared to the respective period in the current year corresponds to a decrease of 12% mainly attributed to the lower time charter rates achieved on average during the second quarter of 2013 compared to the respective period last year and despite the 4% increase in operating days, from 570 during the second quarter of 2012 to 593 during the second quarter of 2013. Time charter equivalent rate or TCE for the second quarter of 2013 was $8,858 per vessel, per day as of close to $7,353 per vessel, per day for the second quarter last year corresponding to an increase of 20%. Now [indiscernible] for the second quarter of 2012 is adapted with long-time charter of $1.7 million that was mentioned earlier. TCE, which is calculated on a net revenue basis for the second quarter last year accounts $10,696 per vessel, per day which is compared to the TCE achieved during the second quarter under discussion…

Thank you Nikos. Operator you can now open the floor to questions.

Thank Mr. Karageorgiou. (Operator Instructions). And from International Capital [ph] we have a question from Peter Bodmark [ph]. Please ask your question sir.

Hi. I have two questions; the first one your operating expenses continue to be low in fact lower than your peers. How are you able to achieve this on a consistent basis?

Thank for you for the questions. Just keep them coming up. Well we are focusing on developing and maintaining a cost control/operational business culture, mainly through promoting complaints budgets and by the budgeting procedures and through continuous monitoring of expenses. While the implementation of our recently installed ERP software also helps our technical and operations teams to implement more informed and cost efficient strategies both the maintenance and operation of the fleet. But in addition to that we believe that what differentiates us from our peers is our structure, we utilize an in-house technical and operations management provided by our fully consolidated management company, which operates as s cost center for us rather than having to outsource management which would have operated as a profit center instead. Thank you.

The second question regarding the seasonality of dry bulk shipping. We are coming up on the U.S. grain trade now in September and through October. When you look at your fleet mix especially those ships you have on spot charters, how do you see your fleet benefiting in Q4 if at all from the upcoming U.S. grain trade.

Thank you for the question. I had already touched upon these earlier when I was talking about the grain trades. Currently you will notice that we have the Tiara Globe and the Star Globe, Panamax and Supramax which will be available for chartering within September. Both of these types of vessels are going to be the big benefactors of any big changes that might occur due to the initiation of the North American grain season. The main reason is that we hope that a lot of vessels which used to be tied up in the South American grain export season, which this year is continuing at a very strong rate despite the prolonged period that it has started. We expect that a lot more vessels will be tied up in that trade, which will make the availability of Panamax and Supramax for the North American grain trade more scarce and that will have to be accompanied by an increased fright rates. This is why we are keeping both the Tiara Globe and the Star Globe on short-term support charters in order to benefit for the anticipated increase in rates from September onwards.

Okay. Well, thank you very much.

Thank you.

Thank you. (Operator Instructions) As there are no further questions, we now pass the floor back for closing remarks to Mr. Kara Georgio.

Well, I’d like to thank everybody for participating in this call and look forward to talking to you again in three months time in order to review the Q3 results for the company. Thank you very much operator and that concludes our call.

Thank you very much and many thanks to both our speakers today. That does conclude our conference. Thank you for participating. You may now disconnect. Thank you, gentlemen.

Thank you.

Thank you. Bye-bye.

Bye-bye.