George Feidakis-backed Globus Maritime has purchased a pair of secondhand bulkers.
The seller? George Feidakis.
The Nasdaq-listed shipowner said it spent $54m on the two kamsarmaxes, which were not named.
The Greek company splashed out $27.5m on an 81,100-dwt bulker built in 2016. It also threw down $26.5m for an 81,800-dwt vessel built in 2014.
Both ships have scrubbers.
The transaction is a related-party deal at its core. Feidakis is the largest shareholder and chairman of Globus, where his son Athanasios is chief executive.
But the company said that a committee of independent directors approved the agreement, with unanimous approval from the full board. Prices were based on independent bulker valuations, Globus said.
The deal is also structured in a way that provides seller financing, allowing Globus to pay for the vessels with cash on hand.
Globus will pay $18m of the purchase price for the 2016-built ship upon delivery, and then it will hand over the remainder within a year of deal signing.
The company will also pay $17m of the price for the 2014-built ship, with the rest due in 12 months and no interest involved.
The vessels are scheduled to be delivered in August, lifting the Globus fleet to 10 vessels and 734,000 dwt of aggregate capacity.
Data from VesselsValue, a digital valuation platform, shows that Globus has not purchased a vessel on the secondhand market since 2021.
The company took delivery of two ultramax bulker newbuildings this year and has three more on order in Japan.
TradeWinds reported in June that the company bought the 74,400-dwt Moon Globe (built 2005).
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