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      Fleet Management

    The technical and day-to-day commercial management of our fleet is currently the responsibility of our wholly-owned subsidiary, Globus Shipmanagement Corp. ("GSC"), which currently has ship management agreements in place with each of our vessel-owning companies. Under the various ship management agreements, GSC provides the wholly-owned shipowning subsidiaries with the following specific services:

    • arranging the employment of the ships;
    • recruiting and employing seamen and arranging for the execution of the contracts of employment;
    • settling and attending the payment of all salaries and related compensation;
    • attending to the due and regular operation and performance of the ships and following operations concerning loading and discharging, settlements of claims and surveys;
    • settling any fiscal or tax charges concerning the ships;
    • attending to the maintenance, repairs, modifications, supply and classification requirements of the ships;
    • carrying out the supply of the bunkers, lubricants and other kind of materials, stores and provisions;
    • appointing shipping agents at any port and processing the reimbursement of the said local port agents subject to the applicable accounting and representation principles;
    • attending to all matters concerning social security provisions concerning the ships' crews;
    • receiving and paying monies in the name of the vessel-owning company and maintaining accounts at any bank in any country in any currency; and
    • negotiating and executing contracts for the modification or repairs in shipyards worldwide, subject to the previous consent of the vessel-owning company and its final approval and generally performing every and all actions necessary for the accomplishment of the above or in connection therewith.

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