<SEC-DOCUMENT>0001144204-12-039281.txt : 20120824
<SEC-HEADER>0001144204-12-039281.hdr.sgml : 20120824
<ACCEPTANCE-DATETIME>20120713095508
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-12-039281
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120713

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GLOBUS MARITIME LTD
		CENTRAL INDEX KEY:			0001499780
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		128 VOULIAGMENIS AVENUE 3RD FL
		STREET 2:		166 74 GLYFADA
		CITY:			ATHENS GREECE
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		30 210 960 8300

	MAIL ADDRESS:	
		STREET 1:		128 VOULIAGMENIS AVENUE 3RD FL
		STREET 2:		166 74 GLYFADA
		CITY:			ATHENS GREECE
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; font-weight: bold; text-align: right; text-indent: 0">Watson, Farley &amp; Williams (New York) LLP</TD></TR>
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    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1133 Avenue of the Americas</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">New York, New York 10036</P></TD></TR>
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    <TD STYLE="padding: 0; font-size: 10pt; font-weight: bold; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Tel (212) 922 2200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Fax (212) 922 1512</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Direct (212) 922 2213</P></TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 13, 2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>VIA EDGAR</I></B></P></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">Email abackos@wfw.com</TD></TR>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Securities and Exchange Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Division of Corporation Finance</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 F Street, N.E.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Washington, D.C. 20549</P></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: right; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Attention:</TD><TD>Ms. Cecilia Blye, Office of Global Security Risk</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"></TD><TD>Ms. Jennifer Hardy, Special Counsel, Office of Global Security Risk</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Globus Maritime Limited </B></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify"><B>Form 20-F for the Fiscal Year Ended December 31, 2011</B></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify"><B>Filed April 27, 2012, File No. 1-34985 </B>(the &ldquo;<B>Form 20-F</B>&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Blye and Ms. Hardy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our client, Globus
Maritime Limited (the &ldquo;<B>Company</B>&rdquo;), has requested that we submit its response to comments received from the staff
of the Division of Corporation Finance (the <I>&ldquo;</I><B>Staff</B><I>&rdquo;</I>) of the U.S. Securities and Exchange Commission
(the &ldquo;<B>Commission</B>&rdquo;) by letter dated June 28, 2012 (the &ldquo;<B>Comment Letter</B>&rdquo;) to Mr. Georgios Karageorgiou,
President and Chief Executive Officer of the Company, with respect to the Form 20-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have any questions
or require any additional information, please feel free to contact Georgios Karageorgiou at +30 210 960-8300 or the undersigned
at (212) 922-2213 or my colleague Toral Patel at (212) 922-2253.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">Sincerely,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">/s/ Antonios Backos</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">Antonios Backos</TD></TR>
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    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>cc:</TD>
    <TD>Georgios Karageorgiou</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-style: italic">Globus Maritime Limited</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GLOBUS MARITIME LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are the responses of the
Company to the Comment Letter. The text of the Staff&rsquo;s comments relating to Risk Factors, page 8 of the Form 20-F has been
included below in bold and italics for your convenience, and the Company has included its response immediately following each numbered
comment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B><I>1.</I></B></TD><TD STYLE="text-align: justify"><B><I>You disclose that from time to time on charterer&rsquo;s instructions, your vessels may call
on ports located in countries subject to sanctions and countries embargoes identified by the U.S. government as state sponsors
of terrorism, including Cuba, Iran, Sudan, and Syria. Please describe to us the nature and extent of your past, current, and anticipated
contacts with Iran, Syria, Sudan and Cuba, whether through subsidiaries, charterers or other direct or indirect arrangements. In
this regard, we are aware of a news report attributing to your company the statement that ships carrying grain to Iran commonly
must wait as much as two months to unload, and stating that your Tiara Globe vessel bound for Iran has been waiting in the Gulf
since January 3. Your response should describe any products or services you have provided to Iran, Syria, Sudan or Cuba, and any
agreements, commercial arrangements, or other contacts you have had with the governments of those countries or entities controlled
by those governments.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Response</I>: The
Company currently employs a fleet of seven drybulk vessels, six under time charter contracts and one under a bareboat charter contract,
all to unaffiliated third parties. Pursuant to the time charter or a bareboat charter contract, the charterer pays the Company
charterhire and may operate the relevant vessel within the limitations set forth in the charter. Each charterer of a Company&rsquo;s
vessel directs the cargoes carried and the route and the loading and discharge ports for the vessel. All of the Company&rsquo;s
charter contracts also contain prohibitions against the vessels calling on any ports including, among others, Cuba, Iran, Sudan,
Syria or any countries in violation of United Nations or United States embargoes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2009, the Company&rsquo;s
vessels made two calls on the Syrian ports of <I>Lattakia</I> and <I>Tartous</I>. These two voyages originated in Australia and
Brazil, respectively. In each of these voyages the cargoes consisted solely of agricultural products, namely wheat, barley, and
raw sugar. In addition, the <I>m/v Coral Globe </I>called on the Iranian port of <I>Bandar Abbas</I>, in July 2009 to only take
on fuel at the direction and for the account of the charterer. The Company received no revenues nor incurred any liabilities in
connection with such call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2010, the Company&rsquo;s
vessels made no calls to Iran, Syria, Sudan or Cuba.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2011, one of
the Company&rsquo;s vessels, the <I>m/v Tiara Globe</I>, made one call to the Iranian port of <I>Bandar E. Khomeyni</I>. The single
voyage in 2011 originated in the Ukraine. In this voyage the cargo consisted solely of agricultural products, namely barley.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the year 2012 to
date, the <I>m/v Tiara Globe</I> has made one call to the port of <I>Bandar E. Khomeyni</I>. This voyage originated in the Ukraine.
The cargo consisted of corn. It is our understanding that this is the voyage of the <I>m/v Tiara Globe </I>that is referenced in
your query.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additional details
regarding such port calls in Iran and Syria are included in the attached Appendix I table setting out, among other things, the
vessels and the third party charterers for the vessels that made port calls to Iran and Syria. The Company does not know any amounts
of port costs on any of these calls as they were paid by the relevant charterers. Although to be determined in each case by the
charterer of the Company&rsquo;s vessels, the Company anticipates that the frequency of port calls in Iran and Syria for future
years will likely be consistent with the past practice described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has not
provided and does not intend to provide any goods or services, whether directly or indirectly, to the governments of, or entities
controlled by the governments of, Cuba, Iran, Sudan or Syria. In addition, the Company has not had any agreements, commercial arrangements,
or other contacts with the governments of, or entities controlled by the governments of, Cuba, Iran, Sudan, or Syria and does not
intend to enter into such agreements, arrangements or other contacts in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B><I>2.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please discuss the materiality of your contacts with Iran, Syria, Sudan and Cuba described
in response to the foregoing comment and whether those contacts constitute a material investment risk for your security holders.
You should address materiality in quantitative terms, including the approximate dollar amounts of any associated revenues, assets,
and liabilities for the last three fiscal years and the subsequent interim period. Also, address materiality in terms of qualitative
factors that a reasonable investor would deem important in making an investment decision, including the potential impact of corporate
activities upon a company&rsquo;s reputation and share value. We note your disclosure about the potential for reputational harm
if charterers violate sanctions and embargo laws. Various state and municipal governments, universities, and other investors have
proposed or adopted divestment or similar initiatives regarding investment in companies that do business with U.S.-designated state
sponsors of terrorism. Your materiality analysis should address the potential impact of the investor sentiment evidenced by such
actions directed toward companies that have operations associated with Iran, Syria, Sudan and Cuba.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Response</I>: The
Company advises the Staff that the Company&rsquo;s contacts with Iran, Syria, Sudan and Cuba during the last three fiscal years
and the subsequent interim period has been infrequent and only involved Iran and Syria, as detailed in the attached Appendix I.
Moreover, these contacts have been entirely indirect and were limited to the employment of the Company&rsquo;s vessels on trade
routes selected by third party charterers, who control the trading pattern of the vessels while under charter. As noted in response
to the prior comment, the Company&rsquo;s contact with Iran and Syria over the last three fiscal years and the subsequent interim
period involved a total of four voyages, which accounted for approximately 3.29% of the Company&rsquo;s gross charter revenue over
the same period. The Company&rsquo;s vessels have not called at Cuba or Sudan since the Company&rsquo;s operations began in 2006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">More specifically,
the gross charter hire derived by the Company attributable to these four voyages during 2009, 2010 and 2011 was $995,000, $nil
and $2,220,000, respectively, and accounted for approximately 1.88%, 0% and 6.24%, respectively, of the aggregate gross charter
revenues earned by the Company during these years. These gross charter hire figures are determined by multiplying the daily time
charter hire paid to the Company with respect to the relevant vessel by the duration in days of the applicable voyage. The single
port call to Iran during the current year to date resulted in gross revenue of $1,200,000, which the Company expects will represent
less than 8% of the Company&rsquo;s revenue for the first half of 2012.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company does not
consider these voyages or the corresponding charter hire revenues it received from these charters to be material to its results
of operations both quantitatively and qualitatively. The Company believes that it is in compliance with applicable laws and regulations
regarding sanctions and embargoes. In addition, while the Company notes the Staff&rsquo;s comment regarding the potential impact
on investment sentiment, the Company believes that investors in the Company understand that the frequency of contacts with the
above-mentioned countries, which is always on behalf of third party charterers, is very limited and that such charterers&rsquo;
activities do not relate to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B><I>3.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please tell us whether your charter parties/contracts include provisions relating to your
vessels calling on ports in Iran, Syria, Sudan or Cuba.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Response</I>: All
of the current charter contracts relating to the Company&rsquo;s vessels obligate the charterer to comply with any sanctions or
regulations imposed by the United States and the United Nations. In addition, all of the charter contracts covering the Company&rsquo;s
vessels place limitations on the ports where its vessels may call, as well as limitations on the cargoes carried and preclude the
above-referenced countries from the vessels&rsquo; trading area unless agreed between owner and charterer after taking into account
all relevant sanctions legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Other</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company acknowledges to the Commission
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the Company is responsible for the adequacy
and accuracy of the disclosure in the filing;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Staff comments or changes to disclosure
in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the Company may not assert staff comments
as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * *</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Appendix I</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Vessel/Ship-owning company</TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Loading port/ Country/Stay</TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Discharging port/Country/Stay</TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Cargo Discharged</TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Cargo quantity (metric tonnes)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Charterer/ <BR>charter dates <BR>
(where applicable)</TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Hire US$/day</TD><TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Trip Duration from Commencement of loading at loading port to completion of discharge at discharge port (days)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">Revenue associated <BR>
with the call <BR>(US Dollars)</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="width: 2%; font-size: 10pt; text-align: justify; padding-left: 5.4pt">1</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: center; padding-left: 5.4pt"><I>m/v Lake Globe</I>-Adagio Marine S.A</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center; padding-left: 10pt">Port Giles/Australia From 3/31/09 to 4/3/09</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 20pt">Lattakia/Syria <BR>From 5/1/09 to 5/10/09</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center; padding-left: 30pt">Wheat and barley</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center; padding-left: 5.4pt">41,000</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center; padding-left: 5.4pt">JK Shipping Pty Ltd</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center; padding-left: 5.4pt">6,500</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center; padding-left: 5.4pt">40</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center; padding-left: 5.4pt">$260,000</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">2</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt"><I>m/v Sea Globe</I>- Sibelle Marine Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 10pt">Santos/Brazil <BR>From 7/27/09 to 8/1/09</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 20pt">Tartous/Syria/ <BR>From 8/23/09 to 9/7/09</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 30pt">Raw sugar</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">40,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Miranos International Trading Inc <BR></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">17,500</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">42</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">$735,000</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">3</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt"><I>m/v Tiara Globe</I>- Elysium Maritime Limited</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 10pt">Yuzhny/ <BR>Ukraine <BR>From 8/27/11 to 8/30/11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 20pt">Bandar Imam Khomeini/Iran <BR>From 9/16/11 to 11/11/11</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 30pt">Barley</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">61,240</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Transgrain Shipping BV/ From 2/2010&nbsp;&ndash;&nbsp;3/2012 <BR></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">20,000</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">76</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">$1,520,000</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-left: 5.4pt">4</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt"><I>m/v Tiara Globe</I>- Elysium Maritime Limited</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 10pt">Nikolayev/ <BR>Ukraine <BR>From 11/27/11 to 12/14/11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 20pt">Bandar Imam Khomeini/Iran <BR>From 1/4/12 to 3/1/12</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 30pt">Corn</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">67,000</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">Transgrain Shipping BV/ From 2/2010&nbsp;&ndash;&nbsp;3/2012</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">20,000</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 5.4pt">95 (35 in 2011 and 60 in 2012)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">$1,900,000 <BR>($700,000 in 2011 and $1,200,000 in 2012)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



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