<SEC-DOCUMENT>0001144204-17-028069.txt : 20170627
<SEC-HEADER>0001144204-17-028069.hdr.sgml : 20170627

<ACCEPTANCE-DATETIME>20170517074941

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001144204-17-028069

CONFORMED SUBMISSION TYPE:	F-3/A

PUBLIC DOCUMENT COUNT:		10

FILED AS OF DATE:		20170517

DATE AS OF CHANGE:		20170530


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:		F-3/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-217282

		FILM NUMBER:		17850295



	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>F-3/A
<SEQUENCE>1
<FILENAME>v467211_f3a.htm
<DESCRIPTION>F-3/A
<TEXT>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>As filed with the Securities and Exchange
Commission on May 17, 2017</B></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: right"><B>Registration No.&nbsp;333-217282</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-bottom: Black 1pt solid"><B>&nbsp;</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid"><B>&nbsp;</B></P>

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



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT NO. 1</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM F-3</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&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"><FONT STYLE="font-size: 12pt"><B>Globus
Maritime Limited </B></FONT><BR>
(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name
into English)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Republic of the Marshall Islands</B></FONT></TD>
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>66-0757368</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(I.R.S.&nbsp;&nbsp;Employer Identification Number)</FONT></TD></TR>
</TABLE>
<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>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">128 Vouliagmenis Avenue, 3rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">166 74 Glyfada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Athens, Greece<BR>
+30 210 960 8300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address and telephone number of Registrant&rsquo;s
principal executive offices)</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"><B>Watson Farley &amp; Williams LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">250 West 55<SUP>th</SUP> Street, 31<SUP>st</SUP>
Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">(Name,
address, and telephone number of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>with copies to:</B></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"><B>Steven J. Hollander, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Watson Farley &amp; Williams LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">250 West 55<SUP>th</SUP> Street, 31<SUP>st</SUP>
Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212) 922-2200 (Telephone)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212) 922-1512 (Facsimile)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

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



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Approximate date of commencement of proposed sale to the
public:&nbsp;From time to time after this registration statement becomes effective as determined by market conditions and other
factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If the only securities being registered
on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, check
the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If this Form is a registration statement
pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462I under the Securities Act, check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></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"><B>CALCULATION OF REGISTRATION FEE</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; width: 44%; border-top: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Title of Each Class of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities to be Registered</B>&nbsp;</P></TD>
    <TD STYLE="text-align: center; width: 1%; border-top: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; width: 10%; border-top: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>to be</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registered</B>&nbsp;</P></TD>
    <TD STYLE="text-align: center; width: 1%; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed Maximum Offering Price Per Share</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maximum</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering Price</B>&nbsp;</P></TD>
    <TD STYLE="text-align: center; width: 1%; border-top: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; width: 15%; border-top: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registration Fee</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Secondary Offering</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares, par value $0.004</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,750,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 1.36 (1)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$
    3,740,000 (1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 433 (4)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares, par value $0.004 per share, underlying common stock purchase warrants (2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,380,017</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1.60</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$
    51,808,027 (3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 6,005 (2)(4)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1pt solid">&nbsp;</P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt">1.</TD>
    <TD STYLE="font-size: 10pt">Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act of 1933, as amended. The price per share and proposed maximum aggregate offering price are based on the average of the high and low sale prices of the registrant&rsquo;s common shares on May 16, 2017, as reported on the Nasdaq Capital Market.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">2. </TD>
    <TD STYLE="font-size: 10pt">Represents common stock issuable upon the exercise (at a price of $1.60 per share) of outstanding warrants.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">3.</TD>
    <TD STYLE="font-size: 10pt">Estimated solely for the purpose of computing the amount of the registration fee for the shares of common stock issuable upon exercise of warrants to be registered in accordance with Rule&nbsp;457(g)&nbsp;under the Securities Act, based upon the higher of (i) the price at which the warrants may be exercised or (ii) the Market Price of the common stock. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">4.</TD>
    <TD STYLE="font-size: 10pt">Previously paid.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Registrant hereby amends this Registration Statement
on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of
the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange
Commission, acting pursuant to said Section&nbsp;8(a), may determine.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1pt solid">&nbsp;</P>

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

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




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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">The information in this prospectus is not complete
and may be changed. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy or sell these
securities in any jurisdiction where the offer or sale is not permitted. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission is effective.</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: center; color: #DE1A1E"><B>Subject to completion,
dated May 17, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #DE1A1E"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS</B></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"><B>35,130,017 Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>offered by the Selling Shareholders</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 72px; width: 319px"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1pt solid">&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">The Selling Shareholders listed herein (the &ldquo;Selling Shareholders&rdquo;)
or any of their pledgees, donees, transferees or successors in interest, may sell in one or more offerings pursuant to this prospectus
up to 35,130,017 of our common shares, 2.75 million of which are issued and outstanding on the date hereof and 32,380,017 of which
are issuable upon the exercise of warrants (which if all exercised would result in gross proceeds to the Company of approximately
$51.8 million).</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">The Selling Shareholders or any of their pledgees, donees, transferees
or successors in interest may sell any or all of these common shares on any stock exchange, market or trading facility on which
the shares are traded or in privately negotiated transactions at fixed prices that may be changed, at market prices prevailing
at the time of sale or at negotiated prices. Information on the Selling Shareholders and the times and manners in which they or
any of their pledgees, donees, transferees or successors in interest may offer and sell our common shares is described under the
sections entitled &ldquo;Selling Shareholders&rdquo;, &ldquo;The Offering&rdquo;, and &ldquo;Plan of Distribution&rdquo; in this
prospectus. We will not receive any of the proceeds from the sale of our common shares by the Selling Shareholders.</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">Our common shares are listed on the Nasdaq Capital Market under
the symbol &ldquo;GLBS.&rdquo; The closing sales price of our common stock on the Nasdaq Capital Market on May 16, 2017 was $1.37
per share. There were 27,630,273 of our common shares outstanding as of May 16, 2017.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1pt solid">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">An investment in these securities is speculative and involves
a high degree of risk. See the section entitled &ldquo;Risk&nbsp;Factors&rdquo; which begins on page 3 of this prospectus, and
other risk factors contained in any applicable prospectus supplement and in the documents incorporated by reference herein and
therein.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neither the Securities and Exchange Commission nor any
state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</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"><B>The date of this prospectus is May 17,
2017</B></P>

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


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<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"><B>TABLE OF CONTENTS</B></P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left; padding: 0; text-indent: 0"><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding: 0; text-indent: 0">ii</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_002">ENFORCEABILITY OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">ii</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_003">CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">ii</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_004">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">iv</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_005">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_006">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_007">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_008">PER SHARE MARKET PRICE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">6</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_009">CAPITALIZATION</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_010">SELLING SHAREHOLDERS</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_011">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_012">DESCRIPTION OF CAPITAL STOCK</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">10</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_013">TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_014">EXPENSES</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_015">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><A HREF="#a_016">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">19</TD></TR>
</TABLE>



<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"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As permitted under the rules of the Securities
and Exchange Commission, or the Commission, this prospectus incorporates important business information about us that is contained
in documents that we have previously filed with the Commission but that are not included in or delivered with this prospectus.
You may obtain copies of these documents, without charge, from the website maintained by the Commission at www.sec.gov, as well
as other sources. You may also obtain copies of the incorporated documents, without charge, upon written or oral request to Globus
Maritime Limited, 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Athens, Greece, or by telephone at +30 210 960 8300. See
&ldquo;Where You Can Find Additional Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">You should rely only on the information
contained or incorporated by reference in this prospectus. Neither we nor the Selling Shareholders authorize any person to provide
information other than that provided in this prospectus and the documents incorporated by reference. Neither we nor the Selling
Shareholders are making an offer to sell common shares in any state or other jurisdiction where the offer or sale is not permitted.
You should not assume that the information contained in this prospectus is accurate as of any date other than the date on the front
of this prospectus regardless of its time of delivery, and you should not consider any information in this prospectus or in the
documents incorporated by reference herein to be investment, legal or tax advice. We encourage you to consult your own counsel,
accountant and other advisors for legal, tax, business, financial and related advice regarding an investment in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless otherwise indicated or unless the
context requires otherwise, all references in this prospectus to &ldquo;Globus,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo;
&ldquo;us,&rdquo; &ldquo;our,&rdquo; or similar references, mean Globus Maritime Limited and, where applicable, its consolidated
subsidiaries. In addition, we use the term deadweight, or dwt, in describing the size of vessels. Dwt expressed in metric tons,
each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. To
the extent the Selling Shareholders transfer our common shares or our warrants and the shares are not unrestricted, we may add
the recipients of those common shares and warrants as Selling Shareholders via a prospectus supplement or post-effective amendment.
Any references to the &ldquo;Selling Shareholders&rdquo; shall be deemed to be references to each such additional Selling Shareholders.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_002"></A>ENFORCEABILITY OF CIVIL LIABILITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We are a Marshall Islands company, and
our principal executive office is located outside of the United States, in Greece. Most of our directors, officers and the experts
named in this registration statement and prospectus reside outside the United States. In addition, a substantial portion of our
assets and the assets of certain of our directors, officers and experts are located outside of the United States. As a result,
you may have difficulty serving legal process within the United States upon us or any of these persons. You may also have difficulty
enforcing, both in and outside the United States, judgments you may obtain in United States courts against us or these persons.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_003"></A>CAUTIONARY STATEMENT REGARDING FORWARD
LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">This prospectus includes &ldquo;forward-looking
statements,&rdquo; as defined by U.S. federal securities laws, with respect to our financial condition, results of operations and
business and our expectations or beliefs concerning future events. Forward-looking statements provide our current expectations
or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives,
intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Forward-looking
statements and information can generally be identified by the use of forward-looking terminology or words, such as &ldquo;anticipate,&rdquo;
&ldquo;approximately,&rdquo; &ldquo;believe,&rdquo; &ldquo;continue,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;forecast,&rdquo;
&ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;ongoing,&rdquo; &ldquo;pending,&rdquo; &ldquo;perceive,&rdquo; &ldquo;plan,&rdquo;
&ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;seeks,&rdquo; &ldquo;should,&rdquo; &ldquo;views&rdquo;
or similar words or phrases or variations thereon, or the negatives of those words or phrases, or statements that events, conditions
or results &ldquo;can,&rdquo; &ldquo;will,&rdquo; &ldquo;may,&rdquo; &ldquo;must,&rdquo; &ldquo;would,&rdquo; &ldquo;could&rdquo;
or &ldquo;should&rdquo; occur or be achieved and similar expressions in connection with any discussion, expectation or projection
of future operating or financial performance, costs, regulations, events or trends. The absence of these words does not necessarily
mean that a statement is not forward-looking. Forward-looking statements and information are based on management&rsquo;s current
expectations and assumptions, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult
to predict.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">All forward-looking statements involve
risks and uncertainties. The occurrence of the events described, and the achievement of the expected results, depend on many events,
some or all of which are not predictable or within our control. Actual results may differ materially from expected results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, important factors that, in
our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&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>general dry bulk shipping market conditions, including fluctuations in charterhire rates and vessel values;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>the strength of world economies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>the stability of Europe and the Euro;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>fluctuations in interest rates and foreign exchange rates;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>changes in demand in the dry bulk shipping industry, including the market for our vessels;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>changes in our operating expenses, including bunker prices, dry docking and insurance costs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>changes in governmental rules and regulations or actions taken by regulatory authorities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>potential liability from pending or future litigation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>general domestic and international political conditions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>potential disruption of shipping routes due to accidents or political events;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>the availability of financing and refinancing;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>our ability to meet requirements for additional capital and financing to grow our business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>vessel breakdowns and instances of off-hire;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>potential exposure or loss from investment in derivative instruments;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>potential conflicts of interest involving our Chief Executive Officer, his family and other members of our senior management;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>our ability to complete acquisition transactions as planned; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>other important factors described in &ldquo;Risk Factors&rdquo; and in other places incorporated by reference.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We have based these statements on assumptions
and analyses formed by applying our experience and perception of historical trends, current conditions, expected future developments
and other factors we believe are appropriate in the circumstances. All future written and verbal forward-looking statements attributable
to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred
to in this section. We undertake no obligation, and specifically decline any obligation, except as required by law, to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of
these risks, uncertainties and assumptions, the forward-looking events discussed in this prospectus might not occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">See the sections entitled &ldquo;Risk Factors&rdquo;
of this prospectus and in our Annual Report on Form 20-F for the year ended December&nbsp;31, 2016, which is incorporated herein
by reference, for a more complete discussion of these risks and uncertainties and for other risks and uncertainties. These factors
and the other risk factors described in this prospectus are not necessarily all of the important factors that could cause actual
results or developments to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable
factors also could harm our results. Consequently, there can be no assurance that actual results or developments anticipated by
us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us. Given
these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_004"></A>WHERE YOU CAN FIND ADDITIONAL INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As required by the Securities Act, we filed
a registration statement relating to the securities offered by this prospectus with the Commission. This prospectus is a part of
that registration statement, which includes additional information.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Government Filings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We file annual and special reports with
the Commission. You may read and copy any document that we file and obtain copies at prescribed rates from the Commission&rsquo;s
Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public
Reference Room by calling 1 (800)&nbsp;SEC-0330. The Commission maintains a website (http://www.sec.gov) that contains reports,
proxy and information statements and other information regarding issuers that file electronically with the Commission. Our filings
are also available on our website at http://www.globusmaritime.gr. The information on our website, however, is not, and should
not be deemed to be, a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">This prospectus and any applicable prospectus
supplement are part of a registration statement that we filed with the Commission and do not contain all of the information in
the registration statement. The full registration statement may be obtained from the Commission or us, as indicated below. Documents
establishing the terms of the offered securities are filed as exhibits to the registration statement. Statements in this prospectus
or any applicable prospectus supplement about these documents are summaries and each statement is qualified in all respects by
reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant
matters. You may inspect a copy of the registration statement at the Commission&rsquo;s Public Reference Room in Washington, D.C.,
as well as through the Commission&rsquo;s website.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information Incorporated by Reference</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Commission allows us to &ldquo;incorporate
by reference&rdquo; information that we file with it. This means that we can disclose important information to you by referring
you to those filed documents. The information incorporated by reference is considered to be a part of this prospectus, and certain
information that we file later with the Commission prior to the termination of this offering will also be considered to be part
of this prospectus and will automatically update and supersede previously filed information, including information contained in
this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following documents, filed with or
furnished to the SEC, are specifically incorporated by reference and form an integral part of this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&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><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_20f.htm">Our Annual Report on Form 20-F for the year ended December&nbsp;31, 2016, filed with the Commission on April 11, 2017, containing our audited consolidated financial statements for the most recent fiscal year for which those statements have been filed.</A></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We are also incorporating by reference
all subsequent Annual Reports on Form 20-F that we file with the Commission and certain reports on Form 6-K that we furnish to
the Commission after the date of this prospectus (if they state that they are incorporated by reference into this prospectus) until
we file a post-effective amendment indicating that the offering of the securities made by this prospectus has been terminated.
In all cases, you should rely on the later information over different information included in this prospectus or the applicable
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">You should rely only on the information
contained or incorporated by reference in this prospectus and any applicable prospectus supplement. We have not, and any underwriters
have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent
information, you should not rely on it. We are not, and any underwriters are not, making an offer to sell these securities in any
jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus and
any applicable prospectus supplement as well as the information we previously filed or furnished with the Commission and incorporated
by reference, is accurate as of the dates on the front cover of those documents only. Our business, financial condition and results
of operations and prospects may have changed since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">You may request a free copy of the above
mentioned filing or any subsequent filing we incorporate by reference to this prospectus by writing or telephoning us at the following
address:</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">Globus Maritime Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">c/o Globus Shipmanagement Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">128 Vouliagmenis Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">166 74 Glyfada</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">+30 210 960 8300</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information provided by the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We will furnish holders of our common shares
with Annual Reports containing audited financial statements and a report by our independent registered public accounting firm.
The audited financial statements will be prepared in accordance with International Financial Reporting Standards. As a &ldquo;foreign
private issuer,&rdquo; we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements
to shareholders. While we furnish proxy statements to shareholders in accordance with the rules of the Nasdaq Capital Market, those
proxy statements do not conform to Schedule 14A of the proxy rules promulgated under the Exchange Act. In addition, as a &ldquo;foreign
private issuer,&rdquo; our officers and directors are exempt from the rules under the Exchange Act relating to short swing profit
reporting and liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_005"></A>PROSPECTUS SUMMARY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><I>This summary highlights information
that appears later in this prospectus and is qualified in its entirety by the more detailed information and financial statements
included or incorporated by reference elsewhere in this prospectus. This summary may not contain all of the information that may
be important to you. As an investor or prospective investor, you should carefully review the entire prospectus, including the section
of this prospectus entitled &ldquo;Risk Factors&rdquo; and the more detailed information that appears later in this prospectus
before making an investment in our common shares. </I></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Our Company</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We are an integrated dry bulk shipping
company, providing marine transportation services on a worldwide basis. We own, operate and manage a fleet of dry bulk vessels
that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. Our Manager also
provides ship-management consulting services regarding vessels that we do not own. We intend to grow our fleet through timely and
selective acquisitions of modern vessels in a manner that we believe will provide an attractive return on equity and will be accretive
to our earnings and cash flow based on anticipated market rates at the time of purchase. There is no guarantee however, that we
will be able to find suitable vessels to purchase or that such vessels will provide an attractive return on equity or be accretive
to our earnings and cash flow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Our operations are managed by our Athens,
Greece-based wholly owned subsidiary, Globus Shipmanagement Corp., which we refer to as our Manager, which provides in-house commercial
and technical management for our vessels. Our Manager has entered into a ship management agreement with each of our wholly owned
vessel-owning subsidiaries to provide services that include managing day-to-day vessel operations, such as supervising the crewing,
supplying, maintaining of vessels and other services, and has also entered into a consultancy agreement with another ship-management
company to consult for such ship-management company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We originally incorporated as Globus Maritime
Limited on July 26, 2006 pursuant to the Companies (Jersey) Law 1991 (as amended), and began operations in September 2006. On November
24, 2010, we redomiciled into the Marshall Islands. Our common shares trade on the NASDAQ Global Market under the ticker &ldquo;GLBS.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following table presents information
concerning our vessels, each of which is owned by a wholly owned subsidiary of Globus Maritime Limited. We use the term deadweight
ton, or &ldquo;dwt,&rdquo; in describing the size of vessels. Deadweight ton or &ldquo;dwt&rdquo; is a unit of a vessel&rsquo;s
capacity for cargo, fuel oil, stores and crew, measured in metric tons. A vessel&rsquo;s dwt or total deadweight is the total weight
the vessel can carry when loaded to a particular line.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Year</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Built</B></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Flag</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>Direct</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>Owner</B></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shipyard</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Vessel&nbsp;Type</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>Delivery</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>Date</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>Carrying</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>Capacity</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>(dwt)</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 11%; font-size: 10pt; font-style: italic; text-align: center">&nbsp;m/v Sun Globe</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: center">2007</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 13%; font-size: 10pt; text-align: center">Malta</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 20%; font-size: 10pt; text-align: center">&nbsp;Longevity Maritime Limited</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center">&nbsp;Tsuneishi Cebu</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: center">&nbsp;Supramax</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 10pt; text-align: center">&nbsp;September 2011</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: right">58,790</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">m/v River Globe</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2007</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Marshall Islands</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Devocean Maritime Ltd.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Yangzhou Dayang</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Supramax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">December 2007</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">53,627</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">m/v Sky Globe</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2009</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Marshall Islands</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Domina Maritime Ltd.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Taizhou Kouan</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Supramax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">May 2010</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">56,855</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">m/v Star Globe</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2010</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Marshall Islands</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Dulac Maritime S.A.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Taizhou Kouan</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Supramax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">May 2010</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">56,867</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">m/v Moon Globe</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2005</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Marshall Islands</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Artful Shipholding S.A.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Hudong-Zhonghua</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Panamax</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">June 2011</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">74,432</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I>Corporate Information</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Our executive office is located at the
office of our Manager at 128 Vouliagmenis Avenue, 3rd Floor, 166 74 Glyfada, Athens, Greece. Our telephone number is +30 210 960
8300. Our registered agent in the Marshall Islands is The Trust Company of the Marshall Islands, Inc. and our registered address
in the Marshall Islands is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. We maintain
our website at www.globusmaritime.gr. Information that is available on or accessed through our website does not constitute part
of, and is not incorporated by reference into, this registration statement on Form F-3.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Recent and Other Developments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On February 8, 2017, we entered into a
Share and Warrant Purchase Agreement (the &ldquo;SPA&rdquo;) pursuant to which we sold for $5 million an aggregate of 5 million
of our common shares, par value $0.004 per share and warrants (the &ldquo;Warrants&rdquo;) to purchase 25 million of our common
shares at a price of $1.60 per share (subject to adjustment as more fully described herein in &ldquo;Description of Capital Stock
Description of the Warrants&rdquo;) to a number of investors in a private placement. These securities were issued in transactions
exempt from registration under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On February 9, 2017 we entered into a registration
rights agreement with the Purchasers providing them with certain rights relating to registration under the Securities Act of the
Shares and the common shares underlying the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In connection with the closing of the private
placement, we also entered into two loan amendment agreements (each, a &ldquo;Loan Amendment Agreement&rdquo;) with each of two
of our lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">One loan amendment agreement was entered
into by the Company with Firment Trading Limited, a Marshall Islands corporation (&ldquo;Firment&rdquo;), a related party to us
(it is an affiliate of our chairman) and the lender of the then outstanding loan in the principal amount of $18,523,787 to the
Company (the &ldquo;Firment Credit Facility&rdquo;), pursuant to which Firment released (the &ldquo;Firment Loan Amendment&rdquo;)
an amount equal to $16,885,000 (but to have an amount equal to $1,638,787 remain outstanding, and to continue to accrue under the
Firment Credit Facility as though it were principal) of the Firment Credit Facility and the Company issued to Firment Shipping
Inc., an affiliate of Firment 16,885,000 common shares (the &ldquo;Firment Shares&rdquo;) and a warrant to purchase 6,230,580 common
shares at a price of $1.60 per share (subject to adjustment as more fully described herein in &ldquo;Description of Capital Stock
Description of the Warrants&rdquo;) (the &ldquo;Firment Warrant&rdquo;, together with Firment Shares, the &ldquo;Firment Securities&rdquo;).
Subsequent to the closing of the February 2017 private placement, Globus repaid the outstanding amount on the Firment Credit Facility
in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The other loan amendment agreement was
entered into by the Company with Silaner Investments Limited, a Cyprus company (&ldquo;Silaner&rdquo;), a related party to us (it
is an affiliate of our chairman) and the lender of the then outstanding loan in the principal amount of $3,189,048 to the Company
(the &ldquo;Silaner Credit Facility&rdquo;), pursuant to which Silaner agreed to release (the &ldquo;Silaner Loan Amendment&rdquo;)
an amount equal to the outstanding principal of $3,115,000 (but to have an amount equal to the accrued and unpaid interest of $74,048
remain outstanding, and to continue to accrue under the Silaner Credit Facility as though it were principal) of the Silaner Credit
Facility and the Company issued to Firment Shipping Inc., an affiliate of Silaner 3,115,000 common shares (the &ldquo;Silaner Shares&rdquo;)
and a warrant to purchase 1,149,437 common shares at a price of $1.60 per share (subject to adjustment as more fully described
herein in &ldquo;Description of Capital Stock - Description of the Warrants&rdquo;) (the &ldquo;Silaner Warrant&rdquo;, together
with the Silaner Shares, the &ldquo;Silaner Securities&rdquo;). Subsequent to the closing of the February 2017 private placement,
Globus repaid the outstanding amount on the Silaner Credit Facility in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Warrants, the Firment Warrant and the
Silaner Warrant are each exercisable for 24 months after their respective issuance. We refer to the entry into the Loan Amendment
Agreements and Registration Rights Agreements and the issuances of the 5 million common shares, the Warrants, Firment Securities,
and the Silaner Securities as the &ldquo;February 2017 Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In this Registration Statement, we are
registering for resale (a) 2.75 million common shares sold in the Private Placement, (b) the 25 million common shares issuable
upon exercise of the Warrants, and (c) 7,380,017 common shares issuable upon exercise of the Firment Warrant and Silaner Warrant.
As of the date hereof, none of the warrants have been exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Under the terms of the warrants, all Selling
Shareholders (other than Firment Shipping Inc., which has no such restriction in its warrants) may not exercise their warrants
to the extent such exercise would cause such Selling Shareholder, together with its affiliates and attribution parties, to beneficially
own a number of common shares which would exceed 4.99% (which may be increased upon no less than 61 days&rsquo; notice, but not
to exceed 9.99%) of our then outstanding common shares immediately following such exercise, excluding for purposes of such determination
common shares issuable upon exercise of the warrants which have not been exercised. This provision does not limit a Selling Shareholder
from acquiring up to 4.99% of our common shares, selling all of their common shares, and re-acquiring up to 4.99% of our common
shares. We refer to this as the &ldquo;Blocker Provision&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Warrants, Firment Warrant, and Silaner
Warrant all contain a provision whereby the warrant&rsquo;s holder has the right to a cashless exercise if, six months after their
issuance, a registration statement covering their resale is not effective. If for any reason we are unable to keep such a registration
statement active and our share price is higher than the $1.60 exercise price, we could be required to issue shares without receiving
cash consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">In March 2017, we
reached an agreement in principle with DVB Bank SE (which remain subject to definite documentation) to amend the DVB Loan Agreement,
including amendments to relax or waive certain covenants for the period from April 1, 2017 to April 1, 2018 (the &ldquo;Restructuring
period&rdquo;). The amendments with respect to the Restructuring Period will be subject to a $1.7 million prepayment by September
2017, which is the aggregated amount of two quarterly installments for each tranche, and another $1.7 million would be deferred
to the balloon payment of each tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">In March 2017, we
reached an agreement in principle with HSH Nordbank AG to amend the HSH Loan Agreement (which remain subject to definite documentation)
including amendments to relax or waive certain covenants of the original loan agreement until April 15, 2018. The Company will
pay in September 2017 $1 million for repayment of debt and the four scheduled principal installments due within 2017, each amounting
to $693,595, will be deferred to the balloon payment. In addition, the Company has undertaken the liability to raise new equity
of at least $1,800,000.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Our selling shareholders named in the table
located on page 8 of this prospectus (the &ldquo;Selling Shareholders&rdquo;) are offering an aggregate of 35,130,017 common shares,
2.75 million of which are currently issued and outstanding and 32,380,017 of which are issuable upon the exercise of currently
outstanding warrants, subject to the terms and limitations contained within the Warrants. See &ldquo;Description of Capital Stock
Description of the Warrants&rdquo; on page 11 of this prospectus.&nbsp;&nbsp;We will not receive any proceeds upon the sale of
common shares by the Selling Shareholders, but we will receive the exercise price of $1.60 each time a Warrant is exercised for
cash.&nbsp;&nbsp;See &ldquo;Use of Proceeds&rdquo; on page 5 of this prospectus.&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_006"></A>RISK FACTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Investing in our common shares involves
a high degree of risk. You should carefully consider the risks set forth below and the discussion of risks under the heading &ldquo;Item
3. Key Information&mdash;D. Risk Factors&rdquo; in our Annual Report on Form 20-F for the year ended December&nbsp;31, 2016, filed
with the Commission on April 11, 2017, and the other documents that are incorporated by reference in this prospectus. Please see
the section of this prospectus entitled &ldquo;Incorporation by Reference of Certain Documents.&rdquo; Any of the following risks
could materially and adversely affect our business, financial condition, results of operations or cash flows. In such a case, you
may lose all or part of your original investment.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RISKS RELATED TO THIS OFFERING</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our shareholders were significantly diluted by virtue of
the February 2017 transactions and it is unclear whether the full ramification of those transactions have been reflected in our
stock price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As described above under the caption &ldquo;Recent
and Other Developments&rdquo;, in February 2017 we issued in the aggregate 25 million common shares and warrants to issue an additional
32,380,017 common shares in exchange for $20 million of debt cancellation and $5 million in cash. Prior to such issuance, a total
of 2,627,674 common shares were issued and outstanding. Our share price has not proportionately decreased to reflect the additional
number of common shares that are issued and issuable pursuant to exercise of the Warrants, and it remains to be seen how the market
will perceive this change in our increased number of shares. If the market views these transactions negatively, our share price
could substantially depreciate.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our stock price has been volatile and no assurance can
be made that it will not substantially depreciate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As you can see from our stock price history
contained within this prospectus under the caption &ldquo;Per Share Market Information&rdquo;, our stock price has been volatile
recently. The closing price of our common shares within the past 18 months has ranged from a low of $0.30 on January 29, 2016 to
a peak of $14.23 on November 16, 2016. Adjusting for the 4:1 stock split we effected on October 20, 2016, this represents a 1085%
increase from January 29, 2016. Our closing stock price as of May 16, 2017 was $1.36. We can offer no comfort or assurance that
our stock price will stop being volatile or not substantially depreciate.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our existing shareholders will be diluted each time our
outstanding warrants are exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As of May 17, 2017, our warrant holders
had the right to purchase an aggregate of 32,380,017 common shares. The number of common shares issuable upon exercise and price
of exercise are subject to adjustment as more fully described in &ldquo;Description of Capital Stock - Description of the Warrants&rdquo;.
We expect the exercise of such outstanding warrants to dilute the value of our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">A substantial number of common shares are
being offered by this prospectus, and we cannot predict if and when the purchasers may sell such shares in the public markets.
Furthermore, in the future, we may issue additional common shares or other equity or debt securities convertible into common shares
in connection with a financing, acquisition, litigation settlement, employee arrangements, or otherwise. Any such issuance could
result in substantial dilution to our existing shareholders and could cause our stock price to decline.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The sale of a substantial amount of our common shares,
including resale of the common shares issuable upon the exercise of the Warrants held by the Selling Shareholders, in the public
market could adversely affect the prevailing market price of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Selling Stockholders hold outstanding
warrants to purchase an aggregate of 32,380,017 common shares at an exercise price of $1.60 per share and 2.75 million shares.
Both the number of common shares issuable upon exercise of the warrants and the exercise price are subject to adjustment as more
fully described in &ldquo;Description of Capital Stock - Description of the Warrants&rdquo;. Sales of substantial amounts of our
common shares in the public market, or the perception that such sales might occur, could adversely affect the market price of our
common shares, and the market value of our other securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">A substantial number of common shares are
being offered by this prospectus, and we cannot predict if and when the Selling Shareholders may sell such shares in the public
markets. Furthermore, in the future, we may issue additional common shares or other equity or debt securities convertible into
common shares in connection with a financing, acquisition, litigation settlement, employee arrangements, or otherwise. Any such
issuance could result in substantial dilution to our existing shareholders and could cause our stock price to decline.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain shareholders hold registration rights, which may
have an adverse effect on the market price of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In connection with the February 8, 2017
transactions, we issued to Firment Shipping Inc. 20 million common shares and warrants to purchase 7,380,017 common shares. Firment
Shipping Inc. has the right to register those common shares for resale pursuant to a registration rights agreement we entered into
with its affiliate, Firment Trading Limited. The resale of those common shares in addition to the offer and sale of the other securities
included in this registration statement and prospectus may have an adverse effect on the market price of our common shares.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our warrants could have cashless exercise at our expense
if, six months after the warrants were issued, the underlying common shares issuable upon exercise of the warrants are not registered
for sale pursuant to an effective registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Warrants, Firment Warrant, and Silaner
Warrant all contain a provision whereby the warrant&rsquo;s holder has the right to a cashless exercise if, six months after their
issuance, a registration statement covering their resale is not effective. If for any reason we are unable to keep such a registration
statement active and our share price is higher than the $1.60 exercise price, we could be required to issue shares without receiving
cash consideration. As 32,380,017 common shares are issuable upon exercise of the warrants, this could mean that we issue all such
shares but do not receive $51,808,027.20 (which is the $1.60 exercise price multiplied by 32,380,017), which would dilute our shareholders
and likely decrease our share price.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we are unable to deliver common shares free of restrictive
legends where required by the Share Purchase Agreement and the warrants, we must make whole any purchaser who loses money by purchasing
common shares on the market to complete a trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The warrants and SPA require us, within
the later of (a) five full trading days of the exercise of a warrant and (b) three full trading days after receipt of the purchase
price for such exercised warrants, to issue common shares, which, where called for in the warrants and the SPA, must be free of
restrictive legends. We are similarly obligated, where called for pursuant to the terms of the SPA, to remove restrictive legends
from 2.75 million common shares issued to purchasers in the February 2017 Transactions that are being registered in this prospectus.
If we are unable to deliver proof that the above has occurred when required and if a warrant or shareholder has traded the common
shares that we have failed to deliver unlegended, penalty provisions of the SPA and warrants require us to make whole any warrant
holder or shareholder who loses money by purchasing shares on the common market to complete its trade. Depending on our share price
during this time and the number of shares to which the payments relate, we could be required to pay a substantial sum.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_007"></A>USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">This prospectus registers for resale 35,130,017
common shares, of which:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&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>2.75 million have already been issued to the Selling Shareholders, and we will not receive any proceeds from sales of common
shares by the Selling Shareholders.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>Up to 32,380,017 million are issuable upon the exercise of warrants (upon the conditions further described in &ldquo;Description
of Capital Stock - Description of the Warrants&rdquo;). We will receive $1.60 each time a warrant is exercised (up to a total of
approximately $51.8 million), but we will not receive any proceeds from the sales of these common shares by the Selling Shareholders.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We intend to use any proceeds received
from the exercise of the warrants for working capital and general corporate purposes. We will incur all costs associated with this
registration statement and prospectus (other than underwriting discounts and commissions and any transfer taxes), which we anticipate
to be approximately $50,000.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_008"></A>PER SHARE MARKET PRICE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Since April 11, 2016 our common shares
have traded on the Nasdaq Capital Market under the symbol &ldquo;GLBS&rdquo;. Prior to April 11, 2016, our common shares traded
on the Nasdaq Global Select Market. You should carefully review the high and low prices of our common shares in the tables for
the months, quarters and years indicated under the heading Item&nbsp;9. &ldquo;The Offer and Listing&rdquo; in our annual report
on Form 20-F for the year ended December&nbsp;31, 2016, which is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On October 20, 2016, we effected a four
to one reverse stock split which reduced number of outstanding common shares from 10,510,741 to 2,627,674 shares (adjustments were
made based on fractional shares). The share prices below have been adjusted to reflect the stock split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The table below sets forth the high and
low prices for each of the periods indicated for our common shares as reported, from April 11, 2016 onwards, by the NASDAQ Capital
Market, and prior to April 11, 2016, from the Nasdaq Global Select Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Period Ended</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Monthly</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: justify">May, 2017 (through and including May 16, 2017)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">2.47</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">1.23</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">April 2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.96</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.11</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">March 2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">6.74</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.32</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">February 2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">9.70</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">7.10</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">January 2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">10.77</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.07</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">December 2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">7.67</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.08</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">November 2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">14.23</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.74</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Quarterly</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">First Quarter 2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">10.77</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.07</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Fourth Quarter 2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">14.23</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.66</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Third Quarter 2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.28</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.64</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Second Quarter 2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5.16</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">First Quarter 2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.88</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.24</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Fourth Quarter 2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.96</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.60</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Third Quarter 2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">6.32</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.88</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Second Quarter 2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">7.60</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.56</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">First Quarter 2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">10.16</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.80</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Yearly</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">2016</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">7.09</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.20</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">2015</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">10.16</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.60</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">2014</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">17.76</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">8.88</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">2013</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">16.84</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">6.80</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">2012</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">23.08</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5.92</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_009"></A>CAPITALIZATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following table sets forth our capitalization
table as of December 31, 2016, on</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&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>An Actual basis; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>An as Adjusted basis, as of February 9, 2017, to give effect to the completion of the February 2017 Transactions. In the February
2017 Transactions, an aggregate of 5 million common shares and warrants to purchase 25 million common shares were issued to purchasers
for a total of $5 million, and 20 million common shares and warrants to purchase 7,380,017 common shares were issued to Firment
Shipping Inc., an affiliate of two of our lenders (each of which is a related party to us) in exchange for an aggregate of $20
million in debt cancellation (an amount of $0.55 million of outstanding debt as of December 31, 2016 was settled in cash). We have
assumed no exercise of the warrants in the adjusted figures below.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As&nbsp;of&nbsp;Dec 31, 2016</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As&nbsp;Adjusted</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(dollars&nbsp;in&nbsp;thousands&nbsp;except<BR> per share and share data)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">Capitalization:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 10pt; font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Total debt (including current portion)</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">65,572</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 12%; font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">45,022</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Preferred shares, $0.001 par value; 100,000,000 shares authorized, none issued, actual&nbsp;and as adjusted</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Common shares, $0.004 par value; 500,000,000 shares authorized, 2,627,674 shares issued and outstanding actual, 27,627,674 shares issued and outstanding as&nbsp;adjusted (assuming no exercise of the warrants)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">10</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">111</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Additional paid-in capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">110,004</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">134,903</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Accumulated deficit</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">(89,254</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">(89,254</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Total shareholders&rsquo; equity</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">20,760</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">45,760</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Total capitalization</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">86,332</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 2.5pt double">90,782</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Other than the adjustments described above,
there have been no significant adjustments to our capitalization since December 31, 2016. This table should be read in conjunction
with the consolidated financial statements and related notes included in our annual report for the year ended December&nbsp;31,
2016, on Form 20-F filed with the Commission on April 11, 2017 and incorporated by reference herein.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_010"></A>SELLING SHAREHOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Based solely upon information furnished
to us by the Selling Shareholders, the following table sets forth information with respect to the beneficial ownership of our common
shares held as of the date of this prospectus (or to be held, as noted below) by the Selling Shareholders. The Selling Shareholders
are offering an aggregate of up to 35,130,017 of our common shares, 2.75 million of which are outstanding and 32,380,017 of which
may be issued upon exercise of warrants that were acquired in private transactions. The Selling Shareholders may sell some, all
or none of their shares covered by this prospectus. The Selling Shareholders may also transfer their warrants. We may update this
table by filing a prospectus supplement in the event the Selling Shareholders transfer their warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Under the terms of the warrants, all Selling
Shareholders (other than Firment Shipping Inc., which has no such restriction in its warrants) may not exercise their warrants
to the extent such exercise would cause such Selling Shareholder, together with its affiliates and attribution parties, to beneficially
own a number of common shares which would exceed 4.99% (which may be increased upon no less than 61 days&rsquo; notice, but not
to exceed 9.99%) of our then outstanding common shares following such exercise, excluding for purposes of such determination common
shares issuable upon exercise of the warrants which have not been exercised. We refer to this as the &ldquo;Blocker Provision&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Blocker Provision does not limit a
Selling Shareholder from acquiring up to 4.99% of our common shares, selling all of their common shares, and re-acquiring up to
4.99% of our common shares. Until the warrants expire or the selling shareholders each exercise and sell all of their common shares,
the calculation of the number of common shares issuable to any Selling Shareholder at any given point in time will change based
upon the total number of common shares outstanding. Accordingly, the table below assumes that the Blocker Provision does not exist,
with the effect that beneficial ownership of the Selling Shareholders is presented (for purposes of disclosure in this prospectus
only) on a fully as exercised basis:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Selling Shareholders</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Common<BR>
    Shares<BR> Prior to the Offering (1)</TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage<BR> of Class<BR> (2)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> Common<BR> Shares<BR> Offered<BR> Hereby</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage<BR> of the<BR> Class<BR> Following<BR> the<BR> Offering&nbsp;(3)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Xanthe Holdings Ltd. (4)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">5,625,000</TD><TD NOWRAP STYLE="width: 1%; font-size: 10pt; text-align: left">(5)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">16.9</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">5,625,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">JTT Investments Ltd. (6)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,625,000</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">(7)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16.9</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,625,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Aizac Investment Corp. (8)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,000,000</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">(9)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18.4</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Robelle Holding Co. (10)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,500,000</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">(11)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">28.9</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Firment Shipping Inc. (12)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27,380,017</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">(13)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">78.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,380,017</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">57.1</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD NOWRAP STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 95%"><FONT STYLE="font-size: 10pt">These figures assume full exercise of each Selling Shareholder&rsquo;s warrants (as though the Blocker Provisions were not in effect).</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">These percentages assume full exercise of each Selling Shareholder&rsquo;s warrants (as though the Blocker Provisions did not exist) and without exercise of any other Selling Shareholder&rsquo;s warrants. </FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Assumes that the Selling Shareholder sells all of its common shares offered hereby.</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Xanthe Holdings Ltd. is a British Virgin Islands company with address at c/o Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin Islands.</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">These 5,625,000 common shares are issuable upon exercise of the Selling Shareholder&rsquo;s warrant, and assumes that the Blocker Provisions are not in effect. </FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">JTT Investments Ltd. is a British Virgin Islands company with address at JTT Investments Ltd., Craigmuir Chambers, P.O. Box 71, Road Town, Tortola, VG1110, British Virgin Islands.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(7)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">These 5,625,000 common shares are issuable upon exercise of the Selling Shareholder&rsquo;s warrant, and assumes that the Blocker Provisions are not in effect. </FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(8)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Aizac Investment Corp. is a Marshall Islands corporation with address at Aizac Investment Corp., 10 Skouze Street, 18536, Piraeus, Greece.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(9)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">These 6,000,000 common shares consist of (a) 1,000,000 common shares currently issued and (b) 5,000,000 common shares issuable upon exercise of the Selling Shareholder&rsquo;s warrant, and assumes that the Blocker Provisions are not in effect.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(10)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Robelle Holding Co. is a Marshall Islands corporation beneficially owned by Konstantina Feidaki with address at Pallazo Tukelan, Riva Antonio Caccia 3, 6900 Lugano, Switzerland. Konstantina Feidaki is the sister of Globus&rsquo; Chief Executive Officer Athanasios Feidakis and the daughter of Globus&rsquo; Chairman Georgios Feidakis.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(11)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">These 10,500,000 common shares consist of (a) 1,750,000 common shares currently issued and (b) 8,750,000 common shares issuable upon exercise of the Selling Shareholder&rsquo;s warrant, and assumes that the Blocker Provisions are not in effect. </FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(12)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Firment Shipping Inc. is a Marshall Islands corporation with address at 17 Ifigenias street, 2007 Strovolos, Nicosia, Cyprus. Firment Shipping Inc. is our majority shareholder and is 100% owned by our Chairman Georgios Feidakis. Georgios Feidakis is the father of our Chief Executive Officer Athanasios Feidakis. The 27,380,017 figure does not include an additional 1,141,517 common shares that Georgios Feidakis is deemed to own through his control of Firment Trading Limited.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(13)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">These 27,380,017 common shares consist of 20,000,000 common shares and 7,380,017 common shares issuable upon exercise of the Firment Warrant and Silaner Warrant. The only shares being registered in this prospectus are the 7,380,017 common shares issuable upon exercise of the Firment Warrant and Silaner Warrant. The Firment Warrant and Silaner Warrant do not contain the Blocker Provision.</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_011"></A>PLAN OF DISTRIBUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Selling Shareholders may sell our common
shares through underwriters, through agents, to dealers, in private transactions, at market prices prevailing at the time of sale,
at prices related to the prevailing market prices, or at negotiated prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, the Selling Shareholders may
sell our common shares included in this prospectus through:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&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>a block trade in which a broker-dealer may resell a portion of the block, as principal, in order to facilitate the transaction;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>ordinary brokerage transactions and transactions in which a broker solicits purchasers; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>trading plans entered into by the Selling Shareholders pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as
amended, or the Exchange Act, that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus
supplement hereto that provide for periodic sales of their securities on the basis of parameters described in such trading plans.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, the Selling Shareholders may
enter into option or other types of transactions that require us or them to deliver our securities to a broker-dealer, who will
then resell or transfer the securities under this prospectus. The Selling Shareholders may enter into hedging transactions with
respect to our securities. For example, any Selling Shareholder may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&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>enter into transactions involving short sales of our common shares by broker-dealers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>sell common shares short and deliver the shares to close out short positions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>enter into option or other types of transactions that require the Selling Shareholders to deliver common shares to a broker-dealer,
who will then resell or transfer the common shares under this prospectus; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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>loan or pledge the common shares to a broker-dealer, who may sell the loaned shares or, in the event of default, sell the pledged
shares.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Selling Shareholders may also sell
shares under Rule 144 under the Securities Act, if available, rather than under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Selling Shareholders may enter into
derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated
transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell
securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the
third party may use securities pledged by the Selling Shareholders or borrowed from the Selling Shareholders or others to settle
those sales or to close out any related open borrowings of stock, and may use securities received from the Selling Shareholders
in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions
will be an underwriter and will be identified in the applicable prospectus supplement (or a post-effective amendment). In addition,
the Selling Shareholders may otherwise loan or pledge securities to a financial institution or other third party that in turn may
sell the securities short using this prospectus. Such financial institution or other third party may transfer its economic short
position to investors in our securities or in connection with a concurrent offering of other securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Selling Shareholders and any broker-dealers
or other persons acting on our behalf or on the behalf of the Selling Shareholders that participate with the Selling Shareholders
in the distribution of the securities may be deemed to be underwriters and any commissions received or profit realized by them
on the resale of the securities may be deemed to be underwriting discounts and commissions under the Securities Act of 1933, as
amended, or the Securities Act. As a result, we have informed the Selling Shareholders, that Regulation M, promulgated under the
Exchange Act, may apply to sales by the Selling Shareholders in the market. The Selling Shareholders may agree to indemnify any
broker, dealer or agent that participates in transactions involving the sale of our common shares against certain liabilities,
including liabilities arising under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">At the time that any particular offering
of securities is made, to the extent required by the Securities Act, a prospectus supplement will be distributed, setting forth
the terms of the offering, including the aggregate number of securities being offered, the purchase price of the securities, the
initial offering price of the securities, the names of any underwriters, dealers or agents, any discounts, commissions and other
items constituting compensation from us and any discounts, commissions or concessions allowed or re-allowed or paid to dealers.
Furthermore, the Selling Shareholders may agree, subject to certain exemptions, that for a certain period from the date of the
prospectus supplement under which the securities are offered, they will not, without the prior written consent of an underwriter,
offer, sell, contract to sell, pledge or otherwise dispose of any of our common shares or any securities convertible into or exchangeable
for our common shares. However, an underwriter, in its sole discretion, may release any of the securities subject to these lock-up
agreements at any time without notice. We expect an underwriter to exclude from these lock-up agreements securities exercised and/or
sold pursuant to trading plans entered into by any Selling Shareholders pursuant to Rule 10b5-1 under the Exchange Act, that are
in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement hereto that provide for
periodic sales of the Selling Shareholders&rsquo; securities on the basis of parameters described in such trading plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Underwriters or agents could make sales
in privately negotiated transactions and/or any other method permitted by law, including sales deemed to be an at-the-market offering
as defined in Rule 415 promulgated under the Securities Act, which includes sales made directly on or through the Nasdaq Capital
Market, the existing trading market for our common shares, or sales made to or through a market maker other than on an exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As a result of requirements of the Financial
Industry Regulatory Authority, or FINRA, formerly the National Association of Securities Dealers, Inc., the maximum commission
or discount to be received by any FINRA member or independent broker/dealer may not be greater than eight percent (8%)&nbsp;of
the gross proceeds received by the Selling Shareholders for the sale of any securities being registered pursuant to Rule 415 promulgated
by the Commission under the Securities Act. If more than 5% of the net proceeds of any offering of common shares made under this
prospectus will be received by a FINRA member participating in the offering or affiliates or associated persons of such a FINRA
member, the offering will be conducted in accordance with FINRA Rule&nbsp;5121.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Each Selling Shareholder represented and
warranted to us that it acquired the securities subject to this registration statement with no intent to distribute the securities.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_012"></A>DESCRIPTION OF CAPITAL STOCK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We refer you to &ldquo;Item 10. Additional
Information B. Memorandum and Articles of Association&rdquo; contained within our Annual Report on Form 20-F for the year ended
December 31, 2016, which was filed on April 11, 2017 and is incorporated by reference into this prospectus, for the description
of our capital stock.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Transfer Agent</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The registrar and transfer agent for our
common shares is Computershare Inc.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Share History</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>February 2017 Transaction</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On February 8, 2017, we entered into the
SPA pursuant to which we sold for $5 million an aggregate of 5 million of our common shares, par value $0.004 per share and Warrants
to purchase 25 million of our common shares at a price of $1.60 per share (subject to adjustment as more fully described herein
in &ldquo;Description of Capital Stock - Description of the Warrants&rdquo;) to a number of investors in a private placement. These
securities were issued in transactions exempt from registration under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On February 9, 2017 we entered into a registration
rights agreement with the Purchasers providing them with certain rights relating to registration under the Securities Act of the
Shares and the common shares underlying the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In connection with the closing of the private
placement, we also entered into two Loan Amendment Agreements with two lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">One loan amendment agreement was entered
into by the Company with Firment, a related party to us (it is an affiliate of our chairman), and the lender of the outstanding
loan in the principal amount of $18,523,787 to the Company, pursuant to which Firment released an amount equal to $16,885,000 (but
to have an amount equal to $1,638,787 remain outstanding, and to continue to accrue under the Firment Credit Facility as though
it were principal) of the Firment Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Firment 16,885,000
common shares and a warrant to purchase 6,230,580 common shares at a price of $1.60 per share (subject to adjustment as more fully
described herein in &ldquo;Description of Capital Stock - Description of the Warrants&rdquo;).Subsequent to the closing of the
February 2017 private placement, Globus repaid the outstanding amount on the Firment Credit Facility in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The other loan amendment agreement was
entered into by the Company with Silaner, a related party to us (it is an affiliate of our chairman), and the lender of the outstanding
loan in the principal amount of $3,189,048 to the Company, pursuant to which Silaner agreed to release an amount equal to the outstanding
principal of $3,115,000 (but to have an amount equal to the accrued and unpaid interest of $74,048 remain outstanding, and to continue
to accrue under the Silaner Credit Facility as though it were principal) of the Silaner Credit Facility and the Company issued
to Firment Shipping Inc., an affiliate of Silaner 3,115,000 common shares and a warrant to purchase 1,149,437 common shares at
a price of $1.60 per share (subject to adjustment as more fully described herein in &ldquo;Description of Capital Stock - Description
of the Warrants&rdquo;). Subsequent to the closing of the February 2017 private placement, Globus repaid the outstanding amount
on the Silaner Credit Facility in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Warrants, the Firment Warrant and the
Silaner Warrant are each exercisable for 24 months after their respective issuance. We refer to the entry into the Loan Amendment
Agreements and Registration Rights Agreements and the issuances of the 5 million common shares, the Warrants, Firment Securities,
and the Silaner Securities as the &ldquo;February 2017 Transactions&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In this Registration Statement, we are
registering for resale (a) 2.75 million common shares sold in the Private Placement, (b) the 25 million common shares issuable
upon exercise of the Warrants, and (c) 7,380,017 common shares issuable upon exercise of the Firment Warrant and Silaner Warrant.
As of the date hereof, none of the warrants have been exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On October 20, 2016, we effected a four
to one reverse stock split which reduced number of outstanding common shares from 10,510,741 to approximately 2,627,674 shares
(adjustments were made based on fractional shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In March 2016, as part of a settlement
with one our lenders, outstanding indebtedness of $15.65 million was released in exchange for $6.86 million of sale proceeds from
the sale of the shares of Kelty Marine Ltd. (the owner of <I>m/v Energy Globe)</I> plus overdue interest of $40,708.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In May 2015, the Company entered into a
Memorandum of Agreement for the sale of <I>m/v Tiara Globe</I> for a sale price of $5.5 million. The book value of the <I>m/v Tiara
Globe</I> as of March 31, 2015 was $13.3 million. The <I>m/v Tiara Globe</I> was delivered on July 10, 2015, and caused the weighted
average age of the fleet to be reduced by 1.7 years. Of the $5.3 million in net proceeds for the <I>m/v Tiara Globe,</I> approximately
$5.0 million were used to pay down existing debt and $0.3 million were used for general corporate purposes.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Description of the Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Warrants underlying 25 million of the
common shares being registered in this prospectus were issued on February 9, 2017 and have an exercise price of $1.60 per share.
Both the number of shares issuable and the exercise price are subject to adjustments under customary conditions including share
dividends and stock splits, as provided under the terms of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Under the terms of the Warrants issued
pursuant to the SPA, a Selling Shareholder may not exercise the Warrants to the extent such exercise would cause such Selling Shareholder,
together with its affiliates and attribution parties, to beneficially own a number of our common shares which would exceed 4.99%
(which may be increased upon no less than 61 days&rsquo; notice, but not to exceed 9.99%) of our then outstanding common shares
following such exercise, excluding for purposes of such determination common shares issuable upon exercise of the Warrants which
have not been exercised. This provision does not limit a Selling Shareholder from acquiring up to 4.99% of our common shares, selling
all of their common shares, and re-acquiring up to 4.99% of our common shares. We refer to this as the &ldquo;Blocker Provisions&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Warrants were immediately exercisable
upon their issuance and will expire two years after their issuance (February 9, 2019).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Firment Warrant and Silaner Warrant,
both of which are held by Firment Shipping Inc., together grant Firment Shipping Inc. the right to purchase 7,380,017 common shares
at an exercise price of $1.60 per share. Both the number of shares issuable and the exercise price are subject to adjustments under
customary conditions including share dividends and stock splits, as provided under the terms of the Firment Warrant and Silaner
Warrant. The Firment Warrant and Silaner Warrant were immediately exercisable upon their issuance and will expire two years after
their issuance (February 8, 2019). The Firment Warrant and Silaner Warrant contain substantially similar provisions as the Warrants,
but do not contain the Blocker Provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Warrants, Firment Warrant, and Silaner
Warrant all contain a penalty provision whereby the warrant&rsquo;s holder has the right to a cashless exercise if, six months
after their issuance, a registration statement covering their resale is not effective. If for any reason we are unable to keep
such a registration statement active and our share price is higher than the $1.60 exercise price, we could be required to issue
shares without receiving cash consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The warrants and SPA require us, within
the later of (a) five full trading days of the exercise of a warrant and (b) three full trading days after receipt of the purchase
price for such exercised warrants, to issue common shares, which, where called for in the warrants and the SPA, must be free of
restrictive legends. We are similarly obligated, where called for pursuant to the terms of the SPA, to remove restrictive legends
from 2.75 million common shares issued to purchasers in the February 2017 Transactions being registered for resale in this prospectus.
If we are unable to deliver proof that the above has occurred when required and if a warrant or shareholder has traded the common
shares that we have failed to deliver unlegended, penalty provisions of the SPA and warrants require us to make whole any warrant
holder or shareholder who loses money by purchasing shares on the common market to complete its trade.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Listing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="background-color: white">Our
common stock is listed on The NASDAQ Capital Market under the symbol &ldquo;GLBS&rdquo;.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_013"></A>TAX CONSIDERATIONS</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Marshall Islands Tax Considerations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following discussion is based upon
the opinion of Watson Farley&nbsp;&amp; Williams LLP and the current laws of the Republic of the Marshall Islands and is applicable
only to persons who are not citizens of and do not reside in, maintain offices in or engage in business or transactions in the
Republic of the Marshall Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Because we and our subsidiaries do not,
and we do not expect that we or any of our subsidiaries will, conduct business or operations in the Republic of the Marshall Islands,
and because we anticipate that all documentation related to any offerings pursuant to this prospectus will be executed outside
of the Republic of the Marshall Islands, under current Marshall Islands law holders of our common shares will not be subject to
Marshall Islands taxation or withholding on dividends. In addition, holders of our common shares will not be subject to Marshall
Islands stamp, capital gains or other taxes on the purchase, ownership or disposition of common shares, and you will not be required
by the Republic of the Marshall Islands to file a tax return relating to the shares of common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">It is the responsibility of each shareholder
to investigate the legal and tax consequences, under the laws of pertinent jurisdictions, including the Marshall Islands, of its
investment in us. Accordingly, each shareholder is urged to consult its tax counsel or other advisor with regard to those matters.
Further, it is the responsibility of each shareholder to file all state, local and non-U.S., as well as U.S. federal, tax returns
which may be required of such shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>United States Tax Considerations</B></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">The following is a discussion of material United States federal
income tax consequences of the ownership and disposition of the Company&rsquo;s common shares that, subject to the representations,
covenants, assumptions, conditions and qualifications described herein, may be relevant to prospective shareholders and, unless
otherwise noted in the following discussion, is the opinion of Watson Farley&nbsp;&amp; Williams LLP, our United States counsel,
insofar as it relates to matters of United States federal income tax law and legal conclusions with respect to those matters. The
opinion of our counsel is dependent on the accuracy of representations made by us to them, including descriptions of our operations
contained herein. This discussion is based upon the provisions of the Internal Revenue Code of 1986, as amended, or the Code, existing
final, temporary and proposed regulations thereunder and current administrative rulings and court decisions, all as in effect on
the effective date of this prospectus and all of which are subject to change, possibly with retroactive effect. Changes in these
authorities may cause the tax consequences to vary substantially from the consequences described below. No rulings have been or
are expected to be sought from the United States Internal Revenue Service, or the IRS, with respect to any of the United States
federal income tax consequences discussed below, and no assurance can be given that the IRS will not take contrary positions.</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">The following summary does not deal with all United States federal
income tax consequences applicable to any given holder of our common shares, nor does it address the United States federal income
tax considerations applicable to categories of investors subject to special taxing rules, such as expatriates, banks, real estate
investment trusts, regulated investment companies, insurance companies, tax-exempt organizations, dealers or traders in securities
or currencies, partnerships, S corporations, estates and trusts, investors that hold their common shares as part of a hedge, straddle
or an integrated or conversion transaction, investors whose &ldquo;functional currency&rdquo; is not the United States dollar or
investors that own, directly or indirectly, 10% or more of our stock by vote or value. Furthermore, the discussion does not address
alternative minimum tax consequences or estate or gift tax consequences, or any state tax consequences, and is limited to shareholders
that will hold their common shares as &ldquo;capital assets&rdquo; within the meaning of Section 1221 of the Code. Each shareholder
is encouraged to consult, and discuss with his or her own tax advisor the United States federal, state, local and non-United States
tax consequences particular to him or her of the acquisition, ownership or disposition of common shares. Further, it is the responsibility
of each shareholder to file all state, local and non-United States, as well as United States federal, tax returns that may be required
of it.</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 0pt 0.5in"><B><I>United States Federal Income Taxation of United
States Holders</I></B></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">As used herein, &ldquo;United States Holder&rdquo; means a beneficial
owner of the Company&rsquo;s common shares that is an individual citizen or resident of the United States for United States federal
income tax purposes, a corporation or other entity taxable as a corporation created or organized in or under the laws of the United
States or any state thereof (including the District of Columbia), an estate the income of which is subject to United States federal
income taxation regardless of its source or a trust where a court within the United States is able to exercise primary supervision
over the administration of the trust and one or more United States persons (as defined in the Code) have the authority to control
all substantial decisions of the trust (or a trust that has made a valid election under United States Department of the Treasury
regulations to be treated as a domestic trust). A &ldquo;Non-United States Holder&rdquo; generally means any owner (or beneficial
owner) of common shares that is not a United States Holder, other than a partnership. If a partnership holds common shares, the
tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. Partners
of partnerships holding common shares should consult their own tax advisors regarding the tax consequences of an investment in
the common shares (including their status as United States Holders or Non-United States Holders).</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"></P>

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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 0pt 4.3pt; text-indent: 67.7pt"><I>Distributions</I></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">Subject to the discussion of passive foreign investment companies,
or PFICs, below, any distributions made by the Company with respect to the common shares to a United States Holder will generally
constitute dividends, which may be taxable as ordinary income or qualified dividend income as described in more detail below, to
the extent of the Company&rsquo;s current or accumulated earnings and profits as determined under United States federal income
tax principles. Distributions in excess of the Company&rsquo;s earnings and profits will be treated as a nontaxable return of capital
to the extent of the United States Holder&rsquo;s tax basis in its common shares and, thereafter, as capital gain. United States
Holders that are corporations generally will not be entitled to claim a dividends received deduction with respect to any distributions
they receive from us.</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">Dividends paid in respect of the Company&rsquo;s common shares
may qualify for the preferential rate attributable to qualified dividend income if: (1) the common shares are readily tradable
on an established securities market in the United States; (2) the Company is not a PFIC for the taxable year during which the dividend
is paid or in the immediately preceding taxable year; (3) the United States Holder has owned the common shares for more than 60
days in the 121-day period beginning 60 days before the date on which the common shares become ex-dividend and (4) the United States
Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property.
The first requirement currently is and has been met, as our common shares are listed on the Nasdaq Capital Market tier of the Nasdaq
Stock Market, which is an established securities market. Further, there is no minimal trading requirement for shares to be &ldquo;readily
tradable,&rdquo; so as long as our common shares remain listed on the Nasdaq Capital Market or any other established securities
market in the United States, the first requirement will be satisfied. However, if our common shares are delisted and are not tradable
on an established securities market in the United States, the first requirement would not be satisfied, and dividends paid in respect
of our common shares would not qualify for the preferential rate attributable to qualified dividend income. The second requirement
is expected to be met as more fully described below under &ldquo;&mdash;Consequences of Possible PFIC Classification.&rdquo; Satisfaction
of the final two requirements will depend on the particular circumstances of each United States Holder. Consequently, if any of
these requirements are not met, the dividends paid to individual United States Holders in respect of the Company&rsquo;s common
shares would not be treated as qualified dividend income and would be taxed as ordinary income at ordinary rates.</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">Amounts taxable as dividends generally will be treated as income
from sources outside the United States and will, depending on your circumstances, be &ldquo;passive&rdquo; or &ldquo;general&rdquo;
income which, in either case, is treated separately from other types of income for purposes of computing the foreign tax credit
allowable to you. However, if (1) the Company is 50% or more owned, by vote or value, by United States persons and (2) at least
10% of the Company&rsquo;s earnings and profits are attributable to sources within the United States, then for foreign tax credit
purposes, a portion of our dividends would be treated as derived from sources within the United States. Under such circumstances,
with respect to any dividend paid for any taxable year, the United States source ratio of the Company&rsquo;s dividends for foreign
tax credit purposes would be equal to the portion of the Company&rsquo;s earnings and profits from sources within the United States
for such taxable year, divided by the total amount of the Company&rsquo;s earnings and profits for such taxable year.</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 0pt 0.75in; text-indent: 0.25in"><I>Consequences of Possible
PFIC Classification </I></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">A non-United States entity treated as a corporation for United
States federal income tax purposes will be a PFIC in any taxable year in which, after taking into account the income and assets
of the corporation and certain subsidiaries pursuant to a &ldquo;look through&rdquo; rule, either: (1) 75% or more of its gross
income is &ldquo;passive&rdquo; income or (2) 50% or more of the average value of its assets is attributable to assets that produce
passive income or are held for the production of passive income. If a corporation is a PFIC in any taxable year that a person holds
shares in the corporation (and was not a qualified electing fund with respect to such year, as discussed below), the shares held
by such person will be treated as shares in a PFIC for all future years (absent an election which, if made, may require the electing
person to pay taxes in the year of the election). A United States Holder of shares in a PFIC would be required to file an annual
information return on IRS Form 8621 containing information regarding the PFIC as required by United States Department of the Treasury
regulations.</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">While there are legal uncertainties involved in this determination,
including as a result of adverse case law described herein, based upon the Company&rsquo;s and its subsidiaries&rsquo; expected
operations as described herein and based upon the current and expected future activities and operations of the Company and its
subsidiaries, the income of the Company and such subsidiaries from time charters should not constitute &ldquo;passive income&rdquo;
for purposes of applying the PFIC rules, and the assets that the Company owns for the production of this time charter income should
not constitute passive assets for purposes of applying the PFIC rules.</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"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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">Although there is no legal authority directly on point, this
view is based principally on the position that the gross income that the Company and its subsidiaries derive from time charters
constitutes services income rather than passive rental income. The Fifth Circuit Court of Appeals decided in <I>Tidewater Inc.
v. United States</I>, 565 F.3d 299 (5th Cir., 2009) that a typical time charter is a lease, and not a contract for the provision
of transportation services. In that case, the court was considering a tax issue that turned on whether the taxpayer was a lessor
where a vessel was under a time charter, and the court did not address the definition of passive income or the PFIC rules; however,
the reasoning of the case could have implications as to how the income from a time charter would be classified under such rules.
If the reasoning of the <I>Tidewater</I> case is applied to the Company&rsquo;s situation and the Company&rsquo;s or its subsidiaries&rsquo;
time charters are treated as leases, the Company&rsquo;s or its subsidiaries&rsquo; time charter income could be classified as
rental income and the Company would be a PFIC unless more than 25% of the income of the Company (taking into account the subsidiary
look through rule) is from spot charters plus other active income or an active leasing exception applies. The IRS has announced
that it will not follow the reasoning of the Tidewater case and would have treated the income from the time charters at issue in
that case as services income, including for other purposes of the Code. The Company intends to take the position that all of its
time, voyage and spot chartering activities will generate active services income and not passive leasing income, but in the absence
of direct legal authority specifically relating to the Code provisions governing PFICs, the IRS or a court could disagree with
this position. Although the matter is not free from doubt as described herein, based on the current operations and activities of
the Company and its subsidiaries and on the relative values of the vessels in the Company&rsquo;s fleet and the charter income
in respect of the vessels, Globus Maritime Limited should not be treated as a PFIC during the taxable year ended December 31, 2016.</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">Based on the Company&rsquo;s intention and expectation that
the Company&rsquo;s subsidiaries&rsquo; income from spot, time and voyage chartering activities plus other active operating income
will be greater than 25% of the Company&rsquo;s total gross income at all relevant times and that the gross value of the vessels
subject to such time, voyage or spot charters will exceed the gross value of all the passive assets the Company owns at all relevant
times, Globus Maritime Limited does not expect that it will constitute a PFIC with respect to a taxable year in 2017 or the near
future thereafter.</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">The Company will try to manage its vessels and its business
so as to avoid being classified as a PFIC for a future taxable year; however there can be no assurance that the nature of the Company&rsquo;s
assets, income and operations will remain the same in the future (notwithstanding the Company&rsquo;s current expectations). Additionally,
no assurance can be given that the IRS or a court of law will accept the Company&rsquo;s position that the time charters that the
Company&rsquo;s subsidiaries have entered into or any other time charter that the Company or a subsidiary may enter into will give
rise to active income rather than passive income for purposes of the PFIC rules, or that future changes of law will not adversely
affect this position. The Company has not obtained a ruling from the IRS on its time charters or its PFIC status and does not intend
to seek one. Any contest with the IRS may materially and adversely impact the market for the common shares and the prices at which
they trade. In addition, the costs of any contest on the issue with the IRS will result in a reduction in cash available for distribution
and thus will be borne indirectly by the Company&rsquo;s shareholders.</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">If Globus Maritime Limited were to be classified as a PFIC in
any year, each United States Holder of the Company&rsquo;s shares will be subject (in that year and all subsequent years) to special
rules with respect to: (1) any &ldquo;excess distribution&rdquo; (generally defined as any distribution received by a shareholder
in a taxable year that is greater than 125% of the average annual distributions received by the shareholder in the three preceding
taxable years or, if shorter, the shareholder&rsquo;s holding period for the shares), and (2) any gain realized upon the sale or
other disposition of the common shares. Under these rules:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt">the excess distribution or gain will be allocated ratably over the United States Holder&rsquo;s holding period;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt">the amount allocated to the current taxable year and any year prior to the first year in which the Company was a PFIC will be taxed as ordinary income in the current year; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt">the amount allocated to each of the other taxable years in the United States Holder&rsquo;s holding period will be subject to United States federal income tax at the highest rate in effect for the applicable class of taxpayer for that year, and an interest charge will be added as though the amount of the taxes computed with respect to these other taxable years were overdue.</TD></TR>
</TABLE>
<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"></P>

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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">In order to avoid the application of the PFIC rules, United
States Holders may make a qualified electing fund, or a QEF, election provided in Section 1295 of the Code in respect of their
common shares. Even if a United States Holder makes a QEF election for a taxable year of the Company, if the Company was a PFIC
for a prior taxable year during which such holder held the common shares and for which such holder did not make a timely QEF election,
the United States Holder would also be subject to the more adverse rules described above. Additionally, to the extent any of the
Company&rsquo;s subsidiaries is a PFIC, an election by a United States Holder to treat Globus Maritime Limited as a QEF would not
be effective with respect to such holder&rsquo;s deemed ownership of the stock of such subsidiary and a separate QEF election with
respect to such subsidiary is required. In lieu of the PFIC rules discussed above, a United States Holder that makes a timely,
valid QEF election will, in very general terms, be required to include its pro rata share of the Company&rsquo;s ordinary income
and net capital gains, unreduced by any prior year losses, in income for each taxable year (as ordinary income and long-term capital
gain, respectively) and to pay tax thereon, even if no actual distributions are received for that year in respect of the common
shares and even if the amount of that income is not the same as the amount of actual distributions paid on the common shares during
the year. If the Company later distributes the income or gain on which the United States Holder has already paid taxes under the
QEF rules, the amounts so distributed will not again be subject to tax in the hands of the United States Holder. A United States
Holder&rsquo;s tax basis in any common shares as to which a QEF election has been validly made will be increased by the amount
included in such United States Holder&rsquo;s income as a result of the QEF election and decreased by the amount of nontaxable
distributions received by the United States Holder. On the disposition of a common share, a United States Holder making the QEF
election generally will recognize capital gain or loss equal to the difference, if any, between the amount realized upon such disposition
and its adjusted tax basis in the common share. In general, a QEF election should be made by filing a Form 8621 with the United
States Holder&rsquo;s federal income tax return on or before the due date for filing such United States Holder&rsquo;s federal
income tax return for the first taxable year for which the Company is a PFIC or, if later, the first taxable year for which the
United States Holder held common shares. In this regard, a QEF election is effective only if certain required information is made
available by the PFIC. Subsequent to the date that the Company first determines that it is a PFIC, the Company will use commercially
reasonable efforts to provide any United States Holder of common shares, upon request, with the information necessary for such
United States Holder to make the QEF election.</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">In addition to the QEF election, Section 1296 of the Code permits
United States Holders to make a &ldquo;mark-to-market&rdquo; election with respect to marketable shares in a PFIC, generally meaning
shares regularly traded on a qualified exchange or market and certain other shares considered marketable under United States Department
of the Treasury regulations. For this purpose, a class of shares is regularly traded on a qualified exchange or market for any
calendar year during which such class of shares is traded, other than in de minimis quantities, on at least 15 days during each
calendar quarter of the year. Our common shares historically have been regularly traded on the Nasdaq Capital Market or the Nasdaq
Global Market, which are established securities markets. However, if our common shares were to be delisted, then the mark-to-market
election generally would be unavailable to United States Holders. If a United States Holder makes a mark-to-market election in
respect of its common shares, such United States Holder generally would, in each taxable year: (1) include as ordinary income the
excess, if any, of the fair market value of the common shares at the end of the taxable year over such United States Holder&rsquo;s
adjusted tax basis in the common shares, and (2) be permitted an ordinary loss in respect of the excess, if any, of such United
States Holder&rsquo;s adjusted tax basis in the common shares over their fair market value at the end of the taxable year, but
only to the extent of the net amount previously included in income as a result of the mark-to-market election (with the United
States Holder&rsquo;s basis in the common shares being increased and decreased, respectively, by the amount of such ordinary income
or ordinary loss). The consequences of this election may be less favorable than those of a QEF election for United States Holders
that are sensitive to the distinction between ordinary income and capital gain.</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">United States Holders are urged to consult their tax advisors
as to the consequences of making a mark-to-market or QEF election, as well as other United States federal income tax consequences
of holding shares in a PFIC.</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"></P>

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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">As previously indicated, if the Company were to be classified
as a PFIC for a taxable year in which the Company pays a dividend or the immediately preceding taxable year, dividends paid by
the Company would not constitute &ldquo;qualified dividend income&rdquo; and, hence, would not be eligible for the reduced rate
of United States federal income tax.</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 0pt 0.75in; text-indent: 0.25in"><I>Sale, Exchange or Other Disposition
of Common Shares</I></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">A United States Holder generally will recognize taxable gain
or loss upon a sale, exchange or other disposition of common shares in an amount equal to the difference between the amount realized
by the United States Holder from such sale, exchange or other disposition and the United States Holder&rsquo;s tax basis in such
common shares. Assuming the Company does not constitute a PFIC for any taxable year, this gain or loss will generally be treated
as long-term capital gain or loss if the United States Holder&rsquo;s holding period is greater than one year at the time of the
sale, exchange or other disposition. Long term capital gains recognized by a United States Holder other than a corporation are
generally taxed at preferential rates. A United States Holder&rsquo;s ability to deduct capital losses is subject to limitations.</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 0pt 0.75in; text-indent: 0.25in"><I>Net Investment Income Tax</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A United States Holder that is an individual or estate, or a
trust that does not fall into a special class of trusts that is exempt from such tax, is subject to a 3.8% tax on the lesser of
(1) such United States Holder&rsquo;s &ldquo;net investment income&rdquo; (or undistributed &ldquo;net investment income&rdquo;
in the case of estates and trusts) for the relevant taxable year and (2) the excess of such United States Holder&rsquo;s modified
adjusted gross income for the taxable year over a certain threshold (which in the case of individuals will be between $125,000
and $250,000, depending on the individual&rsquo;s circumstances). A United States Holder&rsquo;s net investment income will generally
include its gross dividend income and its net gains from the disposition of the common shares, unless such dividends or net gains
are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain
passive or trading activities). Net investment income generally will not include a United States Holder&rsquo;s pro rata share
of the Company&rsquo;s income and gain (if we are a PFIC and that United States Holder makes a QEF election, as described above
in &ldquo;&mdash;Consequences of Possible PFIC Classification&rdquo;). However, a United States Holder may elect to treat inclusions
of income and gain from a QEF election as net investment income. Failure to make this election could result in a mismatch between
a United States Holder&rsquo;s ordinary income and net investment income. If you are a United States Holder that is an individual,
estate or trust, you are urged to consult your tax advisor regarding the applicability of the net investment income tax to your
income and gains in respect of your investment in the common shares.</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-indent: 0.5in"><B><I>United States Federal Income Taxation
of Non-United States Holders</I></B></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">A Non-United States Holder will generally not be subject to
United States federal income tax on dividends paid in respect of the common shares or on gains recognized in connection with the
sale or other disposition of the common shares provided that the Non-United States Holder makes certain tax representations regarding
the identity of the beneficial owner of the common shares, that such dividends or gains are not effectively connected with the
Non-United States Holder&rsquo;s conduct of a United States trade or business and that, with respect to gain recognized in connection
with the sale or other disposition of the common shares by a non-resident alien individual, such individual is not present in the
United States for 183 days or more in the taxable year of the sale or other disposition and other conditions are met. If the Non-United
States Holder is engaged in a United States trade or business for United States federal income tax purposes, the income from the
common shares, including dividends and gain from the sale, exchange or other disposition of the common stock, that is effectively
connected with the conduct of that trade or business will generally be subject to regular United States federal income tax in the
same manner as discussed above relating to the taxation of United States Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Backup Withholding and Information
Reporting</I></B></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">Information reporting to the IRS may be required with respect
to payments on the common shares and with respect to proceeds from the sale of the common shares. With respect to Non-United States
Holders, copies of such information returns may be made available to the tax authorities in the country in which the Non-United
States Holder resides under the provisions of any applicable income tax treaty or exchange of information agreement. A &ldquo;backup&rdquo;
withholding tax may also apply to those payments if:</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"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt">a holder of the common shares fails to provide certain identifying information (such as the holder&rsquo;s taxpayer identification number or an attestation to the status of the holder as a Non-United States Holder);</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt">such holder is notified by the IRS that he or she has failed to report all interest or dividends required to be shown on his or her federal income tax returns; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&Oslash;</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt">in certain circumstances, such holder has failed to comply with applicable certification requirements.</TD></TR>
</TABLE>
<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">Backup withholding is not an additional tax and may be refunded
(or credited against the holder&rsquo;s United States federal income tax liability, if any), provided that certain required information
is furnished to the IRS in a timely manner.</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">Non-United States Holders may be required to establish their
exemption from information reporting and backup withholding by certifying their status on IRS Form W-8BEN, W-8BEN-E, W-8ECI or
W-8IMY, as applicable.</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">United States Holders of common shares may be required to file
forms with the IRS under the applicable reporting provisions of the Code. For example, such United States Holders may be required,
under Sections 6038, 6038B and/or 6046 of the Code, and the regulations thereunder, to supply the IRS with certain information
regarding the United States Holder, other United States Holders and the Company if (1) such person owns at least 10% of the total
value or 10% of the total combined voting power of all classes of shares entitled to vote or (2) the acquisition of our common
shares, when aggregated with certain other acquisitions that may be treated as related under applicable regulations, exceeds $100,000
in value. In the event a United States Holder fails to file a form when required to do so, the United States Holder could be subject
to substantial tax penalties.&nbsp; You should consult your tax advisor regarding the filing of these forms.</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">Individual United States Holders who hold certain specified
foreign assets with values in excess of certain dollar thresholds are required to report such assets on IRS Form 8938 with their
United States federal income tax return, subject to certain exceptions (including an exception for foreign assets held in accounts
maintained by financial institutions). Stock in a foreign corporation, including our common shares, is a specified foreign asset
for this purpose. Penalties apply for failure to properly complete and file Form 8938. You should consult your tax advisor regarding
the filing of this form.</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-indent: 24.5pt"><B>We encourage each United States Holder
and Non-United States Holder to consult with his, her or its own tax advisor as to the particular tax consequences to him, her
or it of holding and disposing of the Company&rsquo;s common shares, including the applicability of any federal, state, local or
foreign tax laws and any proposed changes in applicable law.</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_014"></A>EXPENSES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following are the estimated expenses
of the issuance and distribution of the securities being registered under the registration statement of which this prospectus forms
a part, all of which will be paid by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 76%">Commission registration fee</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 20%">6,438 </TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">FINRA filing fee</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">*</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Legal fees and expenses</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">*</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Accounting fees and expenses</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">*</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Printing and typesetting expenses</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">*</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Blue sky fees and expenses</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">*</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Miscellaneous</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">*</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt">Total</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">*</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<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">*To be provided by a prospectus supplement or as an exhibit
to a Report on Form 6-K that is incorporated by reference into this registration statement.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_015"></A>LEGAL MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The validity of the securities offered
by this prospectus with respect to Marshall Islands law and certain other legal matters relating to United States and Marshall
Islands law will be passed upon for us by Watson Farley &amp; Williams LLP, New York, New York.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_016"></A>EXPERTS</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">The consolidated financial statements of
Globus Maritime Limited appearing in Globus Maritime Limited&rsquo;s Annual Report (Form 20-F) for the year ended December 31,
2016, have been audited by Ernst &amp; Young (Hellas) Certified Auditors-Accountants S.A., independent registered public accounting
firm, as set forth in their report thereon, included therein, and incorporated herein by reference. Such consolidated financial
statements are incorporated herein by reference in reliance upon such report given on the authority of such firm as experts in
accounting and auditing. Ernst &amp; Young (Hellas) Certified Auditors-Accountants S.A. is located at Chimarras 8B, 15125, Maroussi,
Greece and is registered as a corporate body with the public register for company auditors-accountants kept with the Body of Certified-Auditors-Accountants
(&quot;SOEL&quot;), Greece with registration number 107.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Part II</B></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"><B>Information Not Required in the Prospectus</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item&nbsp;8. Indemnification of Directors and Officers.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indemnification of Directors and Officers and Limitation
of Liability</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Marshall Islands Business Corporations
Act authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their shareholders
for monetary damages for breaches of directors&rsquo; fiduciary duties other than (i) for any breach of the director&rsquo;s duty
of loyalty to the corporation or its stockholders, (ii) for acts or omissions not undertaken in good faith or which involve intentional
misconduct or a knowing violation of law; or (iii) for any transaction from which a director derived an improper personal benefit.
Our articles of incorporation include a provision that eliminates the personal liability of directors for monetary damages for
breach of fiduciary duty as a director to the fullest extent permitted by law and provides that we must indemnify our directors
and officers to the fullest extent authorized by law. We are also expressly authorized to advance certain expenses to our directors
and officers and expect to carry directors&rsquo; and officers&rsquo; insurance providing indemnification for our directors and
officers for some liabilities. We believe that these indemnification provisions and the directors&rsquo; and officers&rsquo; insurance
are useful to attract and retain qualified directors and executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The limitation of liability and indemnification
provisions in our articles of incorporation may discourage shareholders from bringing a lawsuit against our directors for breach
of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against
directors and officers, even though such an action, if successful, may otherwise benefit us and our shareholders. In addition,
an investor in our common shares may be adversely affected to the extent we pay the costs of settlement and damage awards against
directors and officers pursuant to these indemnification provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">There is no pending material litigation
or proceeding involving any of our directors, officers or employees for which indemnification is sought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers or persons controlling the Company, the Company has been
informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed
in the Securities Act and is therefore unenforceable.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item&nbsp;9. Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The exhibit index at the end of this registration
statement identifies the exhibits which are included in this registration statement and are incorporated herein by reference (the
&ldquo;Exhibit Index&rdquo;).</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The undersigned registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum
aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Provided, however, that paragraphs (a)(1)(i),
(a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form F-3 and the information required
to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission
by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act of 1933, as amended, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial&nbsp;<I>bona fide</I>&nbsp;offering thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>To file a post-effective amendment to the registration statement to include any financial statements required by Item&nbsp;8.A.
of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise
required by Section&nbsp;10(a)(3) of the Act need not be furnished,&nbsp;<I>provided</I>, that the registrant includes in the prospectus,
by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary
to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding
the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial
statements and information required by Section&nbsp;10(a)(3) of the Securities Act of 1933 or Rule 3-19 of Regulation S-X if such
financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant
pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in
the Form F-3.</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>If the registrant is relying on Rule 430B:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of this registration statement
as of the date the filed prospectus was deemed part of and included in this registration statement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the information
required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale
of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial&nbsp;<I>bona fide</I>&nbsp;offering thereof.&nbsp;<I>Provided, however,</I>&nbsp;that
no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made
in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such effective date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in">(6)</TD><TD>The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this
registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller
to the purchaser and will be considered to offer or sell such securities to such purchaser:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule 424;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>The portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</TD></TR></TABLE>

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

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

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933,
each filing of the registrant&rsquo;s Annual Report pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934
(and, where applicable, each filing of an employee benefit plan&rsquo;s Annual Report pursuant to Section&nbsp;15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(c)-(d)</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>The undersigned registrant hereby undertakes to deliver or cause to be delivered with the prospectus, to each person to whom
the prospectus is sent or given, the latest Annual Report to security holders that is incorporated by reference in the prospectus
and furnished pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the Securities Exchange Act of 1934; and,
where interim financial information required to be presented by Article 3 of Regulation S-X is not set forth in the prospectus,
to deliver, or cause to be delivered to each person to whom the prospectus is sent or given, the latest quarterly report that is
specifically incorporated by reference in the prospectus to provide such interim financial information.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements
certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each
purchaser.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">(g)</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in">(h)</TD><TD>Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers
and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that
in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities
Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(i)-(k)</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

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






<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_005.jpg" ALT="" STYLE="height: 72px; width: 319px"></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"><B>35,130,017 Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>offered by the Selling Shareholders</B></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

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

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>May 17, 2017</B></P>

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




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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form F-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Athens, Country of Greece, on May 17, 2017.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>GLOBUS MARITIME LIMITED</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%">By:</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; width: 44%">/s/&nbsp;&nbsp;&nbsp;&nbsp;Athanasios Feidakis</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Athanasios Feidakis</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer &amp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P></TD></TR>
</TABLE>
<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: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Each person whose signature appears below
appoints Athanasios Feidakis, as his true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution,
for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments)
to this registration statement, and to file the same, with all exhibits thereto, and all other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform
each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or would do in
person, hereby ratifying and confirming all that said attorney-in-fact and agent or any of his substitute and substitutes, may
lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed below by the following persons on May 17, 2017 in the capacities indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Signature&nbsp;</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Title&nbsp;</B></P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid">/s/&nbsp;&nbsp;&nbsp;&nbsp;Athanasios
        Feidakis</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Athanasios Feidakis</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Director, Chief Executive Officer (Principal Executive Officer), Chief Financial Officer (Principal Financial Officer)</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid">/s/&nbsp;&nbsp;&nbsp;&nbsp;Georgios
        Feidakis</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Georgios Feidakis</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Director; Chairman of the Board of Directors</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid">/s/&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey
        O. Parry</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jeffrey O. Parry</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Director</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid">/s/&nbsp;&nbsp;&nbsp;&nbsp;Ioannis
        Kazantzidis</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ioannis Kazantzidis</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>AUTHORIZED UNITED STATES
REPRESENTATIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Pursuant to the requirement of the Securities
Act of 1933, the undersigned, the duly undersigned representative in the United States of each Registrant, has signed this registration
statement in the City of Newark, State of Delaware, on May 17, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PUGLISI &amp; ASSOCIATES</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Donald Puglisi</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Donald Puglisi</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Representative in the United States</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B>EXHIBIT INDEX</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0; width: 10%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number</B></P></TD>
    <TD STYLE="width: 2%; padding: 0 0 1pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 88%; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">1.1</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">Underwriting Agreement (for equity securities)<SUP>+</SUP></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">4.1</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420410063372/v202967_ex3-1.htm">Articles of Incorporation of Globus Maritime Limited (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to Globus Maritime Limited&rsquo;s Registration Statement on Form F-1 (Reg. No. 333-170755) filed on November 24, 2010)</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">4.2</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420412024331/v310668_ex1-3.htm">Certificate
of Designation for Series A Preferred Stock of Globus Maritime Limited (incorporated by reference to Exhibit 1.3 to Globus Maritime
Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April 27, 2012)</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">4.3</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><P STYLE="margin: 0pt 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417019941/v462766_ex1-4.htm">Articles of Amendment of Globus Maritime Limited dated October 17, 2016 (incorporated by reference to Exhibit 1.4 to Globus Maritime Limited&rsquo;s Annual Report on Form 20-F (Reg. No. 001-34985) filed on April 11, 2017)</A></P>


</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">4.4</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420410063372/v202967_ex3-2.htm">Bylaws of Globus Maritime Limited (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to Globus Maritime Limited&rsquo;s Registration Statement on Form F-1 (Reg. No. 333-170755) filed on November 24, 2010)</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">4.5</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-1.htm">Share and Warrant Purchase Agreement dated February 8, 2017 between Globus Maritime Limited and the Purchasers listed on Schedule A thereto, incorporated by reference to Exhibit 10.1 of the Company&rsquo;s Report on Form 6-K (Reg. No. 001-170755), furnished on February 9, 2017</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">4.6</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-2.htm">Registration Rights Agreement between Globus Maritime Limited and the Purchasers dated February 9, 2017, incorporated by reference to Exhibit 10.2 of the Company&rsquo;s Report on Form 6-K (Reg. No. 001-34985), furnished on February 9, 2017</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">4.7</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-3.htm">Amendment to Loan Agreement dated February 8, 2017 between Globus Maritime Limited and Firment Trading Limited, incorporated by reference to Exhibit 10.3 of the Company&rsquo;s Report on Form 6-K (Reg. No. 001-34985), furnished on February 9, 2017</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">4.8</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-4.htm">Amendment to Loan Agreement dated February 8, 2017 between Globus Maritime Limited and Silaner Investments Limited, incorporated by reference to Exhibit 10.4 of the Company&rsquo;s Report on Form 6-K (Reg. No. 001-34985), furnished on February 9, 2017</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">4.9</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-5.htm">Form of Warrant issued to each Selling Shareholder other than Firment Shipping Inc., incorporated by reference to Exhibit 10.5 of the Company&rsquo;s Report on Form 6-K (Reg. No. 001-34985), furnished on February 9, 2017</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0"></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">4.11</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-6.htm">Warrant dated February 8, 2017 issued to Firment Shipping Inc., incorporated by reference to Exhibit 10.6 of the Company&rsquo;s Report on Form 6-K (Reg. No. 001-34985), furnished on February 9, 2017</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">4.12</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-7.htm">Warrant dated February 8, 2017 issued to Firment Shipping Inc., incorporated by reference to Exhibit 10.7 of the Company&rsquo;s Report on Form 6-K (Reg. No. 001-34985), furnished on February 9, 2017</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">4.13</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417006921/v458809_ex10-8.htm">Schedule Regarding Material Differences in Issued Warrants, incorporated by reference to Exhibit 10.8 of the Company&rsquo;s Report on Form 6-K (Reg. No. 001-34985), furnished on February 9, 2017</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">5.1</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417020240/v461933_ex5-1.htm">Opinion of Legality of Watson Farley &amp; Williams LLP, counsel to the Company as to the validity of the common shares</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">8.1*</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="v467211_ex8-1.htm">Opinion of Legality of Watson Farley &amp; Williams LLP, counsel to the Company as to U.S. tax matters</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.2*</P></TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A HREF="v467211_ex8-2.htm">Opinion of Legality of Watson Farley &amp; Williams LLP, counsel to the Company as to Marshall Islands tax matters</A></P></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">23.1</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1499780/000114420417020240/v461933_ex5-1.htm">Consent of Watson Farley &amp; Williams LLP (included in Exhibit 5.1)</A></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding: 0; text-indent: 0">23.2*</TD>
    <TD STYLE="vertical-align: bottom; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0; text-indent: 0"><A HREF="v467211_ex23-2.htm">Consent of Independent Registered Public Accounting Firm Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">+</TD>
    <TD>To be filed either as an amendment or as an exhibit to a report filed pursuant to the Securities Exchange Act of 1934 of the Registrant and incorporated by reference into this Registration Statement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>*</TD>
    <TD>Filed herewith.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>2
<FILENAME>v467211_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 8.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue, 3rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0; text-align: left">Athens, Greece&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0; text-align: left">Our reference: 28510.50005/80494897v4
<B>&#9;</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">May 17, 2017</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"><B>Registration Statement on Form F-3 &ndash;
Exhibit 8.1 Opinion</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">To Whom It May Concern:</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">We have acted as counsel to Globus Maritime
Limited, a Marshall Islands corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with the Company's registration statement
on Form F-3 (inclusive of all exhibits and amendments, the &ldquo;<B>Registration Statement</B>&rdquo;), relating to the registration
under the U.S. Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;) of the potential resale from time to
time of 35,130,017 of the Company&rsquo;s common shares, par value $0.004 per share, of which 2,750,000 are issued and outstanding
and 32,380,017 are issuable upon the exercise of currently issued and outstanding warrants.</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">In rendering this opinion, we have examined
originals or copies (certified or otherwise identified to our satisfaction) of the following documents:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Registration Statement and the prospectus included therein (the &ldquo;<B>Prospectus</B>&rdquo;);
and</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"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">such other papers, documents, agreements, certificates of public officials and certificates of
representatives of the Company, as we have deemed relevant and necessary as the basis for the opinions hereafter expressed.</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">In such examination, we have assumed (a)
the legal capacity of each natural person, (b) the genuineness of all signatures and the authenticity of all documents submitted
to us as originals, (c) the conformity to original documents of all documents submitted to us as conformed or photostatic copies,
(d) that the documents reviewed by us in connection with the rendering of the opinion set forth herein are true, correct and complete
and (e) the truthfulness of each statement as to all factual matters contained in any document or certificate encompassed within
the due diligence review undertaken by us.</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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_002.jpg" ALT="">&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"></P>

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<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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_003.jpg" ALT="">&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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As to matters of fact material to this
opinion that have not been independently established, we have relied upon the representations and certificates of public officials,
directors and officers of the Company and others, in each case as we have deemed relevant and appropriate. We have not independently
verified the facts so relied on.</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">We hereby confirm that we have reviewed
the section titled &ldquo;Tax Considerations&mdash;United States Tax Considerations&mdash;United States Federal Income Taxation
of United States Holders&rdquo; in the Registration Statement. Based on the representations, covenants, assumptions, conditions
and qualifications described in such section, and taking into account the fact that the discussions set forth in such section do
not purport to discuss all possible U.S. federal income tax consequences of the ownership and disposition of the Company&rsquo;s
common shares, and subject to the qualifications, limitations and assumptions set forth herein, we confirm that the discussions
set forth in such section, to the extent they constitute summaries of law or legal conclusions, unless otherwise noted, constitute
our opinion with respect to the material U.S. federal income tax consequences of the ownership and disposition of the Company&rsquo;s
common shares, as of the date of the Registration Statement, and accurately state our views as to the tax matters discussed therein
(except for the representations and statements of fact of the Company included under such caption, as to which we express no opinion).</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">We express no opinion as to any U.S. federal
income tax consequences other than the opinion set forth above. We express no opinion with respect to tax consequences under any
state, local, or non-U.S. tax law.</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">Our opinions and the tax discussion as
set forth in the Registration Statement are based on the current provisions of the Internal Revenue Code of 1986, as amended, the
Treasury Regulations promulgated thereunder, published pronouncements of the Internal Revenue Service which may be cited or used
as precedents, and case law, any of which may be changed at any time with retroactive effect. This opinion is expressed as of the
date hereof, and we are under no obligation to supplement or revise our opinion to reflect any legal developments or factual matters
arising subsequent to the date hereof or the impact of any information, document, certificate, record, statement, representation,
covenant, or assumption relied upon herein that becomes incorrect or untrue.</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">We consent to the filing of this opinion
as an exhibit to the Registration Statement, the discussion of this opinion in the Registration Statement and to the references
to our firm in the Registration Statement and the Prospectus. In giving this consent, we do not hereby admit that we are in the
category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations promulgated thereunder,
nor do we admit that we are experts with respect to any part of the Registration Statement within the meaning of the term &ldquo;expert&rdquo;
as used in the Securities Act.</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">Very truly yours,</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"><B>Watson Farley &amp; Williams LLP</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">/s/ Watson Farley &amp; Williams LLP</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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-8.2
<SEQUENCE>3
<FILENAME>v467211_ex8-2.htm
<DESCRIPTION>EXHIBIT 8.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 8.2</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">128 Vouliagmenis Avenue, 3rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">166 74 Glyfada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0; text-align: left">Athens, Greece&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0; text-align: left; text-indent: 281.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our reference: 25810.50005/80494896v3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0; text-align: left; text-indent: 281.85pt">&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">May 17, 2017</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"><B>Registration Statement on Form F-3 &ndash;
Exhibit 8.2 Opinion</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">Dear Sirs:</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">We have acted as counsel to Globus Maritime
Limited, a Marshall Islands corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with the Company's registration statement
on Form F-3 (as amended or supplemented from time to time and inclusive of all exhibits, the &ldquo;<B>Registration Statement</B>&rdquo;),
relating to the registration under the U.S. Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;) of the
potential resale from time to time of 35,130,017 of the Company&rsquo;s common shares, par value $0.004 per share, of which 2,750,000
are issued and outstanding and 32,380,017 are issuable upon the exercise of currently issued and outstanding warrants.</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">As such counsel, we have examined originals
or copies (certified or otherwise identified to our satisfaction) of all such documents, including (i) the Registration Statement
and the prospectus contained therein (the &ldquo;<B>Prospectus</B>&rdquo;), (ii) the articles of incorporation and bylaws of the
Company, and (iii) such other corporate records, certificates, agreements, documents or other instruments, and such certificates
or comparable documents of public officials and of officers and representatives of the Company as we have deemed relevant and necessary.</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">In such examination, we have assumed: (a)
the legal capacity of each natural person, (b) the genuineness of all signatures and the authenticity of all documents submitted
to us as originals, (c) the conformity to original documents of all documents submitted to us as conformed or photostatic copies,
(d) that the documents reviewed by us in connection with the rendering of the opinion set forth herein are true, correct, and complete,
and (e) the truthfulness of each statement as to all factual matters contained in any document or certificate encompassed within
the due diligence review undertaken by us.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This opinion letter is limited to Marshall
Islands Law.&nbsp;&nbsp;We expressly disclaim any responsibility to advise of any development or circumstance of any kind, including
any change of law or fact that may occur after the date of this opinion letter that might affect the opinion expressed 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">Based on the facts as set forth in the
Registration Statement and the Prospectus, and having regard to legal considerations which we deem relevant, and subject to the
qualifications, limitations and assumptions set forth herein, we hereby confirm that we have reviewed the discussion set forth
in the Prospectus under the caption &ldquo;Tax Considerations &ndash; Marshall Islands Tax Considerations&rdquo; and we confirm
that the statements in such discussion, to the extent they constitute legal conclusions, unless otherwise noted, are the opinion
of Watson Farley &amp; Williams LLP with respect to Marshall Islands tax consequences as of the date of the Prospectus (except
for the representations and statements of fact of the Company included under such caption, as to which we express no opinion).</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">We consent to the filing of this opinion
as an exhibit to the Registration Statement, the discussion of this opinion in the Registration Statement, and to the references
to our firm in the Registration Statement and the Prospectus. In giving this consent, we do not hereby admit that we are in the
category of persons whose consent is required under Section 7 of the Securities Act or the Rules, nor do we admit that we are experts
with respect to any part of the Registration Statement within the meaning of the term &ldquo;expert&rdquo; as used in the Securities
Act.</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">Very truly yours,</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"><B>Watson Farley &amp; Williams LLP</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">/s/ Watson Farley &amp; Williams LLP</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>&nbsp;</B></P>

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

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



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>v467211_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</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">We consent to the reference to our firm
under the caption &quot;Experts&quot; in Amendment No. 1 to the Registration Statement (Form F-3 No. 333-217282) and related Prospectus
of Globus Maritime Limited for the registration of 35,130,017 Common Shares offered by the Selling Shareholders listed therein,
and to the incorporation by reference therein of our report dated April 11, 2017, with respect to the consolidated financial statements
of Globus Maritime Limited, included in its Annual Report (Form 20-F) for the year ended December 31, 2016, filed with the Securities
and Exchange Commission.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Ernst &amp; Young (Hellas) Certified
Auditors-Accountants</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">Athens, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 17, 2017</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"></P>

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



<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>11
<FILENAME>filename11.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0; text-align: justify">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0; text-align: justify">Our reference: HOLS1/25810.50005/80506545v2</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">May 17, 2017</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"><B>Globus Maritime Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Registration Statement on Form F-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Filed on April 13, 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>File No. 333-217282</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">Dear Ms. Nicholson:</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">On behalf of Globus Maritime Limited (the
&ldquo;<B>Company</B>&rdquo;), we respond as follows to the Staff&rsquo;s comment letter, dated May 8, 2017, relating to the above-captioned
registration statement on Form F-3 (&ldquo;<B>Registration Statement</B>&rdquo;). Captions and page references herein correspond
to those set forth in the Registration Statement that we have filed with the Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;)
on the date hereof.</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">Please note that for the Staff&rsquo;s
convenience, we have recited each of the Staff&rsquo;s comments and provided <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
C</FONT>ompany&rsquo;s response to each comment immediately thereafter.</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"><B>We note the size of the offering relative
to the number of shares outstanding held by non-affiliates, and the relationship between the registrant and Firment Shipping Inc.,
one of the selling shareholders. Please provide your analysis as to why you believe this offering is appropriately characterized
as a secondary offering and not an indirect primary offering with the selling stockholders serving as statutory underwriters. Refer
generally to Securities Act Rules Compliance and Disclosure Interpretation 612.09, available at our website, at www.sec.gov, and
Securities Act Rule 415.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_002.jpg" ALT=""></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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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_003.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the reasons discussed below, we respectfully
submit that the offering contemplated by the Registration Statement is a valid secondary offering by or on behalf of the selling
stockholders that may be registered for sale on a continuous basis pursuant to Rule 415(a)(1)(i) under the Securities Act. The
offering is not the type of transaction about which the staff has historically raised concerns under Rule 415, and a careful consideration
of all of the factors articulated in Question 612.09 (the &ldquo;<B>Interpretation</B>&rdquo;) of the staff&rsquo;s Compliance
&amp; Disclosure Interpretations (the &ldquo;<B>CDIs</B>&rdquo;) for Securities Act Rules clearly supports a conclusion that the
offering does not amount to a distribution by the selling stockholders on behalf of 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">We understand that several years ago the
staff became concerned about the public resale of securities purchased in so-called &ldquo;toxic&rdquo; PIPE transactions. The
staff believed that public investors often did not have an appropriate understanding as to the nature of the investment being made
or the negative impact that such transactions could have on the market prices of the securities involved. In many of these &ldquo;toxic&rdquo;
transactions, an issuer would commit to issuing convertible securities with a conversion price that floated with the market price
of the underlying common stock. When the deals were announced, the stock prices typically fell, resulting in the issuance of significant
blocks of stock - in many cases, well in excess of 100% of the shares previously outstanding. In these toxic situations, existing
investors or investors who purchased shares of common stock after the announcement of the transaction frequently faced unrelenting
downward pressure on the value of their investments. In too many of these cases, the shares held by non-participants in these transactions
were ultimately rendered worthless.</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">To combat the effects of these toxic transactions,
we understand that the Office of the Chief Counsel and the senior staff members of the SEC&rsquo;s Division of Corporation Finance
began to look at ways to discourage toxic transactions and to limit the impact of these transactions. One way to do so was to limit
the ability of the investors in those transactions to have their securities registered.</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">We understand that to monitor these types
of transactions, the staff implemented a process by which it compared the number of securities that an issuer sought to register
with the number of securities of that class that were outstanding and held by non-affiliates as disclosed in the issuer&rsquo;s
annual report. As we understand it, the staff was instructed to look more closely at any situation in which an offering involved
more than approximately one-third of the issuer&rsquo;s public float. If an issuer sought to register more than one-third of its
public float, then the staff was instructed to examine the transaction to see if it implicated staff concerns that a secondary
offering might be a &ldquo;disguised&rdquo; primary offering for purposes of Rule 415. According to the Office of the Chief Counsel,
however, this test was intended as a mere screening process and was not intended to substitute for a complete analysis of the factors
cited in the Interpretation.</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">It has been reported that the staff has
recognized that the application of this float screening test led to the unintended consequence of limiting the securities that
could be registered on behalf of selling stockholders in transactions that did not implicate the staff&rsquo;s concerns with respect
to &ldquo;toxic&rdquo; PIPE transactions. As a result, we understand that the staff&rsquo;s focus shifted in late 2006 to &ldquo;Extreme
Convertible&rdquo; transactions to avoid disrupting legitimate PIPE transactions.&nbsp;(See Speech by John W. White, Director,
Division of Corporation Finance, February 23, 2007; Keller, Stanley and Hicks, William, &ldquo;<I>Unblocking Clogged PIPEs: SEC
Focuses on Availability of Rule 415,</I>&rdquo; Insights, May 2007.)</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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<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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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">As discussed below, the transaction (the
&ldquo;<B>Transaction</B>&rdquo;) was one in which (i) four accredited investors purchased for cash the securities (the &ldquo;<B>Sale</B>&rdquo;)
and (ii) one investor, Firment Shipping Inc. (&ldquo;<B>Firment Shipping</B>&rdquo;), an affiliate of the Company, received securities
in return for cancellation of debt pursuant to two separate unsecured credit facilities between its affiliates and the Company
(the &ldquo;<B>Debt Conversion</B>&rdquo;). The Company refers to all five investors as the &ldquo;<B>Investors</B>.&rdquo; The
Company believes that each of the parts of the Transaction was a valid private placement made in reliance on Section 4(a)(2) of
the Securities Act and Regulation S. The securities issued to all Investors were shares of common stock and warrants to purchase
common stock, not convertible notes or preferred stock.</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">The Company entered into a binding share
and warrant purchase agreement (the &ldquo;<B>Purchase Agreement</B>&rdquo;) for the Sale at a fixed purchase price 64 days prior
to the date the Registration Statement was filed, and entered into binding amendments to loan agreements with affiliates of Firment
Shipping (the &ldquo;<B>Loan Amendment Agreements</B>&rdquo;) 65 days prior to the date the Registration Statement was filed. Each
of the parties to the Purchase Agreement and Loan Amendment Agreements unconditionally paid the aggregate purchase price (or converted
its debt), in full, to the Company on the same date the agreements were executed. No Investor, by virtue of the Transaction, has
any right to acquire additional securities or to demand any adjustment in the price at which it purchased its securities in the
Transaction based on future events or otherwise (other than equitable adjustments for share splits or combinations); the Investors
may only exercise their warrants at the strike price delineated therein. Thus, the Investors were at market risk from the moment
the Purchase Agreement was executed and continue to be at market risk today.</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">In short, the Transaction does not possess
any of the toxic post-closing re-pricing features that have historically given rise to the staff&rsquo;s concerns under Rule 415.
Furthermore, we believe that a careful consideration of&nbsp;all&nbsp;of the factors enumerated in the Interpretation supports
the conclusion that the Transaction is a valid secondary offering and not an offering &ldquo;by or on behalf of the registrant.&rdquo;</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"><B>A.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Background</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">The Company is seeking to register an aggregate
of 2,750,000 shares (the &ldquo;<B>Shares</B>&rdquo;) of its common stock, par value $0.004 per share (the &ldquo;<B>Common Stock</B>&rdquo;),
along with 32,380,017 shares of Common Stock (together with the Shares, the &ldquo;<B>Registration Shares</B>&rdquo;) issuable
upon the exercise of warrants to purchase Common Stock (the &ldquo;<B>Warrants</B>&rdquo; and, together with the Shares, the &ldquo;<B>Securities</B>&rdquo;)
that the Company issued to the Investors.</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">5,000,000 shares of Common Stock and Warrants
to purchase 25,000,000 shares of Common Stock were issued pursuant to the Purchase Agreement to purchasers that were not affiliates
(as defined by Rule 144 under the Securities Act of 1933) of the Company, although one of the Investors was an entity owned by
the sister of the Company&rsquo;s Chief Executive Officer and daughter of the Company&rsquo;s chairman, who is an adult that does
not live with either person and such Investor&rsquo;s investment decision was made independently, and paid for with separate funds.
The Company is seeking to register 2,750,000 shares of Common Stock and all 25,000,000 shares of Common Stock that are issuable
pursuant to the relevant Warrants.</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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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</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">In connection with the Debt Conversion,
the Company issued to Firment Shipping, an affiliate of the Company, 20,000,000 shares of Common Stock and Warrants to purchase
7,380,017 shares of Common Stock. The Registration Statement seeks to register only the shares that are underlying the Warrants
issued to Firment Shipping, and does not seek to register the shares of Common Stock so issued.</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"><U>The Transaction</U></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">The Company is a drybulk company, meaning
that it owns, operates and manages a fleet of drybulk vessels that transport iron ore, coal, grain, steel products, cement, alumina
and other dry bulk cargoes internationally. The Company typically leases (or charters) the vessels that it owns out to third parties.
The Company usually retains the ability to manage those vessels.</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">Although most costs of operating a drybulk
vessel do not fluctuate, the revenues, earnings and profitability of companies in the drybulk shipping industry are affected by
the charter rates that can be obtained in the market, which is volatile and has experienced significant declines since its highs
in the middle of 2008. The Baltic Dry Index, (the &ldquo;<B>BDI</B>&rdquo;), which is published daily by the Baltic Exchange Limited,
a London-based membership organization that provides daily shipping market information to the global investing community, is an
average of selected ship brokers&rsquo; assessments of time charter rates paid by a customer to hire a dry bulk vessel to transport
dry bulk cargoes by sea. The BDI has long been viewed as the main benchmark to monitor the movements of the dry bulk vessel charter
market and the performance of the entire dry bulk shipping market. The BDI plummeted from a high of 11,793 in May 2008 to a low
of 663 in December 2008. Since 2009, the BDI has remained fairly depressed compared to historical numbers. The BDI reached a new
all-time low of 290 on February 10, 2016 and went as high as 1,257 on November 18, 2016. The BDI ranged from 685 to 983 from January
until February 2017. The BDI increased somewhat in March and April, but as of May 5, 2017 was at 994. The dry bulk market remains
volatile and significantly depressed.</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">In order to continue to be able to operate
its vessels and continue to operate its business, the Company needed cash, as the amount of money that it was earning from the
chartering of its ships did not cover its expenses. Each of the Company&rsquo;s vessels is secured by a loan from a third party
bank, the proceeds of which were used to acquire the vessels, or refinance a previous loan or facility that was used to so acquire
the vessels. Therefore, the Company entered into two separate credit facilities with its affiliates, one for $4 million (that was
subsequently increased, in increments, to $20 million) and one for $3 million. These credit facilities were unsecured and bore
interest at 5%, and were vital to the Company&rsquo;s ability to continue to operate.</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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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</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">The Company&rsquo;s management team and
board of directors (the &ldquo;<B>Board</B>&rdquo;) recognized that the Company would need additional working capital beyond what
could be generated through operations, and the Company did not believe that it could borrow any more funds pursuant to the relevant
credit facilities, as the Company had reached the maximum borrowing amounts under each facility, and each of its vessels had already
been mortgaged pursuant to the third party loans. Accordingly, in 2017, the Company searched for and found investors willing to
invest in the Company. One condition of the investment, however, was to decrease the amount of debt of the Company, and a condition
precedent to closing the transactions contemplated by the Purchase Agreement was the conversion of approximately $20 million in
loans for an aggregate of 20 million Common Shares and Warrants that will be exercisable for approximately 7,380,017 common shares
at a price of $1.60 per share.</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">Based on the Company&rsquo;s stock price
as quoted on the Nasdaq, the state of the capital markets for similarly-situated companies, the net asset value of the Company
(which was less than zero), the Company&rsquo;s need to obtain additional working capital in a timely manner, and the expected
dilutive effect of the Transaction, the Company agreed to issue (i) pursuant to the Purchase Agreement, one share of Common Stock
and a Warrant to purchase five shares of Common Stock for each $1.00 subscribed, and (ii) pursuant to the Loan Amendment Agreements,
for each $1.00 of debt converted, one share of Common Stock and a Warrant to purchase approximately 0.369 shares of Common Stock.
Given the nature of the Transaction, a special committee of the Board was formed to review and approve the Transaction. The special
committee obtained a fairness opinion and was represented by separate counsel. Firment Shipping was also represented by its own,
separate counsel.</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"><U>Exemption from Registration</U></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">The Securities were issued pursuant to
the exemption from registration provided by Section 4(a)(2) of the Securities Act and Regulation S. Each of the Investors represented
to the Company that it is an accredited investor and was outside the United States when acquired the Securities. In addition, each
of the Investors made extensive representations and warranties regarding its investment intent, including representations that
each Investor purchased the Securities for its own account, for investment purposes and not for the purpose of effecting any distribution
of the Securities in violation of the Securities Act.</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">In connection with their investments, each
of the Investors had an opportunity to conduct due diligence on the Company by, among other things, reviewing the Company&rsquo;s
public filings with the SEC and conducting meetings with members of the Company&rsquo;s senior management team at which the Company&rsquo;s
business and prospects were discussed.</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"><U>Registration </U></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">In connection with the Sale, the Company
entered into a registration rights agreement with the Investors who purchased Securities through the Purchase Agreement (the &ldquo;<B>Registration
Rights Agreement</B>&rdquo;). Pursuant to the Registration Rights Agreement, the Company is required to file a resale registration
statement on Form F-3 at any time upon request of a holder (to the extent it is eligible to do so). Moreover, each of the Warrants
issued to each Investor provides that the Warrants may be exercised on a cashless basis if a registration statement covering the
resale of the shares to be issued pursuant to the Warrants is not available for the resale, and such the Warrants shares are not
otherwise eligible to be sold, assigned or transferred without manner of sale or volume limitations. The Company, wanting to ensure
that it will receive only cash upon exercise of the Warrants, therefore filed the Registration Statement.</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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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</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"><B>B.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Offered
Shares; Non-Affiliates; Relationships with Selling Stockholders</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">Immediately prior to the Transaction, the
Company had 2,627,674 shares of Common Stock outstanding. Immediately after the Transaction, the Company had 27,627,674 shares
of Common Stock outstanding. Based on public filings, an aggregate of 28,521,534 (which includes 7,380,017 shares issuable pursuant
to Warrants) shares of Common Stock were beneficially owned by Georgios Feidakis, the chairman of the board of directors of the
Company, immediately after the Transaction, representing approximately 81.5% of the shares of Common Stock (as determined by beneficial
ownership rules of the SEC, which did not include the 25 million shares that could be issued pursuant to the Warrants held by the
other Investors). On a fully diluted basis, assuming the full exercise of all Warrants for cash, Mr. Feidakis would beneficially
own 53.3% of the shares of Common Stock. Of the shares being registered that are beneficially owned by Mr. Feidakis, only the 7,380,017
shares issuable upon exercise of Warrants are being so registered.</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"><B>C.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Rule
415 Analysis</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">In 1983, the SEC adopted Rule 415 under
the Act to permit the registration of offerings to be made on a delayed or continuous basis. Rule 415 specifies certain conditions
that must be met by an issuer in order to avail itself of the Rule. In relevant part, Rule 415 provides:</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 54.7pt 0pt 1in; text-align: justify">&ldquo;(a) Securities may
be registered for an offering to be made on a continuous or delayed basis in the future, Provided, That:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 54.7pt 0pt 1in; text-align: justify">(1) The registration statement
pertains only to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 54.7pt 0pt 1in; text-align: justify">(i) Securities which are to
be offered or sold solely by or on behalf of a person or persons other than the registrant, a subsidiary of the registrant or a
person of which the registrant is a subsidiary;&hellip;[or]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 54.7pt 0pt 1in; text-align: justify">(x) Securities registered
(or qualified to be registered) on Form S-3 or Form F-3 (&sect;239.13 or &sect;239.33 of this chapter) which are to be offered
and sold on an immediate, continuous or delayed basis by or on behalf of the registrant, a majority-owned subsidiary of the registrant
or a person of which the registrant is a majority-owned subsidiary&hellip;.&rdquo;</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">Under Rule 415(a)(1)(i), an issuer may
register shares to be sold on a delayed or continuous basis by selling stockholders in a bona fide secondary offering without restriction.</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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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</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">In the event that an offering registered
in reliance on Rule 415(a)(1)(i) is deemed to be an offering that is &ldquo;by or on behalf of the registrant&rdquo; as specified
in Rule 415(a)(1)(x), Rule 415 contains additional limitations. Rule 415(a)(4) provides 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 54.7pt 0pt 1in; text-align: justify">&ldquo;In the case of a registration
statement pertaining to an at the market offering of equity securities by or on behalf of the registrant, the offering must come
within paragraph (a)(1)(x) of this section. As used in this paragraph, the term &lsquo;at the market offering&rsquo; means an offering
of equity securities into an existing trading market for outstanding shares of the same class at other than a fixed price.&rdquo;</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">As a result, if an offering which purports
to be a secondary offering is characterized as an offering &ldquo;by or on behalf of the registrant,&rdquo; Rule 415 is only available
to register an &ldquo;at the market offering&rdquo; if the registrant is eligible to use Form S-3 or Form F-3 to register a primary
offering.</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">In the event that the offering registered
by the Registration Statement is re-characterized as a primary offering on behalf of the Company, (i) the offering would have to
be made on a fixed price basis (in other words, the Investors would not be able to sell their securities at prevailing market prices)
unless the Company is eligible to use Form F-3 for a primary offering, (ii) the Investors would be deemed to be &ldquo;underwriters&rdquo;
with respect to the Transaction (with the attendant liabilities under Section 11 of the Act) and (iii) in accordance with the staff&rsquo;s
long-standing interpretive position, Rule 144 would never be available to them to effect resales of their securities. Because of
the requirements of Rule 415, the staff&rsquo;s interpretation of Rule 415 has a dramatic and potentially disastrous impact on
the ability of a selling stockholder to effect the resale of its securities. Because re-characterizing the offering as &ldquo;by
or on behalf of the registrant&rdquo; has such a draconian impact, and a mischaracterization can have a chilling effect on the
ability of smaller public companies - like the Company - to raise capital, the staff should only re-characterize a secondary offering
as being on behalf of a registrant after careful and complete review of&nbsp;<B><U>all</U></B>&nbsp;of the relevant facts and circumstances.</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">The staff has previously recognized the
delicacy with which the analysis of a particular transaction must be undertaken. In the Interpretation, the staff has set forth
a detailed analysis of the relevant factors that should be examined. The Interpretation provides that:</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 54.7pt 0pt 1in; text-align: justify">&ldquo;It is important to
identify whether a purported secondary offering is really a primary offering, i.e., the selling shareholders are actually underwriters
selling on behalf of an issuer. Underwriter status may involve additional disclosure, including an acknowledgment of the seller&rsquo;s
prospectus delivery requirements. In an offering involving Rule 415 or Form S-3, if the offering is deemed to be on behalf of the
issuer, the Rule and Form in some cases will be unavailable (e.g., because of the Form S-3 &lsquo;public float&rsquo; test for
a primary offering, or because Rule 415 (a)(l)(i) is available for secondary offerings, but primary offerings must meet the requirements
of one of the other subsections of Rule 415). The question of whether an offering styled a secondary one is really on behalf of
the issuer is&nbsp;<U>a difficult factual one</U>, not merely a question of who receives the proceeds. <U>Consideration should
be given to how long the selling shareholders have held the shares, the circumstances under which they received them, their relationship
to the issuer, the amount of shares involved, whether the sellers are in the business of underwriting securities, and finally,
whether under all the circumstances it appears that the seller is acting as a conduit for the issuer</U>&rdquo; (emphasis added).</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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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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">As the Interpretation indicates, the question
is a &ldquo;<U>difficult</U>&rdquo; and &ldquo;<U>factual</U>&rdquo; one that involves an analysis of many factors and &ldquo;<U>all
the circumstances</U>.&rdquo;</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">Each of the relevant factors listed in
the Interpretation is discussed below in the context of the Transaction. In our view, based on a proper consideration of&nbsp;all&nbsp;of
those factors, the staff should conclude that (i) the Registration Statement relates to a valid secondary offering and (ii) all
of the shares of Common Stock, including the shares underlying the Warrants, issued in the Transaction can be registered for sale
on behalf of the Investors pursuant to Rule 415(a)(1)(i).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0; width: 0.5in"><B>1.</B></TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0"><B>How Long the Selling Stockholders Have Held the Shares.</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">Presumably, the longer the time the Securities
are held, the less likely it is that the selling stockholders are acting as a mere conduit for the Company. Here, the Investors
have now held their Securities for more than three months as of the date of this letter. The staff&rsquo;s &ldquo;PIPEs&rdquo;
interpretation is set forth in Question 116.19 of the CDIs for the Securities Act Forms (the &ldquo;<B>PIPEs Interpretation</B>&rdquo;).
The PIPEs Interpretation provides in relevant part that:</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 54.7pt 0pt 1in; text-align: justify">&ldquo;In a PIPE transaction,
a company will be permitted to register the resale of securities prior to their issuance if the Company has completed a Section
4(2)-exempt sale of the securities (or in the case of convertible securities, of the convertible security itself) to the investor,
and the investor is at market risk at the time of filing of the resale registration statement&hellip; The closing of the private
placement of the unissued securities must occur within a short time after the effectiveness of the resale registration statement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 54.7pt 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PIPEs Interpretation contemplates that
a valid secondary offering could occur&nbsp;<U>immediately</U>&nbsp;following the closing of the placement. Since no holding period
is required for a PIPE transaction to be a valid secondary offering, by definition a holding period of more than two months must
also be sufficient for a valid secondary offering.</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">This concept comports with long-standing
custom and practice in the PIPEs marketplace. In many PIPE transactions - including this one - a registration statement is required
to be filed shortly after closing (often, 30 days) and declared effective shortly thereafter (often, 90 days after closing). In
addition, an extended holding period was contemplated and expected by the Company. At the outset, given the Transaction was occurring
in mid-February 2017, the Company wanted to first file its 2016 annual report on Form 20-F in order to then file the Registration
Statement.</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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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</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">The factors discussed above, including
the length of time that has elapsed since the Securities were originally acquired by the Investors and that will ultimately elapse
prior to the Securities first becoming saleable in the public market, and the fact that the Investors were aware at the time of
the Transaction that, for various reasons, they would be unable to quickly exit their positions with respect to the Securities
via the public market, combine to support the conclusion that the offering pursuant to the Registration Statement is a valid secondary
offering.</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">In addition, the moneys loaned pursuant
to the credit facilities that were converted to issue shares and Warrants to Firment Shipping had been paid much earlier than February
2017. The initial credit facility between the Company and Firment Trading Limited was dated December 16, 2013, the borrowing base
increased on April 28, 2015 and then again on December 29, 2015, and the credit facility between the Company and Silaner Investments
Limited was dated January 12, 2016. The money that lent had been paid out months, and in some cases, years, prior to the conversion
into Securities. As stated above, Firment Shipping is not registering the shares of Common Stock that it received, but only the
7,380,017 shares issuable pursuant to the Warrants are being so registered.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0; width: 0.5in"><B>2.</B></TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0"><B>The Circumstances under which the Investors Received the Securities.</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">The Securities were issued in a valid private
placement that complied in all respects with the PIPEs Interpretation, Section 4(a)(2) of the Securities Act and Regulation S.</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">The Transaction does not contain any of
the potentially abusive terms that have given rise to previous staff concerns. The Securities do not contain any &ldquo;toxic&rdquo;
post-closing re-pricing features. No Investor, by virtue of the Transaction, has any other subscription rights to obtain additional
shares of Common Stock or a reduction in the purchase price that it paid for the Securities based on subsequent events or circumstances.
The binding Loan Amendment Agreement and the binding Purchase Agreement were executed on February 8, 2017 and February 9, 2017,
respectively, and the Securities were unconditionally issued and became outstanding on each agreement&rsquo;s date, and the Investors
unconditionally paid the consideration for their Securities on those dates. All of the Investors were, and have continued to be,
at market risk immediately following the execution and delivery of the Loan Amendment Agreement and Purchase Agreement, prior to
the issuance of the Securities and filing of the Registration Statement.</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">All of the Investors acquired their Securities
for investment and specifically represented that they were not acquiring their Securities for the purpose or with the intent of
effecting a distribution in violation of the Securities Act. There is no evidence to suggest that those representations were false.
Because the Investors are still subject to market risk if the Securities decrease in value, the fact that they were willing to
participate in the Transaction with the knowledge that their ability to fully exit their positions would be restricted for an extended
period of time should provide additional evidence that they acquired their Securities as an investment (and not with the intent
to effect a distribution in violation of the Securities Act).</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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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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">The existence of any registration rights
agreement does not alter the conclusion that the Investors acquired their Securities for investment and not with the intent to
effect a distribution in violation of the Securities Act. As the PIPE Interpretation makes clear, a valid private placement can
occur even if the investors have intent to immediately sell their securities pursuant to a registration statement. Furthermore,
although the Investors in the Purchase Agreement bargained for registration rights as part of the Transaction, registration rights,
in and of themselves, do not evidence an intention on the part of investors to effect a distribution in violation of the Securities
Act. There are a number of reasons why investors want securities registered other than to effect an immediate sale.</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">In order for the staff to conclude that
the offering covered by the registration statement is in fact a &ldquo;veiled&rdquo; secondary offering on behalf of the Company,
it would have to conclude that unrelated Investors colluded in contravention of representations and warranties, and negotiated
documents among parties represented by counsel. There is no evidence of any arrangement, agreement or plan among the various Investors
to effect a distribution of the Securities exists.</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">Also, there is no evidence that a distribution
would occur if the Registration Statement were to be declared effective. Rule 100(b) of Regulation M defines the term &ldquo;distribution&rdquo;
as: &ldquo;[A]n offering of securities, whether or not subject to registration under the Securities Act, that is distinguished
from ordinary trading transactions by the magnitude of the offering&nbsp;<U>and</U>&nbsp;the presence of special selling efforts
and selling methods (emphasis added).&rdquo;</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">Special selling efforts and selling methods
must be employed before an offering can constitute a distribution. Here, there is no evidence that any special selling efforts
or selling methods have taken or would take place if all of the Registration Shares covered by the Registration Statement were
registered. The Company is not aware that the Investors have conducted any road shows or taken any other actions to condition the
market for their Registration Shares.</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">In addition, the manner in which the Company
issued securities to Firment Shipping does not support a disguised offering. The Company borrowed funds over the course of years
and, faced with inability to repay those funds, negotiated terms to issue securities instead (which terms were worse off than the
unaffiliated Investors who negotiated on an arm&rsquo;s length basis), along with a traditional PIPE.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0; width: 0.5in"><B>3.</B></TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0"><B>Relationship of the Investors to the Company.</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">Firment Shipping is affiliated with the
Company through the chairman of the board of directors. In addition, one other Investor is a company owned by the daughter of the
chairman of the board of directors, who does not live with her father (or brother, the Chief Executive Officer), and such company
determined on its own to invest. Other than the foregoing, there are no relationships arising directly from the Investors&rsquo;
investments in the Securities to the insiders. Two of the other Investors, who are not affiliated with the Company or related to
any director or officer of the Company, led the negotiations of the relevant Purchase Agreement and related documents.</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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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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">Relationship of the Investors is not, and
should not be the only factor in determining whether an offering is primary or not. The fact that two of the five Investors had
some form of prior relationship to the Company or its management does not by itself indicate a primary offering. As noted above,
the Company was in desperate need of cash and reached out to those who it felt may be interested in the investment. In addition,
the loan conversion was an integral part of the Transaction, as it was a requirement of the Purchase Agreement and made the Company
more palatable to third party investors.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0; width: 0.5in"><B>4.</B></TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0"><B>Number of Shares Involved.</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">At the outset, it is important to note
that the amount of securities involved in an offering is only&nbsp;<U>one</U>&nbsp;factor cited in the Interpretation to be considered
by the staff in applying Rule 415. However, in practical application, it appears that the amount of securities being registered
has become the main factor which the staff finds relevant. This focus on the number of securities being registered is inconsistent
with the Interpretation and the facts and circumstances surrounding transactions like the Transaction.</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">The availability of Rule 415 depends on
whether the offering is made by selling stockholders or deemed to be made by or on behalf of the issuer. For the staff to determine
that the offering is really being made on behalf of the registrant, the staff must, by definition, conclude that the selling stockholders
are seeking to effect a distribution of the securities. If the staff&rsquo;s primary concern, as it must be, is that a distribution
is taking place, then the number of securities being registered should be one of the least important factors in the staff&rsquo;s
analysis. Clearly, an illegal distribution of securities can take place when the amount of securities involved is less than one-third
of the issuer&rsquo;s public float. In fact, for the reasons described above, it is far easier to effect an illegal distribution
when the number of securities involved is relatively small in relation to the outstanding securities or the public float. The larger
the investment, the harder it would be for an investor to effect a distribution if it had the intent to do so, especially when
such investor is not registering for resale all of the shares it acquired.</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">Focusing solely on the number of securities
being registered in relation to the outstanding securities or the public float has a disproportionate impact on smaller public
companies - exactly those issuers who are unable to use Form F-3 to register their securities on the shelf and have very limited
options to raise funds. It is difficult to harmonize a focus on the number of securities being registered by smaller companies
with the SEC&rsquo;s public commitment to smaller publicly-traded companies. Further, the enactment of the Jumpstart Our Business
Startups Act demonstrates that Congress is focused on making access to the capital markets easier, not harder, for smaller public
companies.</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">The staff&rsquo;s focus on the number of
shares being registered compared to the outstanding float also ignores a fundamental aspect of these transactions. Investors in
PIPEs are funding business plans and strategic initiatives, not looking to take control of public issuers or to illegally distribute
stock. In the case of the Transaction, the Investors evaluated an investment in the Company on the basis of the business purpose
for the offering and whether they believed the investment would likely produce favorable investment returns.</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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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</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">Moreover, limiting the number of securities
being registered does not effect any significant change in the circumstances of a proposed offering. If the selling stockholders
are acting as a mere conduit for the issuer, then reducing the number of securities being sold does not change the investment intent
of the selling stockholders or their ability to effect a distribution if, in fact, that was their intent.</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">An arbitrary focus on the percentage of
the public float being registered contradicts the staff&rsquo;s own interpretative positions. For example, Question 612.12 of the
CDIs for Securities Act Rules describes a scenario in which a holder of well over one-third of the outstanding stock is able to
effect a valid secondary offering. The interpretation states, in relevant part, as follows:</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 54.7pt 0pt 1in; text-align: justify">A controlling person of an
issuer owns a 73% block. That person will sell the block in a registered &ldquo;at-the-market&rdquo; equity offering. Rule 415(a)(4)
applies only to offerings by or on behalf of the registrant. A secondary offering by a control person that is not deemed to be
by or on behalf of the registrant is not restricted by Rule 415(a)(4).</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">In addition, Question 216.14 of the CDIs
for Securities Act Forms, regarding the use of Form S-3 to effect a secondary offering, provides:</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 54.7pt 0pt 1in; text-align: justify">&ldquo;Secondary sales by
affiliates may be made under General Instruction I.B.3. to Form S-3 [relating to secondary offerings], even in cases where the
affiliate owns more than 50% of the issuer&rsquo;s securities,&nbsp;<U>unless the facts <B>clearly</B> indicate that the affiliate
is acting as an underwriter on behalf of the issuer</U>&rdquo; (emphasis added).</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">These interpretive positions make it clear
that the amount of securities offered, whether by an affiliate or otherwise, is not the determinative factor when considering whether
an offering is properly characterized as a secondary offering. In fact, these interpretative positions make it clear that the number
of securities being registered is only relevant where the&nbsp;<U>other</U>&nbsp;facts &ldquo;<U>clearly indicate</U>&rdquo; that
the offering is not in reality a secondary offering. Here, the other facts with regard to the Company, the Investors and the Transaction,
as discussed elsewhere in this response, clearly indicate that the offering is appropriately characterized as a secondary offering
permitted under Rule 415(a)(1)(i).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0; width: 0.5in"><B>5.</B></TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0"><B>Whether the Investors are in the Business of Underwriting Securities</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">Each of the Investors represented that
it was not a broker-dealer. Furthermore, to the Company&rsquo;s knowledge, none of the Investors is in the business of underwriting
securities. Each of the Investors represented that (i) it acquired the Securities for its own account, not as nominee or agent,
and not with a view to the resale or distribution of any part of the Securities in violation of the Securities Act, (ii) it had
no intention of selling, granting any participation in, or otherwise distributing the Securities in violation of the Securities
Act, and (iii) it was not a broker-dealer registered with the SEC under the Exchange Act or an entity engaged in a business that
would require it to be so registered. There is no evidence to suggest that any of those representations were false.</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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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT=""></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0; width: 0.5in"><B>6.</B></TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt; text-indent: 0"><B>Conduit to the Company.</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">It is axiomatic that a &ldquo;distribution&rdquo;
of securities on behalf of an issuer must be taking place before a person can be acting as a conduit for the issuer and, thus,
an &ldquo;underwriter.&rdquo; As the facts and analysis provided above demonstrate, the Investors are not engaging in a distribution
for the benefit of the Company and are not acting as conduits for the Company. The Investors made fundamental decisions to invest
in the Company, have represented their investment intent and disclaimed any intent to illegally distribute their Securities. There
is no evidence to suggest that any of the Investors are acting in concert to effect a coordinated distribution of the Registration
Shares, nor is the Company aware that there are any agreements or understandings with respect to any subsequent investments of
the sale proceeds from an Investor back into the Company.</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">Although the staff indicated in the Interpretation
that the question of who receives the proceeds is not the only factor on which an analysis of the character of an offering should
be based, it should be important to any such analysis. In this case, the Company will not receive any proceeds from the sale or
other disposition of the Shares offered by the Investors except for the exercise price of the Warrants. These facts support the
conclusion that the offering is not on behalf of the Company. In our view, in these circumstances, where the Company has only a
limited economic interest in the offering, we respectfully submit that this factor supports the conclusion that the Registration
Statement relates to a valid secondary offering and that the offering is not being made &ldquo;by or on behalf&rdquo; of the issuer.</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">To the extent that the staff somehow views
the number of Registration Shares beneficially owned by the Investors as evidence that they are acting as conduits for the Company,
we believe that view would ignore the staff&rsquo;s own interpretative positions, such as CDIs Questions 612.12 and 216.14 discussed
above.</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">None of the Investors are in the business
of underwriting securities, and the Company will not receive any proceeds from sales of the Registration Shares by the Investors
(although it will receive the exercise price of the conversion of the Warrants). In these circumstances, we believe the offering
that the Company seeks to register is a valid secondary offering and may proceed consistent with Rule 415.</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"><B>D.</B>&nbsp;&nbsp;&nbsp;&nbsp;<B>Conclusion.</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">On the basis of the foregoing, we believe
that the offering covered by the Registration Statement is appropriately characterized as a valid secondary offering and not an
offering &ldquo;by or on behalf of the registrant.&rdquo;</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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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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"><B>We note that counsel&rsquo;s tax opinion
references a section titled &ldquo;Item 10.E. Taxation&mdash;United States Tax Considerations&mdash;United States Federal Income
Taxation of the United States Holders&rdquo; in your Form 20-F for the fiscal year ended December 31, 2016. However, the disclosure
in the Form 20-F does not clearly state that it is the opinion of Watson Farley &amp; Williams LLP. Please revise your prospectus
disclosure to include the tax opinion regarding the material U.S. federal income tax consequences to investors, and to clearly
state that such disclosure is the opinion of Watson Farley &amp; Williams LLP. </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">We have revised the Registration Statement
beginning on page 12 to include a discussion of the material U.S. federal income tax consequences to investors, and to clearly
state that such disclosure is the opinion of Watson Farley &amp; Williams LLP.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have any questions, please do not
hesitate to contact me at the above telephone and facsimile numbers.</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">Very truly yours,</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">/s/ Steven Hollander</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"><B>Steven Hollander</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Partner</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">shollander@wfw.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">+1 212 922 2252</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">cc: Athanasios Feidakis, Chief Executive
Officer, Globus Maritime Limited&nbsp;</P>



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<P STYLE="margin: 0">&nbsp;</P>

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