Marine transportation company Globus Maritime is to sell its Handymax vessel, M/V Gulf Globe, for $16m.

The Globe is a 1994-built dry bulk carrier with a carrying capacity of around 43,245dwt.

Globus has the option to deliver the vessel to the unnamed new owners between 15 August and 30 October 2009.

Globus has recorded a book loss of around $4.2m from the sale.

The company said it will use the sale proceeds to repay bank debt and strengthen its liquidity.