Global Ocean Gets Approval to Convert

Global Ocean announced that, at their annual meeting, they received approval from their shareholders on all of their proposals, including one to convert the company into an ongoing concern and to purchase a vessels from Tsakos Shipping and Trading, S.A. The move will allow the company to strengthen their balance sheet in the short term and to renegotiate their debt repayment schedule.

In addition, the company has announced first quarter results. For the period, revenue was $4.21m, down from $5.2m, while operating profit before depreciation was $751,000, or $0.25 per share. After depreciation and amortization, the company reported a loss of $449,058. The increase in depreciation costs was primarily attributed to the conversion of the Global Star to the oil trades.

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