Globus Maritime Limited ("Globus," the “Company,” “we,” or “our”)
(NASDAQ: GLBS), a dry bulk shipping company, today reported its
unaudited consolidated operating and financial results for the
quarter ended March 31, 2020.
Financial Highlights
|
Three months ended March 31, |
|
(Expressed in thousands of U.S dollars except for daily rates and
per share data) |
2020 |
|
2019 |
|
Total revenues |
2,290 |
|
3,543 |
|
Total comprehensive loss |
(9,002 |
) |
(268 |
) |
Adjusted EBITDA (1) |
(1,664 |
) |
411 |
|
Basic loss per share (2) |
(1.55 |
) |
(0.08 |
) |
Daily Time charter equivalent rate (“TCE”) (3) |
2,173 |
|
6,736 |
|
Average operating expenses per vessel per day |
4,521 |
|
4,634 |
|
Average number of vessels |
5.0 |
|
5.0 |
|
(1) |
Adjusted EBITDA is a measure not in accordance with generally
accepted accounting principles (“GAAP”). See a later section of
this press release for a reconciliation of EBITDA to total
comprehensive loss and net cash used in operating activities, which
are the most directly comparable financial measures calculated and
presented in accordance with the GAAP measures. |
(2) |
The weighted average number of shares for the three month period
ended March 31, 2020 was 5,816,904 compared to 3,209,604 shares for
the three month period ended March 31, 2019. |
(3) |
Daily Time charter equivalent rate (“TCE”) is a measure not in
accordance with generally accepted accounting principles (“GAAP”).
See a later section of this press release for a reconciliation of
Daily TCE to Voyage revenues. |
Current Fleet ProfileAs of the
date of this press release, Globus’ subsidiaries own and operate
five dry bulk carriers, consisting of four Supramax and one
Panamax.
|
Vessel |
|
Year Built |
|
Yard |
|
Type |
|
Month/Year Delivered |
DWT |
|
|
Flag |
|
Moon Globe |
|
2005 |
|
Hudong-Zhonghua |
|
Panamax |
|
June 2011 |
74,432 |
|
|
Marshall Is. |
|
Sun Globe |
|
2007 |
|
Tsuneishi Cebu |
|
Supramax |
|
Sept 2011 |
58,790 |
|
|
Malta |
|
River Globe |
|
2007 |
|
Yangzhou Dayang |
|
Supramax |
|
Dec 2007 |
53,627 |
|
|
Marshall Is. |
|
Sky Globe |
|
2009 |
|
Taizhou Kouan |
|
Supramax |
|
May 2010 |
56,855 |
|
|
Marshall Is. |
|
Star Globe |
|
2010 |
|
Taizhou Kouan |
|
Supramax |
|
May 2010 |
56,867 |
|
|
Marshall Is. |
|
Weighted Average Age: 12.1 Years as of March 31, 2020 |
|
|
300,571 |
|
|
|
Current Fleet Deployment
All our vessels are currently operating on short
term time charters (“on spot”).
Management Discussion and Analysis of the
Results of Operations
First Quarter of the Year 2020 compared
to the First Quarter of the Year 2019
Total comprehensive loss for the first quarter
of the year 2020 amounted to $9 million or $1.55 basic and diluted
loss per share based on 5,816,904 weighted average number of
shares, compared to total comprehensive loss of $0.3 million for
the same period last year or $0.08 basic and diluted loss per share
based on 3,209,604 weighted average number of
shares.
The following table corresponds to the breakdown
of the factors that led to the increase in total comprehensive loss
during the first quarter of 2020 compared to the first quarter of
2019 (expressed in $000’s):
1st Quarter of 2020 vs 1st Quarter
of 2019
|
Net loss for the 1st Quarter
of 2019 |
(268 |
) |
|
|
Decrease in voyage revenues |
(1,253 |
) |
|
|
Increase in Voyage expenses |
(883 |
) |
|
|
Decrease in Vessels operating expenses |
28 |
|
|
|
Decrease in Depreciation |
534 |
|
|
|
Increase in Depreciation of dry docking costs |
(37 |
) |
|
|
Decrease in Total administrative expenses |
69 |
|
|
|
Increase in Impairment loss |
(4,615 |
) |
|
|
Decrease in Other income, net |
(36 |
) |
|
|
Increase in Interest income |
11 |
|
|
|
Increase in Interest expense and finance costs |
(424 |
) |
|
|
Decrease in Gain on derivative financial instruments |
(2,128 |
) |
|
|
Net loss for the 1st Quarter
of 2020 |
(9,002 |
) |
|
Voyage revenuesDuring the
three-month period ended March 31, 2020 and 2019, our Voyage
revenues reached $2.3 million and $3.5 million respectively. The
35% decrease in Voyage revenues was mainly attributed to the
decrease in the average time charter rates achieved by our vessels
during the first quarter of 2020 compared to the same period in
2019. Daily Time Charter Equivalent rate (TCE) for the first
quarter of 2020 was $2,173 per vessel per day against $6,736 per
vessel per day during the same period in 2019 corresponding to a
decrease of 68%, which is attributed to the outbreak of COVID-19
virus.
Voyage expensesVoyage expenses
reached $1.4 million during the first quarter of 2020 compared to
$0.5 million during the same period last year. Voyage expenses
include commissions on revenues, port and other voyage expenses and
bunker expenses. Bunker expenses mainly refer to the cost of
bunkers consumed during periods that our vessels are travelling
seeking employment. Voyage expenses for the first quarter of 2020
and 2019 are analyzed as follows:
|
In $000’s |
2020 |
|
2019 |
|
|
|
Commissions |
32 |
|
46 |
|
|
|
Bunkers expenses |
1,280 |
|
412 |
|
|
|
Other voyage expenses |
83 |
|
54 |
|
|
|
Total |
1,395 |
|
512 |
|
|
Bunkers expenses for the three-month period
ended March 31, 2020 reached $1.3 million compared to $0.4 million
for the same period in 2019. This increase is attributed to the
more expensive low sulphur fuel we needed to procure for our
vessels in order to comply with the IMO’s low sulphur fuel oil
requirement, which cuts sulphur levels from 3.5% to 0.5% and became
effective as of January 1, 2020.
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, reached $2.1 million during the first quarter of both 2020
and 2019. The breakdown of our operating expenses for the three
month period ended March 31, 2020 and 2019 was as follows:
|
|
2020 |
|
2019 |
|
|
|
Crew expenses |
58 |
% |
55 |
% |
|
|
Repairs and spares |
17 |
% |
18 |
% |
|
|
Insurance |
7 |
% |
8 |
% |
|
|
Stores |
11 |
% |
9 |
% |
|
|
Lubricants |
4 |
% |
6 |
% |
|
|
Other |
3 |
% |
4 |
% |
|
Average daily operating expenses during the
three-month periods ended March 31, 2020 and 2019 were $4,521 per
vessel per day and $4,634 per vessel per day respectively,
corresponding to a decrease of 2%.
DepreciationDepreciation charge
during the first quarter of 2020 reached $0.6 million compared to
$1.2 million during the same period in 2019. This is mainly
attributed to the impairment loss of $29.9 million we recognized in
2019 as the recoverable amounts of the vessels were lower than
their carrying amounts.
Impairment lossAs of March 31,
2020, the Company concluded that the recoverable amounts of the
vessels were lower than their carrying amounts and recognized an
impairment loss of $4.6 million.
Interest expense and finance
costsInterest expense and finance costs reached $1.1
million during the first quarter of 2020 compared to $0.7 million
in 2019. Interest expense and finance costs for the first quarters
of 2020 and 2019 are analyzed as follows:
|
In $000’s |
2020 |
|
2019 |
|
|
|
Interest payable on long-term borrowings |
1,059 |
|
621 |
|
|
|
Bank charges |
5 |
|
8 |
|
|
|
Operating lease liability interest |
12 |
|
13 |
|
|
|
Amortization of debt discount |
70 |
|
29 |
|
|
|
Other finance expenses |
3 |
|
54 |
|
|
|
Total |
1,149 |
|
725 |
|
|
Gain/(Loss) on derivative financial
instrumentsThe loss on the derivative financial
instruments is mainly attributed to the valuation of the
“Convertible Note”. Further to the conversion clause included into
the Convertible Note for the period ended March 31, 2020 a total
amount of approximately $1,168, principal and accrued interest, was
converted to share capital with the conversion price of $1 per
share and a total number of 1,167,767 new shares issued in name of
the holder of the Convertible Note. These conversions resulted to a
loss of approximately $0.3 million recognized in the consolidated
statement of comprehensive loss.
Liquidity and capital
resourcesAs of March 31, 2020 and 2019, our cash and bank
balances and bank deposits (including restricted cash) were $2.4
and $4.5 million respectively.
Net cash used in operating
activities for the three month period ended March 31, 2020
was $2 million compared to $1.1 million during the respective
period in 2019. The increase in our cash used in operating
activities was mainly attributed to the decrease in our adjusted
EBITDA from $0.3 million during the first quarter of 2019 to
negative $1.6 million during the three month period under
consideration.
Net cash generated from/(used in)
financing activities during the three month period ended
March 31, 2020 and 2019 were as follows:
|
|
Three months ended March 31, |
|
|
|
In $000’s |
2020 |
|
2019 |
|
|
|
|
(Unaudited) |
|
|
|
Proceeds from issuance of Convertible Note |
- |
|
5,000 |
|
|
|
Net proceeds from shareholders loan (Firment Shipping) |
- |
|
900 |
|
|
|
Repayment of long term debt |
- |
|
(1,136 |
) |
|
|
Restricted cash |
363 |
|
(150 |
) |
|
|
Interest paid |
(469 |
) |
(580 |
) |
|
|
Net cash (used in)/generated from financing
activities |
(106 |
) |
4,034 |
|
|
As of March 31, 2020 and 2019 we and our
vessel-owning subsidiaries had outstanding borrowings under our
Loan agreements of an aggregate of $40 million and of $42.6 million
respectively gross of unamortized debt discount.
Recent Developments
Convertible Note
On March 13, 2020, Company and the holder of the
Convertible Note entered into a waiver regarding the Convertible
Note (the “Waiver”). The Waiver waives the Company’s obligation to
repay the Convertible Note on the existing maturity date of March
13, 2020 and does not require the Company to repay the Convertible
Note until March 13, 2021.
Firment Shipping Inc.
On May 8, 2020, the Company and Firment Shipping
Inc. agreed to enter an amended and restated agreement. The final
maturity of the Firment Shipping Credit Facility was extended to
October 31, 2021 and the available amount to be drawn under this
Facility increased to $14.2 million.
Receipt of Nasdaq Notice of
Deficiency
On March 6, 2020, the Company received written
notification from The Nasdaq Stock Market dated March 2, 2020,
indicating that because the closing bid price of our common stock
for the last 30 consecutive business days was below $1.00 per
share, we no longer meet the minimum bid price continued listing
requirement for the Nasdaq Capital Market, as set forth in Nasdaq
Listing Rule 5450(a)(1). Pursuant to Nasdaq Listing Rules, the
applicable grace period to regain compliance was 180 days, or until
August 31, 2020, but citing extraordinary market conditions, Nasdaq
filed an immediately effective rule change with the Securities and
Exchange Commission which, with effect from April 16, 2020, tolled
the listing process until July 1, 2020. Consequently, the Company’s
compliance period has effectively been extended until November 12,
2020. The Company intends to monitor the closing bid price of its
common stock between now and November 12, 2020 and is considering
its options, including a potential reverse stock split, in order to
regain compliance with the Nasdaq Capital Market minimum bid price
requirement. The Company can cure this deficiency if the closing
bid price of its common stock is $1.00 per share or higher for at
least ten consecutive business days during the grace period. In the
event the Company does not regain compliance within the 180-day
grace period, and it meets all other listing standards and
requirements it may be eligible for an additional 180-day grace
period. The Company intends to cure the deficiency within the
prescribed grace period. During this time, the Company’s common
stock will continue to be listed and trade on the Nasdaq Capital
Market.
Issuance of the Series B preferred
shares
On June 12, 2020, the Company entered into a
stock purchase agreement and issued 5,000 of our newly-designated
Series B Preferred Shares, par value $0.001 per share, to
Goldenmare Limited, a company controlled by our Chief Executive
Officer, Athanasios Feidakis, in return for $150,000, which amount
was paid by reducing, on a dollar for dollar basis, the amount
payable as executive compensation by the Company to Goldenmare
Limited pursuant to a consultancy agreement.
The issuance of the Series B preferred shares to
Goldenmare Limited was approved by an independent committee of the
Board of Directors of the Company, which received a fairness
opinion from an independent financial advisor that the transaction
was for a fair value.
Impact of COVID-19 on the Company’s
Business
The spread of the COVID-19 virus, which has been
declared a pandemic by the World Health Organization, in 2020 has
caused substantial disruptions in the global economy and the
shipping industry, as well as significant volatility in the
financial markets, the severity and duration of which remains
uncertain.
The measures taken by governments worldwide in
response to the outbreak, which included numerous factory closures,
self-quarantining, and restrictions on travel, as well as potential
labor shortages resulting from the outbreak, are expected to slow
down production of goods worldwide and decrease the amount of goods
exported and imported worldwide. Some experts fear that the
economic consequences of the coronavirus could cause a recession
that outlives the pandemic.
Besides reducing demand for cargo, coronavirus
may functionally limit the amount of cargo that the Company and its
competitors are able to move because countries worldwide have
imposed quarantine checks on arriving vessels, which have caused
delays in loading and delivery of cargoes. It is possible that
charterers may try to invoke force majeure clauses as a result.
The pandemic has already added, and could
continue to add, pressure to shipping freight rates. The impact of
the COVID-19 pandemic continues to unfold and may continue to have
negative effect on the Company’s business, financial performance
and the results of its operations, including due to decreased
demand for global seaborne dry bulk trade and dry bulk charter
rates, the extent of which will depend largely on future
developments. As a result, many of the Company’s estimates and
assumptions required increased judgment and carry a higher degree
of variability and volatility. As events continue to evolve and
additional information becomes available, the Company’s estimates
may change in future periods.
Crewing and Crew management operations.
Due to Covid-19 there are restrictions on
travelling on many jurisdictions. We may face problems in the
embarkation and disembarkation our crew members. Many airports
around the world as well as many countries impose heavy travel
restrictions including complete lockdowns and quarantine periods
for incoming and outgoing travelers. By extent it is increasingly
hard, if not restrictive, for our crews to be relieved by new crew
members. We continue to monitor the situation with respect and
utmost care for our seafarers, always communicating with the
relevant authorities in order to assist them as much as we can in
these unprecedented times.
Disruption in operations in case crew members
get infected.
In case one of our crew members is found to be
infected by Covid-19 this may lead to delays in cargo operations.
It may also need to a detention and quarantine of the ship for an
unspecified amount of time. Relevant authorities may require us to
perform disinfection and fumigation operations if a crew member
gets infected by Covid-19. Crew members may be quarantined if a
member is found to be infected. The above may lead to increased
costs and lower utilization of our fleet.
Dry docking and Repairs.
Repair yards and dry docks in the far east,
usually selected for the scheduled maintenance of our vessels, may
be affected by the closures and travel restrictions in their
countries. Shipyard staff and third party experts as well as spare
parts may be harder to procure and provide making the maintenance
process potentially lengthier, costlier or unfeasible. Spare parts
and supplies may be harder to produce and deliver to a shipyard
where they would be utilized for a scheduled maintenance. In
addition to the above, and always relating to Covid-19 travel
restrictions, it will be tough for our in-house technical teams to
travel to the shipyards in order to monitor the maintenance
process, so they may have to be postponed or 3rd party monitoring
technical crews will be hired. Last but not least classification
society surveyor attendance may be restricted thus not only
affecting the time spent within a repair facility but also causing
scheduled survey work to be postponed as far as this is
permissible.
Effect on the following technical department
activities yet not limited to:
- Logistics and supply of spares and
expert services may incur increased costs and disruption in Planned
Maintenance and consequently lead to increased failures /
incidents.
- Office Personnel attendance is
disrupted or impossible, which can have as a result inadequate
supervision and lead to increased incidents in third party
inspection and reduced maintenance quality.
- Long Term planned maintenance (dry
docking) unsupervised by company personnel, that can result to
lower quality and increased costs.
- Delays in class surveys, which can
lead to postponements.
The above ultimately are translated to possible
increased costs and reduced maintenance quality which in the long
term shall spiral to cost increases again as the aftermath shall
have to be dealt with. However, there are presently insufficient
statistics to reach to prediction model as regards to the actual
increase in costs due to the above disruptions.
The Company has evaluated the impact of current
economic situation on the recoverability of the carrying amount of
its vessels. As of March 31, 2020, the Company concluded that
events and circumstances triggered the existence of potential
impairment of its vessels. These indicators included volatility in
the charter market as well as the potential impact the current
marketplace may have on the future operations. As a result, the
Company performed an impairment assessment of the Company’s vessels
by comparing the discounted projected net operating cash flows for
each vessel to its carrying values. As of March 31, 2020, the
Company concluded that the recoverable amounts of the vessels were
lower than their carrying amounts and an impairment loss of $4.6
million was recorded (see also Note 5).
The pandemic had a negative impact on the Voyage
Revenues of the Company for the three-month period ended March 31,
2020, which reached $2.3 million, compared to $3.5 million to the
same period in 2019. The 35% decrease in Voyage revenues is
attributed to the low freight rates achieved in the first quarter
of 2020 due to the outbreak of COVID-19 virus.
Selected Consolidated Financial &
Operating Data
|
Three months ended March 31, |
|
|
2020 |
|
2019 |
|
(In thousands of U.S.
Dollars) |
(unaudited) |
|
Consolidated statement
of comprehensive loss data: |
|
|
|
|
Voyage revenues |
2,290 |
|
3,543 |
|
Total
Revenues |
2,290 |
|
3,543 |
|
|
|
|
Voyage expenses |
(1, 395 |
) |
(512 |
) |
Vessel operating expenses |
(2,057 |
) |
(2,085 |
) |
Depreciation |
(633 |
) |
(1,167 |
) |
Depreciation of dry docking
costs |
(491 |
) |
(454 |
) |
Administrative expenses |
(394 |
) |
(427 |
) |
Administrative expenses
payable to related parties |
(92 |
) |
(128 |
) |
Share-based payments |
(10 |
) |
(10 |
) |
Impairment loss |
(4,615 |
) |
- |
|
Other income/(expenses),
net |
(6 |
) |
30 |
|
Operating loss
- |
(7,403 |
) |
(1,210 |
) |
Interest income |
11 |
|
- |
|
Interest expense and finance
costs |
(1,149 |
) |
(725 |
) |
Gain / (loss) on derivative
financial instruments |
(494 |
) |
1,634 |
|
Foreign exchange
(losses)/gains, net |
33 |
|
33 |
|
Total finance costs,
net |
(1,599 |
) |
942 |
|
Total comprehensive
loss for the period |
(9,002 |
) |
(268 |
) |
|
|
|
Basic & diluted loss per share for the period (1) |
(1.55 |
) |
(0.08 |
) |
Adjusted EBITDA (2) |
(1,664 |
) |
411 |
|
(1) The weighted average number of shares for
the three month period ended March 31, 2020 was 5,816,904 compared
to 3,209,604 shares for the three month period ended March 31,
2019.
(2) Adjusted EBITDA represents net earnings
before interest and finance costs net, gains or losses from the
change in fair value of derivative financial instruments, foreign
exchange gains or losses, income taxes, depreciation, depreciation
of dry-docking costs, amortization of fair value of time charter
acquired, impairment and gains or losses on sale of vessels.
Adjusted EBITDA does not represent and should not be considered as
an alternative to total comprehensive income/(loss) or cash
generated from operations, as determined by IFRS, and our
calculation of Adjusted EBITDA may not be comparable to that
reported by other companies. Adjusted EBITDA is not a recognized
measurement under IFRS.
Adjusted EBITDA is included herein because it is
a basis upon which we assess our financial performance and because
we believe that it presents useful information to investors
regarding a company’s ability to service and/or incur indebtedness
and it is frequently used by securities analysts, investors and
other interested parties in the evaluation of companies in our
industry.
Adjusted EBITDA has limitations as an analytical
tool, and you should not consider it in isolation, or as a
substitute for analysis of our results as reported under IFRS. Some
of these limitations are:
- Adjusted EBITDA does not reflect
our cash expenditures or future requirements for capital
expenditures or contractual commitments;
- Adjusted EBITDA does not reflect
the interest expense or the cash requirements necessary to service
interest or principal payments on our debt;
- Adjusted EBITDA does not reflect
changes in or cash requirements for our working capital needs;
and
- Other companies in our industry may
calculate Adjusted EBITDA differently than we do, limiting its
usefulness as a comparative measure.
Because of these limitations, Adjusted EBITDA
should not be considered a measure of discretionary cash available
to us to invest in the growth of our business.
The following table sets forth a reconciliation
of Adjusted EBITDA to total comprehensive loss and net cash used in
operating activities for the periods
presented:
|
Three months ended |
|
|
March 31, |
|
(Expressed in thousands of U.S. dollars) |
2020 |
|
2019 |
|
|
(Unaudited) |
|
|
|
|
|
|
Total comprehensive loss for the period |
(9,002 |
) |
(268 |
) |
Interest and finance costs, net |
1,138 |
|
725 |
|
Foreign exchange losses/(gains) net, |
(33 |
) |
(33 |
) |
Depreciation |
633 |
|
1,167 |
|
Depreciation of dry docking costs |
491 |
|
454 |
|
Impairment Loss |
4,615 |
|
- |
|
Loss / (gain) on derivative financial instruments |
494 |
|
(1,634 |
) |
Adjusted EBITDA |
(1,664 |
) |
411 |
|
Share-based payments |
10 |
|
10 |
|
Payment of deferred dry docking costs |
- |
|
(352 |
) |
Net (increase)/decrease in operating assets |
(75 |
) |
(1,135 |
) |
Net (decrease)/increase in operating liabilities |
(255 |
) |
(55 |
) |
Provision for staff retirement indemnities |
1 |
|
1 |
|
Foreign exchange gains/(losses) net, not attributed to cash and
cash equivalents |
7 |
|
(3 |
) |
Net cash used in operating activities |
(1,976 |
) |
(1,123 |
) |
|
Three months ended |
|
|
March 31, |
|
(Expressed in thousands of U.S. dollars) |
2020 |
|
2019 |
|
|
(Unaudited) |
|
Statement of cash flow data: |
|
|
|
|
Net cash used in operating activities |
(1,976 |
) |
(1,123 |
) |
Net cash generated from investing activities |
11 |
|
- |
|
Net cash (used in)/provided by financing activities |
(106 |
) |
4,034 |
|
|
As of March 31, |
|
As of December 31, |
|
(Expressed in thousands of U.S. Dollars) |
2020 |
|
2019 |
|
|
(Unaudited) |
|
Consolidated condensed statement of financial
position: |
|
|
|
|
Vessels, net |
44,063 |
|
48,242 |
|
Other non-current assets |
639 |
|
1,925 |
|
Total non-current assets |
44,702 |
|
50,167 |
|
Cash and bank balances and bank deposits (including restricted
cash) |
2,367 |
|
3,551 |
|
Other current assets |
2,012 |
|
1,938 |
|
Total current assets |
4,379 |
|
5,489 |
|
Total assets |
49,081 |
|
55,656 |
|
Total equity |
1,702 |
|
9,879 |
|
Total debt net of unamortized debt discount |
37,433 |
|
37,746 |
|
Other liabilities |
9,946 |
|
8,031 |
|
Total liabilities |
47,379 |
|
45,777 |
|
Total equity and liabilities |
49,081 |
|
55,656 |
|
Consolidated statement of changes in equity: |
|
|
|
|
|
|
|
|
(Expressed in thousands of U.S. Dollars) |
Issued share |
|
Share |
|
(Accumulated |
|
Total |
|
|
Capital |
|
Premium |
|
Deficit) |
|
Equity |
|
As at December 31, 2019 |
21 |
|
145,506 |
|
(135,648 |
) |
9,879 |
|
Loss for the period |
- |
|
- |
|
(9,002 |
) |
(9,002 |
) |
Issuance of common shares due to conversion |
5 |
|
810 |
|
- |
|
815 |
|
Share-based payments |
- |
|
10 |
|
- |
|
10 |
|
As at March 31,
2020 |
26 |
|
146,326 |
|
(144,650 |
) |
1,702 |
|
|
Three months ended March 31, |
|
|
2020 |
|
2019 |
|
|
|
|
|
|
Ownership days (1) |
455 |
|
450 |
|
Available days (2) |
412 |
|
450 |
|
Operating days (3) |
408 |
|
448 |
|
Fleet utilization (4) |
99.1 |
% |
99.6 |
% |
Average number of vessels (5) |
5.0 |
|
5 |
|
Daily time charter equivalent (“TCE”) rate (6) |
2,173 |
|
6,736 |
|
Daily operating expenses (7) |
4,521 |
|
4,634 |
|
Notes: |
|
|
(1) |
Ownership days are the aggregate number of days in a period during
which each vessel in our fleet has been owned by us. |
(2) |
Available days are the number of ownership days less the aggregate
number of days that our vessels are off-hire due to scheduled
repairs or repairs under guarantee, vessel upgrades or special
surveys. |
(3) |
Operating days are the number of available days less the aggregate
number of days that the vessels are off-hire due to any reason,
including unforeseen circumstances but excluding days during which
vessels are seeking employment. |
(4) |
We calculate fleet utilization by dividing the number of operating
days during a period by the number of available days during the
period. |
(5) |
Average number of vessels is measured by the sum of the number of
days each vessel was part of our fleet during a relevant period
divided by the number of calendar days in such period. |
(6) |
TCE rates are our voyage revenues less net revenues from our
bareboat charters less voyage expenses during a period divided by
the number of our available days during the period which is
consistent with industry standards. TCE is a measure not in
accordance with GAAP. |
(7) |
We calculate daily vessel operating expenses by dividing vessel
operating expenses by ownership days for the relevant time
period. |
Voyage Revenues to Daily Time Charter
Equivalent (“TCE”) Reconciliation
|
|
Three months ended March 31, |
|
|
|
|
2020 |
|
2019 |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Voyage revenues |
2,290 |
|
3,543 |
|
|
|
Less: Voyage expenses |
1,395 |
|
512 |
|
|
|
Net revenues |
895 |
|
3,031 |
|
|
|
Available days |
412 |
|
450 |
|
|
|
Daily TCE rate (1) |
2,173 |
|
6,736 |
|
|
(1) Subject to rounding.
About Globus Maritime
Limited
Globus is an integrated dry bulk shipping
company that provides marine transportation services worldwide and
presently owns, operates and manages a fleet of five dry bulk
vessels that transport iron ore, coal, grain, steel products,
cement, alumina and other dry bulk cargoes internationally. Globus’
subsidiaries own and operate seven vessels with a total carrying
capacity of 300,571 Dwt and a weighted average age of 12.1 years as
of March 31, 2020.
Safe Harbor Statement
This communication contains “forward-looking
statements” as defined under U.S. federal securities laws.
Forward-looking statements provide the Company’s current
expectations or forecasts of future events. Forward-looking
statements include statements about the Company’s expectations,
beliefs, plans, objectives, intentions, assumptions and other
statements that are not historical facts or that are not present
facts or conditions. Words or phrases such as “anticipate,”
“believe,” “continue,” “estimate,” “expect,” “intend,” “may,”
“ongoing,” “plan,” “potential,” “predict,” “project,” “will” or
similar words or phrases, or the negatives of those words or
phrases, may identify forward-looking statements, but the absence
of these words does not necessarily mean that a statement is not
forward-looking. Forward-looking statements are subject to known
and unknown risks and uncertainties and are based on potentially
inaccurate assumptions that could cause actual results to differ
materially from those expected or implied by the forward-looking
statements. The Company’s actual results could differ materially
from those anticipated in forward-looking statements for many
reasons specifically as described in the Company’s filings with the
Securities and Exchange Commission. Accordingly, you should not
unduly rely on these forward-looking statements, which speak only
as of the date of this communication. Globus undertakes no
obligation to publicly revise any forward-looking statement to
reflect circumstances or events after the date of this
communication or to reflect the occurrence of unanticipated events.
You should, however, review the factors and risks Globus describes
in the reports it will file from time to time with the Securities
and Exchange Commission after the date of this communication.
For
further information please contact: |
Globus Maritime Limited |
+30 210 960 8300 |
Athanasios Feidakis, CEO |
a.g.feidakis@globusmaritime.gr |
|
|
Capital Link – New York |
+1 212 661 7566 |
Nicolas Bornozis |
globus@capitallink.com |
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