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 and nine month period ended September 30, 2017.
- In 9M 2017, Total revenues increased by about 61%
compared to 9M 2016
- In 9M 2017, Debt under loan agreements was reduced by
about 36% compared to 9M 2016
|
Financial Highlights |
|
|
Three months ended |
Nine months ended |
|
September 30, |
September 30, |
(Expressed in thousands of U.S dollars except for daily rates and
per share data) |
2017 |
2016 |
2017 |
2016 |
|
|
|
|
|
Total
revenues |
3,982 |
2,523 |
10,312 |
6,400 |
Adjusted
(LBITDA)/EBITDA (1) |
519 |
(596) |
802 |
(2,872) |
Total
comprehensive (loss)/income |
(1,473) |
(2,791) |
(5,198) |
(7,375) |
Basic
(loss)/earnings per share(2) |
(0.05) |
(1.07) |
(0.22) |
(2.84) |
Time
charter equivalent rate (TCE)(3) |
7,621 |
5,031 |
6,620 |
3,711 |
Average
operating expenses per vessel per day |
5,160 |
4,483 |
4,917 |
4,384 |
Average
number of vessels |
5.0 |
5.0 |
5.0 |
5.3 |
(1) Adjusted (LBITDA)/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
(LBITDA)/EBITDA to total comprehensive (loss) and net cash (used
in)/ generated from 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 nine month
period ended September 30, 2017 was 24,148,137 compared to
2,595,841 shares for the nine month period ended September 30,
2016. The weighted average number of shares for the three month
period ended September 30, 2017 was 27,677,694 compared to
2,606,000 shares for the three month period ended September 30,
2016. The actual number of shares outstanding as of September 30,
2017 was 28,145,085 and the basic loss per share outstanding as of
September 30, 2017 for the nine month period ended September 30,
2017 was $0.18.
(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: 9.6 Years as of
September 30, 2017 |
|
300,571 |
|
|
|
|
|
|
|
Current Fleet Deployment
All our vessels are currently operating on short
term time charters (“on spot”).
Management Commentary
Athanasios Feidakis, President, Chief Executive
Officer and Chief Financial Officer of Globus Maritime Limited,
stated:
“We are pleased to report strong revenue growth
and significant debt reduction during the first nine months of
2017. We continue to monitor our operational expenses
carefully, as well as follow the market closely and of course we
remain on the lookout for any accretive transactions that will
enhance our shareholders value.
“The strengthening in dry bulk fundamentals, as
well as the increase in the coal, grains and iron ore ton-mile
demand and a reduced drybulk orderbook, makes us optimistic about
the continued positive momentum in the drybulk sector and we
believe our company is well placed to benefit from it.”
Management Discussion and Analysis of the
Results of Operations
Third quarter of the year 2017 compared
to the third quarter of the year 2016
Total comprehensive loss for the third quarter
of the year 2017 amounted to $1.5 million or $0.05 basic loss per
share based on 27,677,694 weighted average number of shares,
compared to total comprehensive loss of $2.8 million for the same
period last year or $1.07 basic loss per share based on 2,606,000
weighted average number of shares.
The following table corresponds to the breakdown
of the factors that led to the increase of total comprehensive loss
during the third quarter of 2017 compared to the corresponding
quarter in 2016 (expressed in $000’s):
|
3rd Quarter of 2017 vs 3rd Quarter of
2016 |
|
|
|
Net loss for the 3rd quarter of 2016 |
(2,791 |
) |
Increase
in Voyage revenues |
1,459 |
|
Increase
in Voyage expenses |
(426 |
) |
Increase
in Vessels operating expenses |
(312 |
) |
Decrease
in Depreciation |
45 |
|
Decrease
in Depreciation of dry docking costs |
69 |
|
Decrease
in Total administrative expenses |
422 |
|
Decrease
in Other income, net |
(29 |
) |
Decrease
in Interest expense and finance costs net, |
101 |
|
Increase
in Foreign exchange losses |
(11 |
) |
Net loss for the 3rd quarter of 2017 |
(1,473 |
) |
|
|
|
Voyage revenuesDuring the three
month period ended September 30, 2017 and 2016, our revenue reached
$4.0 million and $2.5 million respectively. The 60% increase in
Voyage revenues was mainly attributed to the increase in the
average time charter rates achieved by our vessels during the third
quarter of 2017 compared to the same period in 2016. Time Charter
Equivalent rate (TCE) for the third quarter of 2017 amounted to
$7,621 per vessel per day against $5,031 per vessel per day during
the same period in 2016 corresponding to an increase of 51%.
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, increased by $0.3 million or 14% to $2.4 million during
the three month period ended September 30, 2017 compared to $2.1
million during the same period in 2016. The breakdown of our
operating expenses for the quarters ended September 30, 2017 and
2016 was as follows:
|
2017 |
2016 |
Crew
expenses |
50% |
58% |
Repairs
and spares |
24% |
19% |
Insurance |
7% |
8% |
Stores |
10% |
7% |
Lubricants |
6% |
6% |
Other |
3% |
2% |
|
|
|
Average daily operating expenses during the
three month periods ended September 30, 2017 and 2016 were $5,160
per vessel per day and $4,483 per vessel per day respectively,
corresponding to an increase of 15%.
Total administrative
expensesTotal administrative expenses decreased by $0.4
million or 44% to $0.5 million during the three month period ended
September 30, 2017 compared to $0.9 million during the same period
in 2016. The increased figure during the third quarter of 2016 is
mainly attributed to the compensation given to the former CEO of
the Company.
Nine month period ended September 30, 2017
compared to the nine month period ended September 30,
2016
Total comprehensive loss for the nine month
period ended September 30, 2017 amounted to $5.2 million or $0.22
basic loss per share based on 24,148,137 weighted average number of
shares, compared to total comprehensive loss of $7.4 million for
the same period last year or $2.84 basic loss per share based on
2,595,841 weighted average number of shares.
The following table corresponds to the breakdown
of the factors that led to the total comprehensive loss for the
nine month period ended September 30, 2017 compared to the total
comprehensive loss ended September 30, 2016 (expressed in
$000’s):
|
9 month period of 2017 vs 9 month period of
2016 |
|
Net income for the 9 month period of 2016 |
(7,375 |
) |
Increase
in Voyage revenues |
3,972 |
|
Decrease
in Management fee income |
(60 |
) |
Increase
in Voyage expenses |
(456 |
) |
Increase
in Vessels operating expenses |
(364 |
) |
Decrease
in Depreciation |
120 |
|
Decrease
in Depreciation of dry docking costs |
202 |
|
Decrease
in Total administrative expenses |
462 |
|
Decrease
in Gain from sale of subsidiary |
(2,257 |
) |
Decrease
in Other expenses, net |
118 |
|
Decrease
in interest income |
(5 |
) |
Decrease
in Interest expense and finance costs |
582 |
|
Increase
in Foreign exchange losses |
(137 |
) |
Net loss for the 9 month period of 2017 |
(5,198 |
) |
|
|
|
Voyage revenuesDuring the nine
month period ended September 30, 2017 and 2016, our Voyage revenue
reached $10.3 million and $6.3 million respectively. The 63%
increase in revenue was mainly attributed to the increase in the
average time charter rates achieved by our vessels during the nine
month period ended September 30, 2017 compared to the same period
in 2016. Time Charter Equivalent rate (TCE) for the nine month
period in 2017 amounted to $6,620 per vessel per day against $3,711
per vessel per day during the same period in 2016 corresponding to
an increase of 78%.
Voyage expenses Voyage expenses
reached $1.4 million during the nine month period ended September
30, 2017 compared to $0.9 million during the same period last year.
Voyage expenses include commissions on revenue, 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 nine month
period in 2017 and 2016 are analyzed as follows:
In
$000’s |
2017 |
2016 |
Commissions |
546 |
332 |
Bunkers
expenses |
721 |
436 |
Other
voyage expenses |
124 |
167 |
Total |
1,391 |
935 |
|
|
|
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, reached $6.7 million during the nine month period ended
September 30, 2017 compared to $6.3 million during the same period
in 2016. The breakdown of our operating expenses for the nine month
period ended September 30, 2017 and 2016 was as follows:
|
2017 |
2016 |
Crew
expenses |
52% |
57% |
Repairs
and spares |
23% |
17% |
Insurance |
8% |
10% |
Stores |
8% |
7% |
Lubricants |
6% |
5% |
Other |
3% |
4% |
|
|
|
Average daily operating expenses during the nine
periods ended September 30, 2017 and 2016 were $4,917 per vessel
per day and $4,384 per vessel per day respectively, corresponding
to an increase of 12%.
Gain from sale of subsidiaryIn
March 2016, the Company entered into an agreement with Commerzbank
to sell the shares of Kelty Marine Ltd., to an unaffiliated third
party and apply the total net proceeds from the sale towards the
respective loan facility. Based on certain financial
conditions agreed beforehand with the Bank this resulted in the
remaining principal amount of the loan to be written off. The
financial effect from the sale of Kelty Marine Ltd. resulted to a
gain of $2.3 million.
Interest expense and finance
costsInterest expense and finance costs reached $1.6
million during the nine month period ended September 30, 2017
compared to $2.2 million during the same period in 2016. The
decrease is mainly attributed to the conversion of $20 million of
outstanding principal of two loans to 20 million shares, as
described in the Share and Warrant Purchase Agreement that we
entered on February 8, 2017. The weighted average interest rate on
our debt outstanding during the nine month period ended September
30, 2017 reached 3.7% compared to 3.83% during the same period last
year. Our weighted average debt outstanding during the nine month
period in 2017 was $47.5 million compared to $68.8 million during
the same period last year. Interest expense and finance costs for
the nine month period in 2017 and 2016 are analyzed as follows:
In
$000’s |
2017 |
2016 |
Interest
payable on long-term borrowings |
1,332 |
2,007 |
Bank
charges |
25 |
25 |
Amortization of debt discount |
64 |
105 |
Other
finance expenses |
164 |
30 |
Total |
1,585 |
2,167 |
|
|
|
Liquidity and capital
resourcesAs of September 30, 2017 and 2016, our cash and
bank balances and bank deposits were $0.2 million and $0.3 million
respectively.
Net cash provided by operating
activities for the nine month period ended September 30,
2017 was $0.6 million compared to net cash used in
operating activities of $3.6 million during the respective period
in 2016. The $4.2 million increase in our cash from operations was
mainly attributed to the $3.7 million increase in our adjusted
EBITDA from $2.9 million adjusted LBITDA during the nine month
period in 2016 to adjusted EBITDA of $0.8 million during the nine
month period under consideration.
Net cash generated from/(used in) financing
activities during the three month and nine month periods
ended September 30, 2017 and 2016 were as follows:
|
Three months ended September
30, |
Nine months ended September
30, |
In
$000’s |
2017 |
2016 |
2017 |
2016 |
|
|
|
|
|
Proceeds
from issuance of share capital |
800 |
- |
25,811 |
- |
Net
proceeds/(repayment) from shareholders loan Firment & Silaner
Credit Facilities |
280 |
1,383 |
(19,720) |
5,303 |
Repayment of long term debt |
(2,713) |
- |
(4,119) |
(3,100) |
Restricted cash |
- |
- |
- |
2,250 |
Dividends paid on preferred shares |
- |
- |
- |
(14) |
Interest
paid |
(433) |
(391) |
(2,323) |
(1,216) |
Net cash generated from/(used in) financing
activities |
(2,066) |
992 |
(351) |
3,223 |
|
|
|
|
|
As of September 30, 2017, we and our
vessel-owning subsidiaries had outstanding borrowings under our
Loan agreement with Commerzbank AG, the Loan agreement with DVB
Bank SE, the Loan agreement with HSH Nordbank AG and our Firment
and Silaner Credit Facilities of an aggregate of $41.9 million
compared to $65.1 million as of September 30, 2016, gross of
unamortized debt discount.
Amended agreements with the
banksIn June and July 2017 the Company agreed the
restructure of its loan agreements with DVB Bank SE and HSH
Nordbank AG, respectively. By these agreements the Company was
successful in achieving waivers and relaxations on its loan
covenants as well as defer instalment loan payments due in
2017.
Share and warrant purchase
agreement As previously reported, the Company on February
8, 2017 entered into a Share and Warrant Purchase Agreement
pursuant to which it sold for $5 million an aggregate of 5 million
of its common shares, par value $0.004 per share and warrants to
purchase 25 million of its common shares at a price of $1.60 per
share to a number of investors in a private placement. These
securities were issued in transactions exempt from registration
under the Securities Act. On February 9, 2017, the Company entered
into a registration rights agreement with those purchasers
providing them with certain rights relating to registration under
the Securities Act of the Shares and the common shares underlying
the Warrants.
In connection with the closing of the February
2017 private placement, the Company also entered into two loan
amendment agreements with existing lenders.
One loan amendment agreement was entered into by
the Company with Firment Trading Limited (“Firment”), an affiliate
of the Company’s chairman, and the lender of the Firment Credit
Facility, which then had an outstanding principal amount of
$18,524. Firment released an amount equal to $16,885 (but left an
amount equal to $1,639 outstanding, which continued to accrue
interest 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. Subsequent to the closing of the February 2017
private placement, Globus repaid the outstanding amount on the
Firment Credit Facility in its entirety. The Firment Credit
Facility expired on April 12, 2017.
The other loan amendment agreement was entered
into by the Company with Silaner Investments Limited (“Silaner”),
an affiliate of the Company’s chairman, and the lender of the
Silaner Credit Facility. Silaner released an amount equal to the
outstanding principal of $3,115 (but left an amount equal to $74
outstanding, which continued to accrue interest 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.
Subsequent to the closing of the February 2017 private placement,
Globus repaid the outstanding amount on the Silaner Credit Facility
in its entirety. The Silaner Credit Facility remains available to
the Company until January 12, 2018.
Each of the above mentioned warrants are
exercisable for 24 months after their respective issuance. Under
the terms of the warrants, all warrant holders (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 warrant holder, together with its affiliates and attribution
parties, to beneficially own a number of common shares which would
exceed 4.99% (which may be increased, but not to exceed 9.99%) of
the Company’s 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 warrant holder from
acquiring up to 4.99% of the Company’s common shares, selling all
of their common shares, and re-acquiring up to 4.99% of the
Company’s common shares.
CONSOLIDATED FINANCIAL & OPERATING
DATA
|
Three months ended |
Nine months ended |
|
September 30, |
|
September 30, |
|
2017 |
2016 |
2017 |
2016 |
(in thousands of U.S. dollars, except per share data) |
(unaudited) |
(unaudited) |
|
|
|
|
|
Statement of comprehensive income data: |
|
|
|
|
|
|
|
|
|
Voyage
revenues |
3,982 |
2,523 |
10,281 |
6,309 |
Management fee income |
- |
- |
31 |
91 |
Total Revenues |
3,982 |
2,523 |
10,312 |
6,400 |
|
|
|
|
|
Voyage
expenses |
(634) |
(208) |
(1,391) |
(935) |
Vessel
operating expenses |
(2,374) |
(2,062) |
(6,712) |
(6,348) |
Depreciation |
(1,190) |
(1,235) |
(3,659) |
(3,779) |
Depreciation of dry docking costs |
(178) |
(246) |
(582) |
(784) |
Administrative expenses |
(346) |
(795) |
(1,238) |
(1,674) |
Administrative expenses payable to related parties |
(114) |
(81) |
(229) |
(243) |
Share-based payments |
(10) |
(15) |
(30) |
(45) |
Gain from
sale of subsidiary |
- |
- |
- |
2,257 |
Other
expenses, net |
15 |
42 |
90 |
(27) |
Operating (loss)/profit before financing
activities |
(849) |
(2,077) |
(3,439) |
(5,178) |
Interest
income |
- |
- |
- |
5 |
Interest
expense and finance costs |
(597) |
(698) |
(1,585) |
(2,167) |
Foreign
exchange (losses)/gains, net |
(27) |
(16) |
(174) |
(35) |
Total finance costs, net |
(624) |
(714) |
(1,759) |
(2,197) |
Total comprehensive (loss)/income for the
period |
(1,473) |
(2,791) |
(5,198) |
(7,375) |
|
|
|
|
|
Basic & diluted (loss)/earnings per share for the period |
(0.05) |
(1.07) |
(0.22) |
(2.84) |
Adjusted (LBITDA)/EBITDA (1) |
519 |
(596) |
802 |
(2,872) |
(1) Adjusted (LBITDA)/EBITDA represents net
(loss)/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 (LBITDA)/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 (LBITDA)/EBITDA may not be
comparable to that reported by other companies. Adjusted
(LBITDA)/EBITDA is not a recognized measurement under IFRS.
Adjusted (LBITDA)/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 (LBITDA)/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 (LBITDA)/EBITDA does not reflect our cash expenditures
or future requirements for capital expenditures or contractual
commitments;
- Adjusted (LBITDA)/EBITDA does not reflect the interest expense
or the cash requirements necessary to service interest or principal
payments on our debt;
- Adjusted (LBITDA)/EBITDA does not reflect changes in or cash
requirements for our working capital needs; and
- Other companies in our industry may calculate Adjusted
(LBITDA)/EBITDA differently than we do, limiting its usefulness as
a comparative measure.
Because of these limitations, Adjusted
(LBITDA)/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 (LBITDA)/EBITDA to total comprehensive
(loss) and net cash (used in)/ generated from operating activities
for the periods presented:
|
Three months ended |
Nine months ended |
|
September 30, |
September 30, |
(Expressed in thousands of U.S. dollars) |
2017 |
2016 |
2017 |
2016 |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Total comprehensive (loss)/income for the
period |
(1,473 |
) |
(2,791 |
) |
(5,198 |
) |
(7,375 |
) |
Interest
and finance costs, net |
597 |
|
698 |
|
1,585 |
|
2,162 |
|
Foreign
exchange gains net, |
27 |
|
16 |
|
174 |
|
35 |
|
Depreciation |
1,190 |
|
1,235 |
|
3,659 |
|
3,779 |
|
Depreciation of dry docking costs |
178 |
|
246 |
|
582 |
|
784 |
|
Gain
from sale of subsidiary |
- |
|
- |
|
- |
|
(2,257 |
) |
Adjusted
(LBITDA)/EBITDA |
519 |
|
(596 |
) |
802 |
|
(2,872 |
) |
Share-based payments |
10 |
|
15 |
|
30 |
|
45 |
|
Payment
of deferred dry docking costs |
(508 |
) |
- |
|
(685 |
) |
4 |
|
Net
(increase)/decrease in operating assets |
175 |
|
685 |
|
311 |
|
(530 |
) |
Net
(decrease)/increase in operating liabilities |
1,654 |
|
(933 |
) |
708 |
|
(77 |
) |
Provision for staff retirement indemnities |
1 |
|
1 |
|
3 |
|
3 |
|
Foreign
exchange gains net, not attributed to cash & cash
equivalents |
(173 |
) |
(51 |
) |
(534 |
) |
(126 |
) |
Net cash (used in)/ generated from operating
activities |
1,678 |
|
(879 |
) |
635 |
|
(3,553 |
) |
|
Three months ended |
Nine months ended |
|
September 30, |
September 30, |
(Expressed in thousands of U.S. dollars) |
2017 |
2016 |
2017 |
2016 |
|
(Unaudited) |
(Unaudited) |
Statement of cash flow data: |
|
|
Net cash
(used in)/generated from operating activities |
1,678 |
(879) |
635 |
(3,553) |
Net cash
(used in)/generated from investing activities |
(219) |
(14) |
(227) |
368 |
Net cash
generated/(used in) financing activities |
(2,066) |
992 |
(351) |
3,223 |
|
As of September 30, |
As of December 31, |
(Expressed in thousands of U.S. Dollars) |
2017 |
2016 |
|
(Unaudited) |
Consolidated condensed statement of financial
position: |
|
|
Vessels, net |
88,472 |
91,792 |
Other
non-current assets |
46 |
55 |
Total non-current assets |
88,518 |
91,847 |
Cash
and bank balances and bank deposits |
220 |
163 |
Other
current assets |
1,673 |
1,986 |
Total current assets |
1,893 |
2,149 |
Total assets |
90,411 |
93,996 |
Total equity |
41,401 |
20,760 |
Total
debt net of unamortized debt discount |
41,798 |
65,573 |
Other
liabilities |
7,212 |
7,663 |
Total
liabilities |
49,010 |
73,236 |
Total equity and liabilities |
90,411 |
93,996 |
|
|
|
|
|
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, 2016 |
10 |
110,004 |
(89,254) |
20,760 |
Loss for the period |
- |
- |
(5,198) |
(5,198) |
Issuance of common stock (1) |
100 |
24,900 |
- |
25,000 |
Issuance of common stock due to exercise of warrants (2) |
2 |
809 |
- |
811 |
Share-based payments |
1 |
27 |
- |
28 |
As at September
30,
2017 |
113 |
135,740 |
(94,452) |
41,401 |
(1) For more details see section titled “Share
and warrant purchase agreement”.(2) Pursuant to the “Share and
warrant purchase agreement”, warrants to buy 7,000 and 500,000
common shares were exercised in June and September 2017
respectively.
|
|
|
|
Three months ended September
30, |
Nine months ended September 30, |
|
2017 |
2016 |
2017 |
2016 |
|
|
|
|
Ownership days (1) |
460 |
460 |
1,365 |
1,448 |
Available days (2) |
439 |
460 |
1,343 |
1,448 |
Operating days (3) |
427 |
435 |
1,310 |
1,404 |
Fleet utilization (4) |
97.2% |
94.6% |
97.5% |
97.0% |
Average number of vessels (5) |
5.0 |
5.0 |
5.0 |
5.3 |
Daily time charter equivalent (TCE) rate (6) |
7,621 |
5,031 |
6,620 |
3,711 |
Daily operating expenses (7) |
5,160 |
4,483 |
4,917 |
4,384 |
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 excluding bareboat charter
days, 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 excluding bareboat charter
days.
Voyage Revenues to Daily Time Charter
Equivalent (“TCE”) Reconciliation
|
|
|
|
|
|
Three months ended September 30, |
Nine months ended September
30, |
|
2017 |
2016 |
2017 |
2016 |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Voyage
revenues |
3,982 |
2,523 |
10,281 |
6,309 |
Less:
Voyage expenses |
634 |
208 |
1,391 |
935 |
Net
revenue excluding bareboat charter revenue |
3,348 |
2,315 |
8,890 |
5,374 |
Available
days net of bareboat charter days |
439 |
460 |
1,343 |
1,448 |
Daily TCE
rate |
7,621 |
5,031 |
6,620 |
3,711 |
|
|
|
|
|
About Globus Maritime
LimitedGlobus 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 9.6 years as
of September 30, 2017.
Safe Harbor StatementThis
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
Athanasios Feidakis, CEO
+30 210 960
8300a.g.feidakis@globusmaritime.gr
Capital Link – New York
Nicolas Bornozis
+1 212 661
7566globus@capitallink.com
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