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 six
month period ended June 30, 2018.
- In H1 2018, Total revenues
increased by about 33% compared to H1 2017 .
- In Q2 2018, Total revenues
increased by about 20% compared to Q2 2017.
- Increase in costs due to
general upgrading of the fleet and emergency repairs.
Financial Highlights |
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
(Expressed in thousands of U.S dollars except for daily rates and
per share data) |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Total
revenues |
4,194 |
|
3,502 |
|
8,132 |
|
6,097 |
|
Adjusted
EBITDA (1) |
894 |
|
656 |
|
1,282 |
|
283 |
|
Total
comprehensive loss |
(938) |
|
(1,383) |
|
(2,473) |
|
(3,725) |
|
Basic
loss per share (2) |
(0.03) |
|
(0.05) |
|
(0.08) |
|
(0.17) |
|
Daily
Time charter equivalent rate (TCE) (3) |
9,353 |
|
7,173 |
|
8,689 |
|
6,133 |
|
Average
operating expenses per vessel per day |
5,928 |
|
4,710 |
|
5,837 |
|
4,794 |
|
Average
number of vessels |
5.0 |
|
5.0 |
|
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)/ 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 six month period ended June 30, 2018 was 31,961,612 compared to
22,353,211 shares for the six month period ended June 30, 2017. The
weighted average number of shares for the three month period ended
June 30, 2018 was 32,025,735 compared to 27,630,651 shares for the
three month period ended June 30, 2017. (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: 10.3
Years as of June 30, 2018 |
|
300,571 |
|
Current Fleet Deployment
All our vessels are currently operating on short
term time charters (“on spot”). Management
Commentary “In the first half of 2018, we experienced TCE
rates as high as $17K per day representing an overall increase of
41.7% when compared to the first half of 2017. We were pleased with
our results which were affected positively by the spike in rates
and expect the positive momentum to continue throughout next month
with the market retaining its upward movement.
“In anticipation of the seasonally stronger
quarters, we carried out emergency repairs and general upgrading of
the fleet.
“At present we are focusing our strategy in
further improving our balance sheet and formulating a policy to
start the renewal of our fleet.
“We continue to look into accretive transactions
such as vessel acquisition and disposals as well as debt
refinancing, which will increase our net asset value while we
remain firm in our commitment to enhance our shareholder value as
well as maintain the safety of our vessels.”
Management Discussion and Analysis of the
Results of Operations
Second quarter of the year 2018 compared
to the second quarter of the year 2017
Total comprehensive loss for the second quarter
of the year 2018 amounted to $0.9 million or $0.03 basic loss per
share based on 32,025,735 weighted average number of shares,
compared to total comprehensive loss of $1.4 million for the same
period last year or $0.05 basic loss per share based on 27,630,651
weighted average number of shares.
The following table corresponds to the breakdown
of the factors that led to the decrease in total comprehensive loss
during the second quarter of 2018 compared to the second quarter of
2017 (expressed in $000’s):
2nd Quarter of 2018 vs 2nd
Quarter of 2017 |
|
|
|
Net loss for the 2nd quarter of
2017 |
(1,383) |
|
Increase in voyage revenues |
692 |
|
Decrease in Voyage expenses |
47 |
|
Increase in Vessels operating expenses |
(554) |
|
Decrease in Depreciation |
87 |
|
Increase in Depreciation of dry docking costs |
(86) |
|
Decrease in Total administrative expenses |
29 |
|
Decrease in Other expenses, net |
24 |
|
Increase in Interest expense and finance costs |
(17) |
|
Increase in Foreign exchange gains |
223 |
|
Net loss for the 2nd quarter of
2018 |
(938) |
|
Voyage revenuesDuring the
three-month period ended June 30, 2018 and 2017, our Voyage
revenues reached $4.2 million and $3.5 million respectively. The
20% increase in Voyage revenues was mainly attributed to the
increase in the average time charter rates achieved by our vessels
during the second quarter of 2018 compared to the same period in
2017. Daily Time Charter Equivalent rate (TCE) for the second
quarter of 2018 was $9,353 per vessel per day against $7,173 per
vessel per day during the same period in 2017 corresponding to an
increase of 30%.
Voyage expenses Voyage expenses
reached $0.2 million during the second quarter of both 2018 and
2017. 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
second quarter of 2018 and 2017 are analyzed as follows:
In $000’s |
2018 |
2017 |
Commissions |
71 |
63 |
Bunkers expenses |
45 |
152 |
Other voyage expenses |
75 |
23 |
Total |
191 |
238 |
|
|
|
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, increased by $0.6 million or 29% to $2.7 million during
the three month period ended June 30, 2018 compared to $2.1 million
during the same period in 2017. The breakdown of our operating
expenses for the quarters ended June 30, 2018 and 2017 was as
follows:
|
2018 |
|
2017 |
|
Crew expenses |
44% |
|
53% |
|
Repairs and spares |
35% |
|
22% |
|
Insurance |
4% |
|
8% |
|
Stores |
8% |
|
7% |
|
Lubricants |
5% |
|
7% |
|
Other |
4% |
|
3% |
|
Average daily operating expenses during the
three month period ended June 30, 2018 and 2017 were $5,928 per
vessel per day and $4,710 per vessel per day respectively,
corresponding to an increase of 26%. We deem this to be
extraordinary event with no lasting impact on our operating
expenses which we expect to decrease throughout the year.
Interest expense and finance
costsInterest expense and finance costs reached $0.5
million for the second quarter of 2018 and 2017. Interest expense
and finance costs for the second quarter of 2018 and 2017 are
analyzed as follows:
In $000’s |
2018 |
2017 |
Interest
payable on long-term borrowings |
508 |
447 |
Bank
charges |
7 |
9 |
Amortization of debt discount |
18 |
21 |
Other
finance expenses |
2 |
41 |
Total |
535 |
518 |
|
|
|
First half of the year 2018 compared to
the first half of the year 2017
Total comprehensive loss for the first half of
the year 2018 amounted to $2.5 million or $0.08 basic loss per
share based on 31,961,612 weighted average number of shares,
compared to total comprehensive loss of $3.7 million for the same
period last year or $0.17 basic loss per share based on 22,353,211
weighted average number of shares.
The following table corresponds to the breakdown
of the factors that led to the decrease in total comprehensive loss
during the first half of 2018 compared to the first half of 2017
(expressed in $000’s):
1st half of 2018 vs 1st
half of 2017 |
|
|
|
Net loss for the 1st half of
2017 |
(3,725) |
|
Increase in voyage revenues |
2,066 |
|
Decrease in Management fee income |
(31) |
|
Increase in Voyage expenses |
(85) |
|
Increase in Vessels operating expenses |
(944) |
|
Decrease in Depreciation |
188 |
|
Increase in Depreciation of dry docking costs |
(89) |
|
Decrease in Total administrative expenses |
65 |
|
Decrease in Other income, net |
(72) |
|
Increase in Interest expense and finance costs |
(39) |
|
Decrease in Foreign exchange losses |
193 |
|
Net loss for the 1st half of
2018 |
(2,473) |
|
Voyage revenuesDuring the
six-month period ended June 30, 2018 and 2017, our Voyage revenues
reached $8.1 million and $6.1 million respectively. The 33%
increase in Voyage revenues was mainly attributed to the increase
in the average time charter rates achieved by our vessels during
the first half of 2018 compared to the same period in 2017. Daily
Time Charter Equivalent rate (TCE) for the first half of 2018 was
$8,689 per vessel per day against $6,133 per vessel per day during
the same period in 2017 corresponding to an increase of 42%.
Voyage expenses Voyage expenses
reached $0.6 million during the first half of 2018 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 half of 2018 and 2017 are
analyzed as follows:
In $000’s |
2018 |
2017 |
Commissions |
130 |
103 |
Bunkers expenses |
322 |
341 |
Other voyage expenses |
158 |
81 |
Total |
610 |
525 |
|
|
|
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, reached $5.3 million during the first half of 2018
compared to $4.3 million during the first half of 2017. The
breakdown of our operating expenses for the six month period ended
June 30, 2018 and 2017 was as follows:
|
2018 |
|
2017 |
|
Crew expenses |
46% |
|
53% |
|
Repairs and spares |
30% |
|
23% |
|
Insurance |
5% |
|
8% |
|
Stores |
11% |
|
7% |
|
Lubricants |
5% |
|
6% |
|
Other |
3% |
|
3% |
|
Average daily operating expenses during the
six-month periods ended June 30, 2018 and 2017 were $5,837 per
vessel per day and $4,794 per vessel per day respectively,
corresponding to an increase of 22%. We deem this to be an
extraordinary event with no lasting impact on our operating
expenses which we expect to decrease throughout the year.
Interest expense and finance
costsInterest expense and finance costs reached $1 million
during the first half of both 2018 and 2017. Interest expense and
finance costs for the first half of 2018 and 2017 are analyzed as
follows:
In $000’s |
2018 |
2017 |
Interest payable on
long-term borrowings |
971 |
874 |
Bank charges |
15 |
18 |
Amortization of debt
discount |
38 |
43 |
Other finance
expenses |
3 |
53 |
Total |
1,027 |
988 |
|
|
|
Liquidity and capital
resourcesAs of June 30, 2018 and 2017, our cash and bank
balances and bank deposits were $1.6 million and $0.8 million
respectively.
Net cash generated from operating
activities for the three month period ended June 30, 2018
was $1.1 million compared to net cash used in operating activities
of $0.1 million during the respective period in 2017. The increase
in our cash from operations was mainly attributed to the positive
movement of working capital during the second quarter of 2018
compared to the negative one during the respective period in
2017.
Net cash generated from operating
activities for the six month period ended June 30, 2018
was $1.2 million compared to net cash used in operating activities
of $0.7 million during the respective period in 2017. The increase
in our cash from operations was mainly attributed to the increase
in our adjusted EBITDA from $0.3 million during the first half of
2017 to $1.3 million during the six month period under
consideration.
Net cash (used in)/generated from
financing activities during the three month and six month
period ended June 30, 2018 and 2017 were as follows:
|
Three months ended June
30, |
|
Six months ended June
30, |
|
In $000’s |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Proceeds from issuance of share capital |
- |
|
11 |
|
600 |
|
5,011 |
|
Repayment of long term debt |
(1,550) |
|
- |
|
(2,244) |
|
(1,406) |
|
Restricted cash |
(140) |
|
- |
|
210 |
|
- |
|
Interest paid |
(392) |
|
(635) |
|
(920) |
|
(2,230) |
|
Net cash (used in)/generated from
financing activities |
(2,082) |
|
(624) |
|
(2,354) |
|
1,375 |
|
|
|
|
|
|
|
|
|
|
As of June 30, 2018 and 2017 we and our
vessel-owning subsidiaries had outstanding borrowings under our
Loan agreement with the Loan agreement with DVB Bank SE and the
Loan agreement with HSH Nordbank AG of an aggregate of $39.4
million and $44.4 million respectively gross of unamortized debt
discount.
Exercise of WarrantsIn January
2018, an investor partially exercised his warrant by purchasing
375,000 of the Company’s common shares for aggregate gross proceeds
to the Company of $600,000. For guidance please refer to our last
published Annual Report discussing in detail t the Company’s Share
and Warrant Purchase Agreement of February 8, 2017 (“February 2017
private placement”).
As of June 30, 2018, in connection with the
February 2017 private placement, the February 2017 Warrants
outstanding were exercisable for an aggregate of 30,523,209 common
shares.
Receipt of Nasdaq Notice of
Deficiency
On May 4, 2018, we announced that we had
received written notification from The Nasdaq Stock Market
(“Nasdaq”) dated April 30, 2018, 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 is 180 days, or until October 29, 2018.
We intend to monitor the closing bid price of
our common stock between now and October 29, 2018 and are
considering our options, including a potential reverse stock split,
in order to regain compliance with the Nasdaq Capital Market
minimum bid price requirement. We 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 we do not regain compliance within the 180‐day grace
period and we meet all other listing standards and requirements we
may be eligible for an additional 180‐ day grace period.We intend
to cure the deficiency within the prescribed grace period. During
this time, our common stock will continue to be listed and trade on
the Nasdaq Capital Market. Our business operations are not affected
by the receipt of the notification.
SELECTED CONSOLIDATED FINANCIAL &
OPERATING DATA
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
(in thousands of U.S. dollars, except per share data) |
(unaudited) |
(unaudited) |
Consolidated statement of comprehensive loss
data: |
|
|
|
|
Voyage
revenues |
4,194 |
|
3,502 |
|
8,132 |
|
6,066 |
|
Management fee income |
- |
|
- |
|
- |
|
31 |
|
Total Revenues |
4,194 |
|
3,502 |
|
8,132 |
|
6,097 |
|
|
|
|
|
|
Voyage
expenses |
(191) |
|
(238) |
|
(610) |
|
(525) |
|
Vessel
operating expenses |
(2,697) |
|
(2,143) |
|
(5,282) |
|
(4,338) |
|
Depreciation |
(1,147) |
|
(1,234) |
|
(2,281) |
|
(2,469) |
|
Depreciation of dry docking costs |
(281) |
|
(195) |
|
(494) |
|
(405) |
|
Administrative expenses |
(279) |
|
(333) |
|
(676) |
|
(758) |
|
Administrative expenses payable to related parties |
(132) |
|
(107) |
|
(267) |
|
(250) |
|
Share-based payments |
(10) |
|
(10) |
|
(20) |
|
(20) |
|
Other
(expenses)/income, net |
9 |
|
(15) |
|
5 |
|
77 |
|
Operating (loss)/profit before financing
activities |
(534) |
|
(773) |
|
(1,493) |
|
(2,591) |
|
Interest
expense and finance costs |
(535) |
|
(518) |
|
(1,027) |
|
(988) |
|
Foreign
exchange (losses)/gains, net |
131 |
|
(92) |
|
47 |
|
(146) |
|
Total finance costs, net |
(404) |
|
(610) |
|
(980) |
|
(1,134) |
|
Total comprehensive loss for the period |
(938) |
|
(1,383) |
|
(2,473) |
|
(3,725) |
|
|
|
|
|
|
Basic
& diluted loss per share for the period(1) |
(0.03) |
|
(0.05) |
|
(0.08) |
|
(0.17) |
|
Adjusted
EBITDA (2) |
894 |
|
656 |
|
1,282 |
|
283 |
|
(1) The weighted average number of shares for
the six month period ended June 30, 2018 was 31,961,612 compared to
22,353,211 shares for the six month period ended June 30, 2017. The
weighted average number of shares for the three month period ended
June 30, 2018 was 32,025,735 compared to 27,630,651 shares for the
three month period ended June 30, 2017.
(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)/ generated from operating activities for the
periods presented:
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
(Expressed in thousands of U.S. dollars) |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Total comprehensive loss for the period |
(938) |
|
(1,383) |
|
(2,473) |
|
(3,725) |
|
Interest
and finance costs, net |
535 |
|
518 |
|
1,027 |
|
988 |
|
Foreign
exchange losses/(gains) net, |
(131) |
|
92 |
|
(47) |
|
146 |
|
Depreciation |
1,147 |
|
1,234 |
|
2,281 |
|
2,469 |
|
Depreciation of dry docking costs |
281 |
|
195 |
|
494 |
|
405 |
|
Adjusted
EBITDA |
894 |
|
656 |
|
1,282 |
|
283 |
|
Share-based payments |
10 |
|
10 |
|
30 |
|
20 |
|
Payment
of deferred dry docking costs |
(170) |
|
(49) |
|
(290) |
|
(176) |
|
Net
(increase)/decrease in operating assets |
207 |
|
(106) |
|
(612) |
|
136 |
|
Net
(decrease)/increase in operating liabilities |
180 |
|
(375) |
|
831 |
|
(946) |
|
Provision for staff retirement indemnities |
1 |
|
1 |
|
2 |
|
2 |
|
Foreign
exchange (losses)/gains net, not attributed to cash & cash
equivalents |
7 |
|
- |
|
(14) |
|
(23) |
|
Net cash (used in)/generated from operating
activities |
1,129 |
|
137 |
|
1,229 |
|
(704) |
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
(Expressed in thousands of U.S. dollars) |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
(Unaudited) |
(Unaudited) |
Statement of cash flow data: |
|
|
|
Net cash
(used in)/generated from operating activities |
1,129 |
|
137 |
|
1,229 |
|
(704) |
|
Net cash
(used in)/generated from investing activities |
(16) |
|
(1) |
|
(43) |
|
(8) |
|
Net cash
(used in)/generated from financing activities |
(2,082) |
|
(624) |
|
(2,354) |
|
1,375 |
|
|
As of June 30, |
As of December 31, |
(Expressed in thousands of U.S.
Dollars) |
2018 |
2017 |
|
(Unaudited) |
Consolidated condensed statement of
financial position: |
|
|
Vessels, net |
85,587 |
87,320 |
Other non-current assets |
60 |
53 |
Total non-current
assets |
85,647 |
87,373 |
Cash and bank balances and bank
deposits |
1,588 |
2,756 |
Other current assets |
1,876 |
1,474 |
Total current assets |
3,464 |
4,230 |
Total assets |
89,111 |
91,603 |
Total equity |
42,125 |
43,968 |
Total debt net of unamortized debt
discount |
39,333 |
41,538 |
Other liabilities |
7,653 |
6,097 |
Total
liabilities |
46,986 |
47,635 |
Total equity and
liabilities |
89,111 |
91,603 |
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,
2017 |
126 |
139,571 |
(95,729) |
43,968 |
|
Loss for the period |
- |
- |
(2,473) |
(2,473) |
|
Issuance of common stock due to exercise of
warrants (1) |
2 |
598 |
- |
600 |
|
Share-based payments |
- |
30 |
- |
30 |
|
As at June
30,
2018 |
128 |
140,199 |
(98,202) |
42,125 |
|
(1) Following the “February 2017 private
placement”, warrants to buy 375,000 common shares were exercised in
January 2018.
|
Three months ended June
30, |
|
Six months ended June
30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
Ownership days (1) |
455 |
|
455 |
|
905 |
|
905 |
|
Available days (2) |
428 |
|
455 |
|
866 |
|
904 |
|
Operating days (3) |
417 |
|
451 |
|
847 |
|
882 |
|
Fleet utilization (4) |
97.6% |
|
99% |
|
97.8% |
|
97.7% |
|
Average number of vessels (5) |
5.0 |
|
5.0 |
|
5.0 |
|
5.0 |
|
Daily time charter equivalent (TCE) rate
(6) |
9,353 |
|
7,173 |
|
8,689 |
|
6,133 |
|
Daily operating expenses (7) |
5,928 |
|
4,710 |
|
5,837 |
|
4,794 |
|
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 June 30, |
Six months ended June 30, |
|
2018 |
2017 |
2018 |
2017 |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Voyage
revenues |
4,194 |
3,502 |
8,132 |
6,066 |
Less:
Voyage expenses |
191 |
238 |
610 |
525 |
Net revenues |
4,003 |
3,264 |
7,522 |
5,541 |
Available
days net of bareboat charter days |
428 |
455 |
866 |
904 |
Daily TCE
rate |
9,353 |
7,173 |
8,689 |
6,133 |
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 five vessels with a total carrying
capacity of 300,571 Dwt and a weighted average age of 10.3 years as
of June 30, 2018.
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 +30 210 960
8300Athanasios Feidakis, CEO a.g.feidakis@globusmaritime.gr
Capital Link – New York +1 212 661 7566Nicolas
Bornozis globus@capitallink.com
Globus Maritime (NASDAQ:GLBS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Globus Maritime (NASDAQ:GLBS)
Historical Stock Chart
From Apr 2023 to Apr 2024