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, 2018.
- In Q3 2018 the
Company had total comprehensive income of US$254 thousand compared
to a loss of US$1,473 thousand in Q3 2017.
- In 9M 2018, Total revenues
increased by about 31% compared to 9M 2017.
- In Q3 2018, Total revenues
increased by about 27% compared to Q3 2017.
- In Q3 2018, Vessel
Operating expenses decreased by around 14% compared to Q3
2017.
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) |
2018 |
2017 |
2018 |
2017 |
Total
revenues |
4,861 |
3,834 |
12,993 |
9,931 |
Adjusted
EBITDA (1) |
2,254 |
519 |
3,534 |
802 |
Total
comprehensive income/(loss) |
254 |
(1,473) |
(2,219) |
(5,198) |
Basic
earnings/(loss) per share (2) |
0.08 |
(0.53) |
(0.69) |
(2.15) |
Time
charter equivalent rate (“TCE”) (3) |
10,317 |
7,621 |
9,254 |
6,620 |
Average
operating expenses per vessel per day |
4,453 |
5,160 |
5,370 |
4,917 |
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 income(loss) and net cash generated from
operating activities, which are the most directly comparable
financial measures calculated and presented in accordance with the
GAAP measures. (2) Shares and per share data give effect to
the 1‐for‐10 reverse stock split, approved on October 8,
2018, and became effective on October 15, 2018.The weighted average
number of shares for the nine month period ended September 30, 2018
was 3,198,894 compared to 2,414,814 shares for the nine month
period ended September 30, 2017. The weighted average number of
shares for the three month period ended September 30, 2018 was
3,204,271 compared to 2,767,769 shares for the three month period
ended September 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 |
YearBuilt |
Yard |
Type |
Month/YearDelivered |
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: 10.6 Years as of
September 30, 2018 |
|
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:
“After four long years, we are pleased to report
our return to profitability.”
“Our effort to control costs as well as the
strengthening of the market led us to positive quarterly
results. We managed to decrease our operational costs by about 25%
compared to last quarter without hampering our operational ability
and utilization of the fleet.
“We are very encouraged to see an improved
sentiment across all sectors compared to a year ago. In the
Dry Bulk sector, not only have we experienced a higher BDI, but
also the demand for dry bulk vessels is picking up significantly
during the recent months with rates increasing in the Atlantic and
Pacific basins. As a result, we have enjoyed higher rates and
this is evident in our results for the third quarter and nine
months. In Q3 2018, total revenues increased by about 27%
compared to Q3 in 2017, resulting in a total comprehensive income
of $254,000. During the first nine months of 2018, overall total
revenues increased by about 31% compared to the nine month period
in 2017. We are delighted with our performance and
overall improvement of the dry bulk sector.
“Additionally we are pleased to report our
recent developments are as follows:
- On October 29, 2018 and following our Reverse Split effect of
October 15, 2018 we have received notice from NASDAQ Stock Exchange
that we have regained compliance with the price of $1.00 per share
minimum closing bid price requirement for continued listing on the
NASDAQ Capital Market, pursuant to the NASDAQ marketplace
rules.
- In that same month, the Company signed a non-binding term
sheet with a first class international bank for up to US$14 million
in order to refinance two of its vessels. The transaction should
close on or about December 15, 2018;
- Furthermore, at present we are working in reaching an
agreement with an entity that may be deemed an affiliated
party through common control. The potential transaction is
comprised of a revolving credit facility agreement of up to US$15
million.
“Once all the above take effect we will work
with a restored balance sheet with significant liquidity
being available to us so we may start looking at accretive
acquisition opportunities to enhance not only shareholder
value but also stabilize the financial growth of our
company”
Third quarter of the year 2018 compared to
the third quarter of the year 2017
Total comprehensive income for the third quarter
of the year 2018 amounted to $0.3 million or $0.08 basic earnings
per share based on 3,204,271 weighted average number of shares,
compared to total comprehensive loss of $1.5 million for the same
period last year or $0.53 basic loss per share based on 2,767,769
weighted average number of shares.
The following table corresponds to the breakdown
of the factors that led to the total comprehensive income during
the third quarter of 2018 compared to the total comprehensive loss
for the corresponding quarter in 2017 (expressed in
$000’s):
3rd Quarter of 2018 vs 3rd Quarter of
2017
Net loss for the 3rd quarter of 2017 |
(1,473) |
Increase
in Voyage revenues |
1,027 |
Decrease
in Voyage expenses |
370 |
Decrease
in Vessels operating expenses |
326 |
Decrease
in Depreciation |
31 |
Increase
in Depreciation of dry docking costs |
(102) |
Decrease
in Total administrative expenses |
6 |
Increase
in Other income, net |
8 |
Decrease
in Interest expense and finance costs |
57 |
Decrease
in Foreign exchange losses |
4 |
Net income for the 3rd quarter of 2018 |
254 |
Voyage revenuesDuring the
three-month period ended September 30, 2018 and 2017, our revenue
reached $4.9 million and $3.8 million respectively. The 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 2018 compared to the same period in 2017. Time Charter
Equivalent rate (“TCE”) for the third quarter of 2018 amounted to
$10,317 per vessel per day against $7,621 per vessel per day during
the same period in 2017 corresponding to an increase of 35%.
Voyage expenses Voyage expenses
reached $0.1 million during the third quarter 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 third quarter of 2018
and 2017 are analyzed as follows:
In
$000’s |
2018 |
2017 |
Commissions |
79 |
63 |
Bunkers
expenses |
45 |
380 |
Other
voyage expenses |
9 |
43 |
Total |
116 |
486 |
|
|
|
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, decreased by $0.4 million or 17% to $2.0 million during
the three month period ended September 30, 2018 compared to $2.4
million during the same period in 2017. The breakdown of our
operating expenses for the quarters ended September 30, 2018 and
2017 was as follows:
|
2018 |
|
2017 |
|
Crew
expenses |
56% |
|
50% |
|
Repairs
and spares |
19% |
|
24% |
|
Insurance |
9% |
|
7% |
|
Stores |
8% |
|
10% |
|
Lubricants |
4% |
|
6% |
|
Other |
4% |
|
3% |
|
Average daily operating expenses during the
three-month periods ended September 30, 2018 and 2017 were $4,453
per vessel per day and $5,160 per vessel per day respectively,
corresponding to a decrease of 14%.
Nine month period ended September 30, 2018
compared to the nine month period ended September 30,
2017
Total comprehensive loss for the nine month
period ended September 30, 2018 amounted to $2.2 million or $0.69
basic loss per share based on 3,198,894 weighted average number of
shares, compared to total comprehensive loss of $5.2 million for
the same period last year or $2.15 basic loss per share based on
2,414,818 weighted average number of shares.
The following table corresponds to the breakdown
of the factors that led to the decrease of the total comprehensive
loss for the nine month period ended September 30, 2018 compared to
the total comprehensive loss ended September 30, 2017 (expressed in
$000’s):
9 month period of 2018 vs 9 month period
of 2017
Net loss for the 9 month period of 2017 |
(5,198) |
|
Increase
in Voyage revenues |
3,093 |
|
Decrease
in Management fee income |
(31) |
|
Decrease
in Voyage expenses |
285 |
|
Increase
in Vessels operating expenses |
(619) |
|
Decrease
in Depreciation |
219 |
|
Increase
in Depreciation of dry docking costs |
(190) |
|
Decrease
in Total administrative expenses |
67 |
|
Decrease
in Other income, net |
(63) |
|
Decrease
in Interest expense and finance costs |
19 |
|
Decrease
in Foreign exchange losses |
199 |
|
Net loss for the 9 month period of 2018 |
(2,219) |
|
Voyage revenuesDuring the nine
month period ended September 30, 2018 and 2017, our Voyage revenue
reached $13 million and $9.9 million respectively. The 31% 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, 2018 compared to the same period in
2017. Time Charter Equivalent rate (“TCE”) for the nine month
period in 2018 amounted to $9,254 per vessel per day against $6,620
per vessel per day during the same period in 2017 corresponding to
an increase of 40%.
Voyage expenses Voyage expenses
reached $0.7 million during the nine month period ended September
30, 2018 compared to $1 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 2018 and 2017 are analyzed as follows:
In
$000’s |
2018 |
2017 |
Commissions |
209 |
166 |
Bunkers
expenses |
368 |
721 |
Other
voyage expenses |
148 |
123 |
Total |
725 |
1,010 |
|
|
|
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, reached $7.3 million during the nine month period ended
September 30, 2018 compared to $6.7 million during the same period
in 2017. The breakdown of our operating expenses for the nine month
period ended September 30, 2018 and 2017 was as follows:
|
2018 |
|
2017 |
|
Crew
expenses |
48% |
|
52% |
|
Repairs
and spares |
27% |
|
23% |
|
Insurance |
6% |
|
8% |
|
Stores |
10% |
|
8% |
|
Lubricants |
5% |
|
6% |
|
Other |
4% |
|
3% |
|
Average daily operating expenses during the nine
periods ended September 30, 2018 and 2017 were $5,370 per vessel
per day and $4,914 per vessel per day respectively, corresponding
to an increase of 9%.
Interest expense and finance
costsInterest expense and finance costs reached $1.6
million during the nine month period ended September 30, 2018 and
2017. The weighted average interest rate on our debt outstanding
during the nine month period ended September 30, 2018 reached 4.8%
compared to 3.7% during the same period last year. Our weighted
average debt outstanding during the nine month period in 2018 was
$40.4 million compared to $47.5 million during the same period last
year. Interest expense and finance costs for the nine month period
in 2018 and 2017 are analyzed as follows:
In
$000’s |
2018 |
2017 |
Interest
payable on long-term borrowings |
1,483 |
1,332 |
Bank
charges |
22 |
25 |
Amortization of debt discount |
56 |
64 |
Other
finance expenses |
5 |
164 |
Total |
1,566 |
1,585 |
|
|
|
Liquidity and capital
resourcesAs of September 30, 2018 and 2017, our cash and
bank balances and bank deposits were $0.8 million and $0.2 million
respectively.
In October the Company has signed a non-binding
term sheet with a first class international bank for up to US$14
million in order to refinance two of its vessels. The proposed loan
would carry a 5 year tenor and an interest of LIBOR + 4.25%.
Both parties are working together on documentation and all
customary closing steps. We expect to close on the loan
around December 15, 2018.
At present we are in process
of reaching an agreement with an entity that may be
deemed an affiliated party through common control. The potential
transaction is comprised of a revolving credit facility agreement
of up to US$15 million. This facility is expected to have a tenor
of 2 years and an interest rate of 7% per annum (plus a default
interest rate) as well as a prepayment conversion clause where the
Company in its sole option shall have the right to convert in whole
or in part any outstanding unpaid principal amount and accrued but
unpaid interest at a 20% discount off the 10 day volume weighted
average price of our common shares. The Company expects to
close on the transaction in 2018.
Net cash generated from operating
activities for the three month period ended September 30,
2018 was $1.2 million compared to net cash generated from
operating activities of $1.8 million during the respective period
in 2017. The $0.6 million decrease in our cash from operations was
mainly attributed to the negative movement of working capital
during the third quarter of 2018 compared to the negative one
during the respective period in 2017.
Net cash generated from operating
activities for the nine month period ended September 30,
2018 was $2.5 million compared to net cash provided from
operating activities of $0.6 million during the respective period
in 2017. The $1.9 million increase in our cash from operations was
mainly attributed to the $2.7 million increase in our adjusted
EBITDA from $0.8 million during the nine month period in 2017 to
$3.5 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, 2018 and 2017 were as follows:
|
Three months ended September
30, |
Nine months ended September
30, |
In
$000’s |
2018 |
|
2017 |
2018 |
|
2017 |
|
|
|
|
|
Proceeds
from issuance of share capital |
- |
|
800 |
600 |
|
5,811 |
Net
proceeds from shareholders loan |
- |
|
280 |
- |
|
280 |
Repayment of long term debt |
(1,549) |
|
(2,713) |
(3,793) |
|
(4,119) |
Restricted cash |
- |
|
- |
210 |
|
- |
Interest
paid |
(542) |
|
(584) |
(1,462) |
|
(2,814) |
Net cash (used in)/ generated from financing
activities |
(2,091) |
|
(2,217) |
(4,445) |
|
(842) |
|
|
|
|
|
|
|
As of September 30, 2018, we and our
vessel-owning subsidiaries had outstanding borrowings under our
Loan agreement with DVB Bank SE and the Loan agreement with HSH
Nordbank AG of an aggregate of $37.9 million compared to $41.9
million as of September 30, 2017, gross of unamortized debt
discount.
Exercise of Warrants
In 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 September 30, 2018, in connection with the
February 2017 private placement, the February 2017 Warrants
outstanding were exercisable for an aggregate of 3,052,321 common
shares.
Gaining Compliance with NASDAQ Capital
Market
On May 4, 2018, the Company received written
notification from The Nasdaq Stock Market (“Nasdaq”) dated April
30, 2018, indicating that because the closing bid price of its
common stock for the last 30 consecutive business days was below
$1.00 per share, the Company no longer met 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.
On October 8, 2018 the Company determined to
effect a 1‐for-10 reverse stock split in order to regain
compliance with the Nasdaq Capital Market concerning the minimum
bid price requirement. On October 15, 2018, the Company had
the 1‐for‐10 reverse stock split effected and on October 29, 2018
it received notification from Nasdaq that it had regained
compliance with the minimum bid price and the matter is now
closed.
CONSOLIDATED FINANCIAL & OPERATING
DATA
|
Three months ended |
Nine months ended |
|
September 30, |
September 30, |
|
2018 |
2017 |
2018 |
2017 |
(in thousands of U.S. dollars, except per share data) |
(unaudited) |
(unaudited) |
Statement of comprehensive income data: |
|
|
|
|
Voyage
revenues |
4,861 |
3,834 |
12,993 |
9,900 |
Management fee income |
- |
- |
- |
31 |
Total Revenues |
4,861 |
3,834 |
12,993 |
9,931 |
|
|
|
|
|
Voyage
expenses |
(116) |
(486) |
(725) |
(1,010) |
Vessel
operating expenses |
(2,048) |
(2,374) |
(7,331) |
(6,712) |
Depreciation |
(1,159) |
(1,190) |
(3,440) |
(3,659) |
Depreciation of dry docking costs |
(279) |
(178) |
(772) |
(582) |
Administrative expenses |
(323) |
(346) |
(1,002) |
(1,238) |
Administrative expenses payable to related parties |
(131) |
(114) |
(398) |
(229) |
Share-based payments |
(10) |
(10) |
(30) |
(30) |
Other
income, net |
21 |
15 |
27 |
90 |
Operating profit/(loss) before financing
activities |
817 |
(849) |
(678) |
(3,439) |
Interest
expense and finance costs |
(540) |
(597) |
(1,566) |
(1,585) |
Foreign
exchange (losses)/gains, net |
(23) |
(27) |
25 |
(174) |
Total finance costs, net |
(563) |
(624) |
(1,541) |
(1,759) |
Total comprehensive income/(loss) for the
period |
254 |
(1,473) |
(2,219) |
(5,198) |
|
|
|
|
|
Basic & diluted (loss)/earnings per share for the
period(1) |
0.08 |
(0.53) |
(0.69) |
(2.15) |
Adjusted EBITDA (1) |
2,254 |
519 |
3,534 |
802 |
(1) Shares and per share data give effect to the
1‐for‐10 reverse stock split, approved on October 8, 2018, and
became effective on October 15, 2018. The weighted average number
of shares for the nine month period ended September 30, 2018 was
3,198,894 compared to 2,414,814 shares for the nine month period
ended September 30, 2017. The weighted average number of shares for
the three month period ended September 30, 2018 was 3,204,271
compared to 2,767,769 shares for the three month period ended
September 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
income/(loss) and net cash 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) |
2018 |
2017 |
2018 |
2017 |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Total comprehensive income/(loss) for the
period |
254 |
(1,473) |
(2,219) |
(5,198) |
Interest
and finance costs, net |
540 |
597 |
1,566 |
1,585 |
Foreign
exchange gains net, |
23 |
27 |
(25) |
174 |
Depreciation |
1,159 |
1,190 |
3,440 |
3,659 |
Depreciation of dry docking costs |
278 |
178 |
772 |
582 |
Adjusted
EBITDA |
2,254 |
519 |
3,534 |
802 |
Share-based payments |
10 |
10 |
40 |
30 |
Payment
of deferred dry docking costs |
(227) |
(508) |
(517) |
(685) |
Net
(increase)/decrease in operating assets |
(64) |
175 |
(676) |
311 |
Net
(decrease)/increase in operating liabilities |
(684) |
1,654 |
147 |
708 |
Provision for staff retirement indemnities |
2 |
1 |
4 |
3 |
Foreign
exchange gains net, not attributed to cash & cash
equivalents |
(9) |
(23) |
(21) |
(45) |
Net cash generated from operating activities |
1,282 |
1,828 |
2,511 |
1,124 |
|
Three months ended |
Nine months ended |
|
September 30, |
September 30, |
(Expressed in thousands of U.S. dollars) |
2018 |
2017 |
2018 |
2017 |
|
(Unaudited) |
(Unaudited) |
Statement of cash flow data: |
|
|
Net cash
generated from operating activities |
1,282 |
1,828 |
2,511 |
1,124 |
Net cash
(used in)/generated from investing activities |
(14) |
(219) |
(57) |
(227) |
Net cash
(used in)/generated from financing activities |
(2,091) |
(2,217) |
(4,445) |
(842) |
|
As of September 30, |
As of December 31, |
(Expressed in thousands of U.S. Dollars) |
2018 |
2017 |
|
(Unaudited) |
Consolidated condensed statement of financial
position: |
|
|
Vessels, net |
84,177 |
87,320 |
Other
non-current assets |
69 |
53 |
Total non-current assets |
84,246 |
87,373 |
Cash
and bank balances and bank deposits |
765 |
2,756 |
Other
current assets |
1,940 |
1,474 |
Total current assets |
2,705 |
4,230 |
Total assets |
86,951 |
91,603 |
Total equity |
42,389 |
43,968 |
Total
debt net of unamortized debt discount |
37,801 |
41,538 |
Other
liabilities |
6,761 |
6,097 |
Total
liabilities |
44,562 |
47,635 |
Total equity and liabilities |
86,951 |
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 |
- |
- |
(2,219) |
(2,219) |
Issuance of common stock due to exercise of warrants (1) |
2 |
598 |
- |
600 |
Share-based payments |
- |
40 |
- |
40 |
As at September
30,
2018 |
128 |
140,209 |
(97,948) |
42,389 |
(1) Following the “February 2017 private
placement”, warrants to buy 37,500 common shares were exercised in
January 2018.
|
Three months ended September
30, |
Nine months endedSeptember
30, |
|
2018 |
2017 |
2018 |
2017 |
|
|
|
|
Ownership days (1) |
460 |
460 |
1,365 |
1,365 |
Available days (2) |
460 |
439 |
1,326 |
1,343 |
Operating days (3) |
449 |
427 |
1,296 |
1,310 |
Fleet utilization (4) |
97.7% |
97.2% |
97.8% |
97.5% |
Average number of vessels (5) |
5.0 |
5.0 |
5.0 |
5.0 |
Daily time charter equivalent (“TCE”) rate (6) |
10,317 |
7,621 |
9,254 |
6,620 |
Daily operating expenses (7) |
4,453 |
5,160 |
5,370 |
4,917 |
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, |
|
2018 |
2017 |
2018 |
2017 |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Voyage
revenues |
4,861 |
3,834 |
12,993 |
9,900 |
Less:
Voyage expenses |
116 |
486 |
725 |
1,010 |
Net
revenue excluding bareboat charter revenue |
4,745 |
3,348 |
12,268 |
8,890 |
Available
days net of bareboat charter days |
460 |
439 |
1,326 |
1,343 |
Daily TCE
rate* |
10,317 |
7,621 |
9,254 |
6,620 |
* Subject to rounding.
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 10.6 years as
of September 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 LimitedAthanasios Feidakis, CEO
+30 210 960 8300a.g.feidakis@globusmaritime.gr
Capital Link – New YorkNicolas Bornozis+1 212
661 7566globus@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