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 six-month period ended June 30, 2021.
Financial Highlights
- In H1 2021, Total revenues
increased by about 161% compared to H1 2020.
- The Adjusted EBITDA for H1
2021 increased by about 6.8 million compared to H1
2020.
- The Total comprehensive
loss for H1 2021 decreased by about 94% compared to H1
2020.
- As of June 30, 2021, and
December 31, 2020, our cash and bank balances and bank deposits
(including restricted cash) were $78.5 and $21.1 million,
respectively, an increase of 272%.
- As of June 30, 2021, the
total outstanding borrowings under our Loan agreements decreased to
$34.25 million compared to $37 million as of December 31, 2020,
gross of unamortized debt discount, a decrease of about
7%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
Six months ended June 30, |
(Expressed
in thousands of U.S. dollars except for daily rates and per share
data) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Total
revenues |
|
6,829 |
|
2,299 |
|
11,996 |
|
4,589 |
|
Total
comprehensive loss |
|
(23 |
) |
(4,197 |
) |
(789 |
) |
(13,199 |
) |
Adjusted EBITDA
(1) |
|
3,055 |
|
(783 |
) |
4,361 |
|
(2,447 |
) |
Basic loss per
share (2) |
|
- |
|
(38.66 |
) |
(0.09 |
) |
(158.35 |
) |
Daily Time charter
equivalent rate (“TCE”) (3) |
|
11,781 |
|
3,778 |
|
10,859 |
|
3,016 |
|
Average operating
expenses per vessel per day |
|
5,256 |
|
4,353 |
|
5,471 |
|
4,437 |
|
Average number of
vessels |
|
6.2 |
|
5.0 |
|
6.1 |
|
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 Adjusted 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 six-month period
ended June 30, 2021 was 9,001,704 compared to 83,354 shares for the
six-month period ended June 30, 2020. The weighted average number
of shares for the three-month period ended June 30, 2021 was
10,774,058 compared to 108,577 shares for the three-month period
ended June 30, 2020. |
(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
seven dry bulk carriers, consisting of four Supramax, one Panamax
and two Kamsarmax.
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. |
Galaxy Globe |
2015 |
Hudong-Zhonghua |
Kamsarmax |
October 2020 |
81,167 |
Marshall Is. |
Diamond Globe |
2018 |
Jiangsu New Yangzi Shipbuilding Co. |
Kamsarmax |
June 2021 |
82,027 |
Marshall Is. |
Power Globe |
2011 |
Universal Shipbuilding Corporation |
Kamsarmax |
|
80,655 |
Marshall Is. |
Weighted Average Age: 10.4 Years as of September 27, 2021 |
544,420 |
|
Current Fleet Deployment
All our vessels are currently operating on
short-term time charters (“on spot”).
Management Commentary
“During the second quarter we have seen the
market gaining momentum. We are pleased to see increased rates
across all sectors, the factors being demand as well as supply
driven. On the demand side, we see a healthy demand of commodities
both on the major as well as the minor bulks. There is significant
congestion in ports all around the globe mainly due to COVID-19
related delays and complications. The combined effect of a healthy
demand and a limit on the supply of ships helps the market and
elevates rates. Since we expect the market to remain strong for the
medium term and as our fleet comes out from legacy charters, we
will be able to take advantage of the strong rates by positioning
it accordingly.
“During the second Quarter we continued to
improve our balance sheet and build up our fleet. We have managed
to refinance and reduce our bank debt at much lower levels compared
to our previous loan agreements with the effects to be visible in
the following quarters and years. We feel that the new refinancing
and new relationship with a respectable financial institution
provides the Company with a good base for the future.
“In early June we have taken delivery of m/v
Diamond Globe, further expanding and modernizing our fleet. As
previously communicated, the vessel assumed a charter cover until
about the end of the year. Additionally, we have recently announced
the delivery of our new vessel m/v Power Globe joining our fleet
which immediately performed a short trip at about $31,000 gross per
day before proceeding to drydocking for her scheduled maintenance.
We will examine the market and hopefully find lucrative business
for the vessel when the scheduled maintenance is completed.
“Furthermore, last week we entered into an
agreement to acquire a 2015 Japanese Kamsarmax for $28,4 million
and expect to take delivery of the vessel during the 4th Quarter of
2021. We will examine the charter and market condition closer to
the delivery date and do our best to secure the highest rate
possible at that time. The addition of this new vessel will expand
our fleet and its carrying capacity further and align well with our
renewal and expansion strategy. We consider this to be a good
addition to the fleet which will further strengthen the position of
the company in the market as well as help us build new
relationships with customers.
“COVID-19 is affecting most parts of our
operations, we see delays related to the pandemic on most aspects
that relate to technical as well as commercial matters. There are
delays on schedules of loading, discharging, crew exchanges and
spare part procurement as well as repairs, the delays are also
accompanied with increased costs of such operations. We are trying
our best as a company to mitigate any effects and delays, always
keeping in mind international and local regulations as well as our
vessels and crew safety and wellbeing. We are focused in helping
and supporting our seafarers during these trying times; we want
them to be healthy, happy and demonstrate high morale on board and
will continue doing whatever is necessary for their safety and good
physical and mental health.
“Finally, we believe that the company has a
strong balance sheet, and the growing fleet will help us to fully
take advantage of the strong market. We are keeping our focus on
future environmental regulations and continue to modernize and
build up our fleet on that basis. We are confident that with a
bigger and modernized fleet will be able to take advantage of the
strong market and by extent build long term value for our
shareholders.”
Management Discussion and Analysis of the Results of
Operations
Recent Developments
Issuance of the Series B preferred
shares
On March 2, 2021, we issued an additional 10,000
of our Series B Preferred Shares to Goldenmare Limited in return
for $130,000. The $130,000 was paid by reducing, on a
dollar-for-dollar basis, the amount payable as 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.
Each Series B preferred share entitles the
holder thereof to 25,000 votes per share on all matters submitted
to a vote of the shareholders of the Company, provided however,
that no holder of Series B preferred shares may exercise voting
rights pursuant to Series B preferred shares that would result in
the aggregate voting power of any beneficial owner of such shares
and its affiliates (whether pursuant to ownership of Series B
preferred shares, common shares or otherwise) to exceed 49.99% of
the total number of votes eligible to be cast on any matter
submitted to a vote of shareholders of the Company. To the fullest
extent permitted by law, the holders of Series B preferred shares
shall have no special voting or consent rights and shall vote
together as one class with the holders of the common shares on all
matters put before the shareholders. The Series B preferred shares
are not convertible into common shares or any other security. They
are not redeemable and have no dividend rights. Upon any
liquidation, dissolution or winding up of the Company, the Series B
preferred shares are entitled to receive a payment with priority
over the common shareholders equal to the par value of $0.001 per
share. The Series B preferred shareholder has no other rights to
distributions upon any liquidation, dissolution or winding up of
the Company. All issued and outstanding Series B preferred shares
must be held of record by one holder, and the Series B preferred
shares shall not be transferred without the prior approval of our
Board of Directors. Finally, in the event the Company (i) declares
any dividend on its common shares, payable in common shares, (ii)
subdivides the outstanding common shares or (iii) combines the
outstanding common shares into a smaller number of shares, there
shall be a proportional adjustment to the number of outstanding
Series B preferred shares.
As of June 30, 2021, Goldenmare Limited owned
10,300 of the Company’s Series B preferred shares.
Public Offerings
On January 13, 2021, the remaining pre-funded
warrants from the December 2020 Pre-Funded Warrants were exercised
and 130,000 common shares, par value $0.004 per share were
issued.
On January 27, 2021, the Company entered into a
securities purchase agreement with certain unaffiliated
institutional investors to issue (a) 2,155,000 common shares, par
value $0.004 per share, (b) pre-funded warrants to purchase 445,000
common shares, par value $0.004 per share and (c) warrants (the
“January 2021 Warrants”) to purchase 1,950,000 common shares, par
value $0.004 per share, at an exercise price of $6.25 per share.
Total proceeds, net of commission retained by the placement agent,
amounted to $15,108,050, before issuance expenses of approximately
$122,000. The pre-funded warrants were all exercised subsequently
and the total proceeds amounted to $4,450. No January 2021 Warrants
have been exercised as of the date hereof.
The January 2021 Warrants are exercisable for a
period of five and one-half years commencing on the date of
issuance. The warrants will be exercisable, at the option of each
holder, in whole or in part by delivering to the Company a duly
executed exercise notice with payment in full in immediately
available funds for the number of common shares purchased upon such
exercise. If a registration statement registering the issuance of
the common shares underlying the warrants under the Securities Act
is not effective, the holder may, in its sole discretion, elect to
exercise the warrant through a cashless exercise, in which case the
holder would receive upon such exercise the net number of common
shares determined according to the formula set forth in the
warrant. If the Company does not issue the shares in a timely
fashion, the warrant contains certain liquidated damages
provisions.
On February 12, 2021, the Company entered into a
securities purchase agreement with certain unaffiliated
institutional investors to issue (a) 3,850,000 common shares par
value $0.004 per share, (b) pre-funded warrants to purchase 950,000
common shares, par value $0.004 par value, and (c) warrants (the
“February 2021 Warrants”) to purchase 4,800,000 common shares, par
value $0.004 per share, at an exercise price of $6.25 per share.
Total proceeds, net of commission retained by the placement agent,
amounted to $27,890,500 before issuance expenses of approximately
$150,000. The pre-funded warrants were all exercised subsequently
and the total proceeds amounted to $9,500. No February 2021
Warrants have been exercised as of the date hereof.
The February 2021 Warrants are exercisable for a
period of five and one-half years commencing on the date of
issuance. The warrants will be exercisable, at the option of each
holder, in whole or in part by delivering to the Company a duly
executed exercise notice with payment in full in immediately
available funds for the number of common shares purchased upon such
exercise. If a registration statement registering the issuance of
the common shares underlying the warrants under the Securities Act
is not effective, the holder may, in its sole discretion, elect to
exercise the warrant through a cashless exercise, in which case the
holder would receive upon such exercise the net number of common
shares determined according to the formula set forth in the
warrant. If the Company does not issue the shares in a timely
fashion, the warrant contains certain liquidated damages
provisions.
On June 25, 2021, the Company entered into a
securities purchase agreement with certain unaffiliated
institutional investors to issue (a) 8,900,000 common shares par
value $0.004 per share, (b) pre-funded warrants to purchase
1,100,000 common shares, par value $0.004 par value, and (c)
warrants (the “June 2021 Warrants”) to purchase 10,000,000 common
shares, par value $0.004 per share, at an exercise price of $5.00
per share. Total proceeds amounted to $46,580,875 before issuance
expenses of approximately $129,000. As of June 30, 2021 550,000
pre-funded warrants were exercised and the total proceeds amounted
to $5,500. The remaining 550,000 pre-funded warrants were exercised
subsequently. No June 2021 Warrants have been exercised as of the
date hereof.
The June 2021 Warrants are exercisable for a
period of five and one-half years commencing on the date of
issuance. The warrants will be exercisable, at the option of each
holder, in whole or in part by delivering to the Company a duly
executed exercise notice with payment in full in immediately
available funds for the number of common shares purchased upon such
exercise. If a registration statement registering the issuance of
the common shares underlying the warrants under the Securities Act
is not effective, the holder may, in its sole discretion, elect to
exercise the warrant through a cashless exercise, in which case the
holder would receive upon such exercise the net number of common
shares determined according to the formula set forth in the
warrant. If the Company does not issue the shares in a timely
fashion, the warrant contains certain liquidated damages
provisions.
Acquisition of new vessel
On June 9, 2021, the Company took delivery of
the m/v “Diamond Globe”, a 2018-built Kamsarmax dry bulk carrier,
through its subsidiary, Argo Maritime Limited, for a purchase price
of $27 million financed with available cash. The m/v “Diamond
Globe” was built at Jiangsu New Yangzi Shipbuilding Co., Ltd and
has a carrying capacity of 82,027 dwt.
On July 20, 2021, the Company took delivery of
the m/v “Power Globe”, a 2011-built Kamsarmax dry bulk carrier,
through its subsidiary, Talisman Maritime Limited, for a purchase
price of $16.2 million financed with available cash. The m/v “Power
Globe” was built at Universal Shipbuilding Corporation in Japan and
has a carrying capacity of 80,655 dwt.
On September 22, 2021, the Company entered into
a memorandum of agreement with an unrelated third party, for the
acquisition of the m/v “Peak Liberty”, a 2015-built Kamsarmax dry
bulk carrier, for a purchase price of $28.4 million. The m/v “Peak
Liberty” was built at Tsuneishi Zosen in Japan and has a carrying
capacity of 81,837 dwt. The agreement is subject to customary
closing conditions. Delivery of the vessel is expected during the
4th quarter of 2021.
Debt financing
In March 2021, the Company prepaid $6.0 million
of the Entrust loan facility, which represented all amounts that
would otherwise come due during calendar year 2021. As a result,
after this pre-payment we had an aggregate debt outstanding of $31
million, gross of unamortized debt costs, from the Entrust Loan
Facility.
On May 10, 2021, the Company reached an
agreement with CiT Bank N.A. for a loan facility of $34.25 million
bearing interest at LIBOR plus a margin of 3.75% per annum. This
loan facility is referred to as the CiT loan facility. The proceeds
of this financing were used to repay the outstanding balance of
EnTrust Loan Facility.
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 had
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
labour shortages resulting from the outbreak, had slowed down
production of goods worldwide and decreased 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.
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 such as 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 difficult for our in-house technical teams
to travel to the shipyards in order to monitor the maintenance
process, so the maintenance may have to be postponed or 3rd party
monitoring technical crews will be hired. Finally, 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. During the first half of 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. For the first half of 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). For the first half of 2021
the Company re-evaluated the carrying amount of its vessels and
concluded that no further impairment of its vessels should be
recorded or previously recognized impairment should be
reversed.
Results of Operations
Second quarter of the year 2021 compared
to the second quarter of the year 2020
Total comprehensive loss for the second quarter
of the year 2021 amounted to $23 thousand compared to total
comprehensive loss of $4.2 million for the same period last year or
$38.66 basic and diluted loss per share based on 108,577 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 2021 compared to the second quarter of
2020 (expressed in $000’s):
2nd
Quarter of 2021 vs 2nd
Quarter of 2020
Net loss for the
2nd quarter of 2020 |
(4,197 |
) |
Increase in Voyage
revenues |
4,530 |
|
Decrease in Voyage
expenses |
364 |
|
Increase in Vessels operating
expenses |
(1,003 |
) |
Increase in Depreciation |
(238 |
) |
Increase in Depreciation of
dry-docking costs |
(257 |
) |
Increase in Total
administrative expenses |
(156 |
) |
Increase in Other income,
net |
102 |
|
Increase in Interest
income |
1 |
|
Increase in Interest expense
and finance costs |
(487 |
) |
Decrease in Loss on derivative
financial instruments |
1,309 |
|
Decrease in Foreign exchange
losses |
9 |
|
Net loss for the
2nd quarter of 2021 |
(23 |
) |
|
|
|
Voyage revenuesDuring the
three-month period ended June 30, 2021, and 2020, our Voyage
revenues reached $6.8 million and $2.3 million, respectively. The
197% decrease in Voyage revenues was mainly attributed to the
decrease in the average time charter rates achieved by our vessels
during the second quarter of 2021 compared to the same period in
2020. Daily Time Charter Equivalent rate (TCE) for the second
quarter of 2021 was $11,781 per vessel per day against $3,778 per
vessel per day during the same period in 2020 corresponding to an
increase of 212%.
Voyage expenses Voyage expenses
reached $0.2 million during the second quarter of 2021 compared to
$0.6 during the same period in 2020. 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 2021 and 2020
are analyzed as follows:
In $000’s |
2021 |
2020 |
Commissions |
113 |
29 |
Bunkers expenses |
8 |
545 |
Other voyage expenses |
95 |
6 |
Total |
216 |
580 |
This decrease is mainly attributed to the
decreased ballasting days of the fleet during the three-month
period ended June 30, 2021, compared to the same period in
2020.
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, increased by $1 million or 51% to $3 million during the
three-month period ended June 30, 2021 compared to $2 million
during the same period in 2020. The breakdown of our operating
expenses for the quarters ended June 30, 2020 and 2019 was as
follows:
|
2021 |
|
2020 |
|
Crew expenses |
55 |
% |
55 |
% |
Repairs and spares |
19 |
% |
18 |
% |
Insurance |
8 |
% |
9 |
% |
Stores |
11 |
% |
9 |
% |
Lubricants |
4 |
% |
6 |
% |
Other |
3 |
% |
3 |
% |
Average daily operating expenses during the
three-month periods ended June 30, 2021 and 2020 were $5,256 per
vessel per day and $4,353 per vessel per day respectively,
corresponding to an increase of 21%. The increased daily operating
expenses during the second quarter of 2021 is mainly attributed to
crew matters such as more frequent repatriations, rotations that
come with increased travelling, testing and quarantine compliance
costs, that could not be performed during the same period in 2020
as most countries were on lockdown due to COVID-19.
DepreciationDepreciation charge
during the second quarter of 2021 reached $0.8 million compared to
$0.5 million during the same period in 2020. This is mainly
attributed to the increase of the fleet from 5 vessels during the
three-month period ended June 30, 2020 to 6.2 vessels for the same
period in 2021.
Interest expense and finance
costsInterest expense and finance costs reached $1.6
million for the second quarter of 2021 compared to $1.1 million for
the same period of 2020. Interest expense and finance costs for the
second quarter of 2021 and 2020 are analyzed as follows:
In $000’s |
2021 |
2020 |
Interest payable on long-term
borrowings |
493 |
1,002 |
Bank charges |
20 |
7 |
Operating lease liability
interest |
9 |
11 |
Amortization of debt
discount |
394 |
71 |
Loss on Interest rate
Swap |
32 |
- |
Other finance expenses |
632 |
2 |
Total |
1,580 |
1,093 |
The decrease in interest payable is mainly
partly attributed to the decreased outstanding balance of the
Company to Loan facilities and partly attributed to the decrease of
the weighted interest rate, which is mainly attributed to the
refinance of the EnTrust loan facility with CiT loan facility in
May 2021. The EnTrust loan facility had a margin of 8.50% (plus
Libor) whereas the CiT loan facility has a margin of 3.75% (plus
Libor). Other finance expenses for the second quarter of 2021
include approximately $0.6 million that were the loan prepayment
fee and expenses relating to the prepayment of EnTrust Loan
Facility.
First half of the year 2021 compared to
the first half of the year 2020.
Total comprehensive loss for the six-month
period ended June 2021 amounted to $0.8 million or $0.09 basic and
diluted loss per share based on 9,001,704 weighted average number
of shares, compared to total comprehensive loss of $13.2 million
for the same period last year or $158.35 basic and diluted loss per
share based on 83,354 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 six-month period ended June 30, 2021 compared to the
six-month period ended June 30, 2020 (expressed in $000’s):
1st
half of 2021 vs 1st half
of 2020
Net loss and total comprehensive loss for
1st half of 2020 |
(13,199 |
) |
Increase in voyage
revenues |
7,407 |
|
Decrease in Voyage
expenses |
1,681 |
|
Increase in Vessels operating
expenses |
(2,022 |
) |
Increase in Depreciation |
(316 |
) |
Increase in Depreciation of
dry-docking costs |
(259 |
) |
Increase in Total
administrative expenses |
(380 |
) |
Decrease in Impairment
loss |
4,615 |
|
Increase in Other income,
net |
122 |
|
Decrease in Interest
income |
(9 |
) |
Increase in Interest expense
and finance costs |
(268 |
) |
Decrease in Loss on derivative
financial instruments |
1,803 |
|
Decrease in Foreign exchange
loss |
36 |
|
Net loss and total
comprehensive loss for 1st half
of 2021 |
(789 |
) |
Voyage revenuesDuring the
six-month period ended June 30, 2021 and 2020, our Voyage revenues
reached $12 million and $4.6 million respectively. The 161%
increase in Voyage revenues was mainly attributed to the increase
in the average time charter rates achieved by our vessels during
the six-month period ended June 30, 2021, compared to the same
period in 2020. Furthermore, the Company operated a fleet of
average 6.1 vessels during the 1st half of 2021 compared to 5
vessels for the same period in 2020. Daily Time Charter Equivalent
rate (TCE) for the six-month period of 2021 was $10,859 per vessel
per day against $3,016 per vessel per day during the same period in
2020 corresponding to an increase of 260%, which is attributed to
the better conditions throughout the bulk market for the first half
of 2021 compared with the low rates in the first half of 2020,
which was mainly attributed to the outbreak of COVID-19
pandemic.
Voyage expenses Voyage expenses
reached $0.3 million during the six-month period ended June 30,
2021, compared to $2 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 six-month
period ended June 30, 2021 and 2020, are analyzed as follows:
In $000’s |
2021 |
2020 |
Commissions |
185 |
61 |
Bunkers expenses |
- |
1,825 |
Other voyage expenses |
109 |
89 |
Total |
294 |
1,975 |
This decrease is mainly attributed to the
decreased ballasting days of the fleet during the six-month period
ended June 30, 2021, compared to the same period in 2020.
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, reached $6.1 million during the six-month period ended
June 30, 2021, compared to $4 million during the same period last
year. This is partly attributed to the fact that the average number
of vessels of the fleet of the Company has increased to 6.1 vessels
during the first half of 2021 compared to 5 vessels for the same
period in 2020. The breakdown of our operating expenses for the
six-month period ended June 30, 2021 and 2020 was as follows:
|
2021 |
|
2020 |
|
Crew expenses |
54 |
% |
56 |
% |
Repairs and spares |
22 |
% |
18 |
% |
Insurance |
7 |
% |
8 |
% |
Stores |
11 |
% |
10 |
% |
Lubricants |
3 |
% |
5 |
% |
Other |
3 |
% |
3 |
% |
Average daily operating expenses during the
six-month periods ended June 30, 2021 and 2020 were $5,471 per
vessel per day and $4,437 per vessel per day respectively,
corresponding to an increase of 23%. The increased daily operating
expenses during the first half of 2021 is mainly attributed to crew
matters such as more frequent repatriations, rotations that come
with increased travelling, testing and quarantine compliance costs,
that could not be performed during the same period in 2020 as most
countries were on lockdown due to COVID-19. Furthermore, during the
period under consideration the Company had increased expenses for
repairs and maintenance, compared to the six-month period ended
June 30, 2020.
DepreciationDepreciation charge
during the six-month period ended June 30, 2021, reached $1.5
million compared to $1.2 million during the same period in 2020.
This is mainly attributed to the increase of the fleet from 5
vessels during the six-month period ended June 30, 2020 to 6.1
vessels for the same period in 2021. Nonetheless, this increase has
been counterbalanced due to the impairment loss of $4.6 million,
recognized in the 1st quarter of 2020, which reduced the carrying
amount of the fleet.
Total administrative
expensesTotal administrative expenses increased to $1.4
million during the six-month period ended June 30, 2021, compared
to $1 million in 2020. The increase is partly attributed to new
personnel hirings, as a result of the fleet expansion from 5
vessels as of June 30, 2020, to 7 vessels as of June 30, 2021. As
of July 20, 2021, the Company also took delivery of its 8th vessel,
the m/v “Power Globe”.
Impairment lossDuring the 1st
half of 2020, the Company concluded that the recoverable amounts of
its vessels were lower than their respective carrying amounts and
recognized an impairment loss of $4.6 million. No impairment was
recorded during the 1st half of 2021.
Interest expense and finance
costsInterest expense and finance costs reached $2.5
million during the six-month period ended June 30, 2021, compared
to $2.2 million in 2020. Interest expense and finance costs for the
six-month periods ended June 30, 2021 and 2020, are analyzed as
follows:
In $000’s |
2021 |
2020 |
Interest payable on long-term
borrowings |
1,303 |
2,061 |
Bank charges |
42 |
12 |
Operating lease liability
interest |
19 |
23 |
Amortization of debt
discount |
471 |
141 |
Other finance expenses |
643 |
5 |
Accrued loss on Interest rate
Swap |
32 |
- |
Total |
2,510 |
2,242 |
As of June 30, 2021, and 2020 we and our
vessel-owning subsidiaries had outstanding borrowings under our
Loan agreements of an aggregate of $34.25 and $37.8 million,
respectively, gross of unamortized debt discount. The decrease in
interest payable is partly attributed to the decreased outstanding
balance of the Company’s Loan facilities and partly attributed to
the decrease of the weighted interest rate from 10.1% during the
six-month period ended June 30, 2020 to 7.6% for the same period in
2021, which is mainly attributed to the refinance of the EnTrust
loan facility with CiT loan facility on May 2021. The EnTrust loan
facility had a margin of 8.50% (plus Libor) whereas the CiT loan
facility has a margin of 3.75% (plus Libor). Other finance expenses
for the first half 2021 include approximately $0.6 million that
were the loan prepayment fee and expenses relating to the
prepayment of EnTrust loan facility.
Loss on derivative financial
instrumentsFor the period ended June 30, 2020 the loss on
the derivative financial instruments is mainly attributed to the
valuation of the “Convertible Note” (as defined in note 11 of the
Company’s Annual Report on Form 20-F for the year ended December
31, 2020). Further to the conversion clause included into the
Convertible Note for the period ended June 30, 2020 a total amount
of approximately $1.2 million, principal and accrued interest, was
converted to share capital with the conversion price of $100 per
share and a total number of 11,677 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. Furthermore, with the repayment of
the Convertible Note on June 25, 2020, we recognized a loss of $1.3
million in the consolidated statement of comprehensive
loss.Following the new loan facility with CiT bank the Company
entered into an Interest Rate Swap agreement on May 10, 2021 and
recognized a loss of $162 thousand in the consolidated statement of
comprehensive loss. As of June 30, 2021 the Company recognized a
gain of approximately $97 thousand according to the Interest Rate
Swap valuation and is included in the consolidated statement of
comprehensive loss.
Liquidity and capital
resourcesAs of June 30, 2021 and December 31, 2020, our
cash and bank balances and bank deposits (including restricted
cash) were $78.5 and $21.1 million, respectively.
Net cash generated from operating
activities for the three-month period ended June 30, 2021
was $1.6 million compared to net cash used in operating activities
of $2 million during the respective period in 2020. The increase in
our cash from operations was mainly attributed to the increase in
our Voyage revenues from $2.3 million during the second quarter of
2020 to $6.8 million during the three-month period under
consideration.
Net cash generated from operating
activities for the six-month period ended June 30, 2021
was $2.1 million compared to net cash used in operating activities
of $4 million during the respective period in 2020. The increase in
our cash generated from operating activities was mainly attributed
to the increase in our Voyage revenues from $4.6 million during the
six-month period ended June 30, 2020 to $12 million during the
six-month period under consideration.
Net cash used in investing activities
for the three-month period ended June 30, 2021 was $24.4
million compared to net cash generated from investing activities of
$1 thousand during the respective period in 2020. The increase in
our cash used in investing activities was mainly attributed to the
payment of the remaining balance for the purchase of m/v “Diamond
Globe”, amounting to $24.4 million during the three-month period
ended June 30, 2021.
Net cash used in investing activities
for the six-month period ended June 30, 2021 was $28.7
million compared to net cash generated from investing activities of
$12 thousand during the respective period in 2020. The increase in
our cash used in investing activities was mainly attributed to the
purchase of m/v “Diamond Globe”, amounting to $27 million and the
advance for the acquisition of m/v “Power Globe”, amounting to $1.6
million during the six-month period ended June 30, 2021.
Net cash generated from
financing activities during the three-month period ended
June 30, 2021 and 2020 were as follows:
|
Three months endedJune 30, |
|
Six months endedJune 30, |
|
In $000’s |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Proceeds from issuance of
share capital |
46,581 |
|
24,207 |
|
89,580 |
|
24,207 |
|
Proceeds from issuance of
warrants |
5 |
|
194 |
|
20 |
|
194 |
|
Transaction costs on issue of
new common shares |
(129 |
) |
(532 |
) |
(401 |
) |
(532 |
) |
Proceeds from loans |
34,250 |
|
- |
|
34,250 |
|
- |
|
Repayment of long-term
debt |
- |
|
- |
|
(1,493 |
) |
- |
|
Prepayment of long-term
debt |
(31,030 |
) |
(2,240 |
) |
(35,507 |
) |
(2,240 |
) |
Restricted cash |
(2,035 |
) |
(446 |
) |
(1,675 |
) |
(83 |
) |
Repayment of lease
liability |
- |
|
- |
|
(80 |
) |
- |
|
Interest paid |
(960 |
) |
(1,259 |
) |
(1,773 |
) |
(1,728 |
) |
Payment of financing
costs |
(545 |
) |
- |
|
(545 |
) |
- |
|
Net cash generated
from financing activities |
46,137 |
|
19,924 |
|
82,376 |
|
19,818 |
|
As of June 30, 2021 and 2020, we and our vessel-owning
subsidiaries had outstanding borrowings under our Loan agreements
of an aggregate of $34.25 million and $37.8 million, respectively,
gross of unamortized debt discount.
Selected Consolidated Financial &
Operating Data
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands of U.S. dollars, except per share data) |
(unaudited) |
(unaudited) |
Consolidated statement of comprehensive loss
data: |
|
|
|
|
Voyage revenues |
6,829 |
|
2,299 |
|
11,996 |
|
4,589 |
|
Total
Revenues |
6,829 |
|
2,299 |
|
11,996 |
|
4,589 |
|
|
|
|
|
|
Voyage expenses |
(216 |
) |
(580 |
) |
(294 |
) |
(1,975 |
) |
Vessel operating expenses |
(2,983 |
) |
(1,981 |
) |
(6,060 |
) |
(4,038 |
) |
Depreciation |
(781 |
) |
(543 |
) |
(1,492 |
) |
(1,176 |
) |
Depreciation of dry-docking
costs |
(623 |
) |
(365 |
) |
(1,115 |
) |
(856 |
) |
Administrative expenses |
(519 |
) |
(426 |
) |
(1,075 |
) |
(820 |
) |
Administrative expenses
payable to related parties |
(155 |
) |
(92 |
) |
(309 |
) |
(184 |
) |
Share-based payments |
(10 |
) |
(10 |
) |
(20 |
) |
(20 |
) |
Impairment loss |
- |
|
- |
|
- |
|
(4,615 |
) |
Other income, net |
109 |
|
7 |
|
123 |
|
1 |
|
Operating
profit/(loss) |
1,651 |
|
(1,691 |
) |
1,754 |
|
(9,094 |
) |
Interest income |
2 |
|
1 |
|
3 |
|
12 |
|
Interest expense and finance
costs |
(1,580 |
) |
(1,093 |
) |
(2,510 |
) |
(2,242 |
) |
Loss on derivative financial
instruments |
(65 |
) |
(1,374 |
) |
(65 |
) |
(1,868 |
) |
Foreign exchange (losses) /
gains, net |
(31 |
) |
(40 |
) |
29 |
|
(7 |
) |
Total finance costs,
net |
(1,674 |
) |
(2,506 |
) |
(2,543 |
) |
(4,105 |
) |
Total comprehensive
loss for the period |
(23 |
) |
(4,197 |
) |
(789 |
) |
(13,199 |
) |
|
|
|
|
|
Basic & diluted loss per
share for the period (1) |
- |
|
(38.66 |
) |
(0.09 |
) |
(158.35 |
) |
Adjusted EBITDA (2) |
(3,055 |
) |
(783 |
) |
4,361 |
|
(2,447 |
) |
(1) Shares and per share data give effect to the
1‐for‐100 reverse stock split, that became effective on October 21,
2020. The weighted average number of shares for the six-month
period ended June 30, 2021 was 9,001,704 compared to 83,354 shares
for the six-month period ended June 30, 2020. The weighted average
number of shares for the three-month period ended June 30, 2021 was
10,828,454 compared to 108,577 shares for the three-month period
ended June 30, 2020.
(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 |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
(Expressed in thousands of U.S. dollars) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Total comprehensive
loss for the period |
(23 |
) |
(4,197 |
) |
(789 |
) |
(13,199 |
) |
Interest and finance costs,
net |
1,580 |
|
1,093 |
|
2,510 |
|
2,242 |
|
Interest income |
(2 |
) |
(1 |
) |
(3 |
) |
(12 |
) |
Loss on derivative financial
instruments |
65 |
|
1,374 |
|
65 |
|
1,868 |
|
Foreign exchange (gains) /
losses, net |
31 |
|
40 |
|
(29 |
) |
7 |
|
Depreciation |
781 |
|
543 |
|
1,492 |
|
1,176 |
|
Depreciation of dry-docking
costs |
623 |
|
365 |
|
1,115 |
|
856 |
|
Impairment loss |
- |
|
- |
|
- |
|
4,615 |
|
Adjusted EBITDA |
3,055 |
|
(783 |
) |
4,361 |
|
(2,447 |
) |
Share-based payments |
10 |
|
10 |
|
20 |
|
20 |
|
Payment of deferred
dry-docking costs |
(1,494 |
) |
(493 |
) |
(2,225 |
) |
(493 |
) |
Net decrease/(increase) in
operating assets |
54 |
|
440 |
|
679 |
|
365 |
|
Net decrease in operating
liabilities |
54 |
|
(1,159 |
) |
(719 |
) |
(1,414 |
) |
Provision for staff retirement
indemnities |
(11 |
) |
2 |
|
(10 |
) |
3 |
|
Foreign exchange (losses) net,
not attributed to cash & cash equivalents |
(22 |
) |
(10 |
) |
(24 |
) |
(3 |
) |
Net cash generated
from / (used in) operating activities |
1,646 |
|
(1,993 |
) |
2,082 |
|
(3,969 |
) |
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
June 30, |
|
(Expressed in thousands of U.S. dollars) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(Unaudited) |
(Unaudited) |
Statement of cash flow
data: |
|
|
|
Net cash generated from /
(used in) operating activities |
1,646 |
|
(1,993 |
) |
2,082 |
|
(3,969 |
) |
Net cash (used in) / generated
from investing activities |
(24,399 |
) |
1 |
|
(28,725 |
) |
12 |
|
Net cash generated from
financing activities |
46,137 |
|
19,924 |
|
82,376 |
|
19,818 |
|
|
As of June 30, |
As of December 31, |
(Expressed in thousands of U.S. Dollars) |
2021 |
2020 |
|
(Unaudited) |
Consolidated condensed statement of financial
position: |
|
|
Vessels, net |
88,152 |
62,350 |
Advance for vessel acquisition |
1,631 |
- |
Other non-current assets (including non-current restricted
cash) |
4,075 |
1,810 |
Total non-current assets |
93,858 |
64,160 |
Cash and cash equivalents (including current restricted cash) |
75,045 |
19,853 |
Other current assets |
1,749 |
2,428 |
Total current assets |
76,794 |
22,281 |
Total assets |
170,652 |
86,441 |
Total equity |
130,654 |
42,094 |
Total debt net of unamortized debt discount |
33,727 |
36,552 |
Other liabilities |
6,271 |
7,795 |
Total liabilities |
39,998 |
44,347 |
Total equity and liabilities |
170,652 |
86,441 |
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, 2020 |
12 |
195,102 |
|
(153,020 |
) |
42,094 |
|
Total comprehensive loss for the period |
- |
- |
|
(789 |
) |
(789 |
) |
Issuance of common shares |
60 |
89,520 |
|
- |
|
89,580 |
|
Issuance of new common shares due to exercise of Warrants |
8 |
12 |
|
- |
|
20 |
|
Issuance of Class B preferred shares |
- |
130 |
|
- |
|
130 |
|
Transaction costs on issue of new common shares |
- |
(401 |
) |
- |
|
(401 |
) |
Share-based payments |
- |
20 |
|
- |
|
20 |
|
As at June 30, 2021 |
80 |
284,383 |
|
(153,809 |
) |
130,654 |
|
Operational data
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
Ownership days (1) |
|
568 |
|
|
455 |
|
|
1,108 |
|
|
910 |
|
Available days (2) |
|
561 |
|
|
455 |
|
|
1,078 |
|
|
867 |
|
Operating days (3) |
|
530 |
|
|
448 |
|
|
1,042 |
|
|
856 |
|
Fleet utilization (4) |
|
94.5 |
% |
|
98.5 |
% |
|
96.7 |
% |
|
98.8 |
% |
Average number of vessels (5) |
|
6.2 |
|
|
5.0 |
|
|
6.1 |
|
|
5.0 |
|
Daily time charter equivalent (TCE) rate (6) |
$ |
11,781 |
|
$ |
3,778 |
|
$ |
10,859 |
|
$ |
3,016 |
|
Daily operating expenses (7) |
$ |
5,256 |
|
$ |
4,353 |
|
$ |
5,471 |
|
$ |
4,437 |
|
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 June 30, |
Six months ended June 30, |
|
2021 |
2020 |
2021 |
2020 |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Voyage revenues |
6,829 |
2,299 |
11,996 |
4,589 |
Less: Voyage expenses |
216 |
580 |
294 |
1,975 |
Net revenues |
6,613 |
1,719 |
11,702 |
2,614 |
Available days net of bareboat charter days |
561 |
455 |
1,078 |
867 |
Daily TCE rate (1) |
11,781 |
3,778 |
10,859 |
3,016 |
(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 eight dry bulk
vessels that transport iron ore, coal, grain, steel products,
cement, alumina and other dry bulk cargoes internationally. Globus’
subsidiaries own and operate eight vessels with a total carrying
capacity of 544,420 Dwt and a weighted average age of 10.4 years as
of September 27, 2021.
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 |
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