Globus Maritime Limited (“Globus”, the “Company”, “we”, or “our”)
(NASDAQ: GLBS), a dry bulk shipping company, today reported its
unaudited consolidated operating and financial results for the
quarter ended March 31, 2022.
Financial Highlights
- In Q1 2022, Voyage revenues
increased by about 256% compared to Q1 2021.
- The Adjusted EBITDA for Q1
2022 increased by $12.5 million or 10.5 times compared to Q1 2021
and reached $13.8 million.
- The Total comprehensive
income for Q1 2022 reached $12.1 million in Q1 2022 compared to
$0.8 million Total comprehensive loss in Q1 2021.
- As at March 31, 2022, and
December 31, 2021, our cash and bank balances and bank deposits
(including restricted cash) were $59 and $50.4 million,
respectively, an increase of 17%.
| |
Three months ended March 31, |
|
|
(Expressed in thousands of U.S dollars except for daily rates and
per share data) |
2022 |
|
2021 |
|
| Voyage revenues |
18,351 |
|
5,167 |
|
| Total comprehensive
income/(loss) |
12,083 |
|
(766 |
) |
| Adjusted EBITDA (1) |
13,821 |
|
1,306 |
|
| Basic income/(loss) per share
(2) |
0.59 |
|
(0.11 |
) |
| Daily Time charter equivalent
rate (“TCE”) (3) |
23,643 |
|
9,857 |
|
| Average operating expenses per
vessel per day |
5,377 |
|
5,698 |
|
| Average number of vessels |
9.0 |
|
6.0 |
|
|
(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 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) |
The weighted average number of shares for the three-month period
ended March 31, 2022, was 20,582,301 compared to 7,209,657 shares
for the three-month period ended March 31, 2021. |
|
(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
nine dry bulk carriers, consisting of four Supramax, one Panamax
and four 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 |
July 2021 |
80,655 |
Marshall Is. |
|
Orion Globe |
2015 |
Tsuneishi Zosen |
Kamsarmax |
November 2021 |
81,837 |
Marshall Is. |
|
Weighted Average Age: 10.4 Years as at March 31, 2022 |
|
626,257 |
|
Current Fleet Deployment
All our vessels are currently operating on
short-term time charters (“on spot”).
Management Commentary
“We are proud to announce our Q1 2022 results.
This has been one of the best first quarters in the Company’s
recent history. During the last couple of years, the Company took
significant steps to improve its balance sheet and at the same time
expand and renew its fleet. During this time, we have also
refinanced our debt position at lower costs. We are pleased that
our efforts are now bearing fruits. The Company is well-positioned
to grow further while it takes full advantage and enjoys a strong
market.
As previously announced, we have recently
entered into three new agreements for the construction of three new
vessels; we view this as a pivotal next step for the Company going
forward well-aligned with our continuous effort to prepare for
future environmental regulations and compliance. We are excited in
our modern, fuel-efficient new building units which we hope will
add significant competitive advantages to our existing
operations.
As the market continues to be healthy, we look
for these prosperous days to remain, however, there are a lot of
threats and uncertainties in the world today; the effects of the
pandemic and the conflict in Ukraine have had significant impact in
our industry; we do still experience various disruptions in the
market such as delays at ports and crewing operations as well as a
shift of cargo flows. Therefore, we always need to be ready and
agile to adjust and cope with any such difficulties. We also find
ourselves operating in an uncertain world economic environment, the
galloping of inflation and the possible hike in interest rates are
major events that we are closely monitoring. We continue to be
vigilant on the financial, operational, and environmental
regulation front, and we hope that our strong balance sheet will
help us overcome any short-term volatility.
Last but not least, we are always looking for
ways to expand and upgrade our fleet and operations, with the
current market remaining healthy we continue to explore further
growth opportunities and ways to produce value for our
shareholders.”
Management Discussion and Analysis of the Results of
Operations
First Quarter of the Year 2022 compared
to the First Quarter of the Year 2021
Total comprehensive income for the three-month
period ended March 2022 amounted to $12.1 million or $0.59 basic
and diluted income per share based on 20,582,301 weighted average
number of shares, compared to total comprehensive loss of $0.8
million for the same period last year or $0.11 basic and diluted
loss per share based on 7,209,657 weighted average number of
shares.
The following table corresponds to the breakdown
of the factors that led to the increase in total comprehensive
income during the three-month period ended March 31, 2022, compared
to the three-month period ended March 31, 2021 (expressed in
$000’s):
1st
Quarter of 2022 vs 1st
Quarter of 2021
|
|
Net loss and total comprehensive loss for the
1st Quarter of
2021 |
(766 |
) |
|
| |
Increase in Voyage
revenues |
13,184 |
|
|
| |
Increase in Management &
consulting fee income |
90 |
|
|
| |
Increase in Voyage
expenses |
(271 |
) |
|
| |
Increase in Gain on sale of
bunkers, net |
1,149 |
|
|
| |
Increase in Vessels operating
expenses |
(1,278 |
) |
|
| |
Increase in Depreciation |
(693 |
) |
|
| |
Increase in Depreciation of
dry-docking costs |
(459 |
) |
|
| |
Increase in Total
administrative expenses |
(355 |
) |
|
| |
Decrease in Other income,
net |
(4 |
) |
|
| |
Increase in Interest
income |
4 |
|
|
| |
Decrease in Interest expense
and finance costs |
541 |
|
|
| |
Increase in Gain on derivative
financial instruments |
967 |
|
|
| |
Decrease in Foreign exchange
gains |
(26 |
) |
|
| |
Net income and total
comprehensive income for the 1st
Quarter of 2022 |
12,083 |
|
|
Voyage revenuesDuring the
three-month period ended March 31, 2022, and 2021, our Voyage
revenues reached $18.4 million and $5.2 million respectively. The
256% increase in Voyage revenues was mainly attributed to the
increase in the average time charter rates achieved by our vessels
during the three-month period ended March 31, 2022, compared to the
same period in 2021. Furthermore, the Company operated a fleet of
nine vessels during the 1st quarter of 2022 compared to six vessels
for the same period in 2021. Daily Time Charter Equivalent rate
(TCE) for the three-month period of 2022 was $23,643 per vessel per
day against $9,857 per vessel per day during the same period in
2021 corresponding to an increase of 140%, which is attributed to
the better conditions throughout the bulk market for the first
quarter of 2022.
Management & consulting fee
incomeOn July 15, 2021, the Company entered into a
consultancy agreement with Eolos Shipmanagement S.A., a related
party, for the purpose of providing consultancy services to Eolos
Shipmanagement S.A. For these services the Company receives a daily
fee of $1,000. The total income from these fees is classified in
the income statement component of the consolidated statement of
comprehensive income/(loss) under management & consulting fee
income.
Voyage expensesVoyage expenses
reached $0.3 million during the three-month period ended March 31,
2022, compared to $0.1 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 three-month
period ended March 31, 2022, and 2021, are analyzed as follows:
|
|
In $000’s |
2022 |
|
2021 |
|
|
| |
Commissions |
288 |
|
72 |
|
|
| |
Other voyage expenses |
61 |
|
6 |
|
|
| |
Total |
349 |
|
78 |
|
|
Gain on sale of bunkers,
netDuring the three-month period ended March 31, 2022, we
recognized a gain of approximately $1.1 million from bunkers. This
resulted mainly from the difference in the value of bunkers paid by
us when the vessel is redelivered from the charterer under the
vessel’s previous time charter agreement and the value of bunkers
sold when the vessel is delivered to a new charterer. For the
three-month period ended March 31, 2021, no gain from bunkers had
been recognized.
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, reached $4.4 million during the three-month period ended
March 31, 2022, compared to $3.1 million during the same period
last year. This is mainly attributed to the fact that the fleet of
the Company has increased to nine vessels during the first quarter
of 2022 compared to six vessels for the same period in 2021. The
breakdown of our operating expenses for the three-month period
ended March 31, 2022, and 2021 was as follows:
|
|
|
2022 |
|
2021 |
|
|
| |
Crew expenses |
49 |
% |
52 |
% |
|
| |
Repairs and spares |
22 |
% |
24 |
% |
|
| |
Insurance |
8 |
% |
7 |
% |
|
| |
Stores |
13 |
% |
11 |
% |
|
| |
Lubricants |
5 |
% |
3 |
% |
|
| |
Other |
3 |
% |
3 |
% |
|
Average daily operating expenses during the
three-month periods ended March 31, 2022, and 2021 were $5,377 per
vessel per day and $5,698 per vessel per day respectively,
corresponding to a decrease of 6%.
DepreciationDepreciation charge
during the three-month period ended March 31, 2022, reached $1.4
million compared to $0.7 million during the same period in 2021.
This is mainly attributed to the increase of the fleet from 6
vessels during the three-month period ended March 31, 2021, to 9
vessels for the same period in 2022. Nonetheless, this increase has
been partly counterbalanced from the increase of scrap rate in our
books from $300/ton to $380/ton during the fourth quarter of 2021,
due to the increased scrap rates worldwide.
Total administrative
expensesTotal administrative expenses, including
administrative expenses to related parties and share bases
payments, increased to $1.1 million during the three-month period
ended March 31, 2022, compared to $0.7 million in the same period
of 2021. The increase is partly attributed to new personnel
hirings, as a result of the fleet expansion from 6 vessels, during
the first quarter of 2021, to 9 vessels for the same period in
2022.
Interest expense and finance
costsInterest expense and finance costs reached $0.4
million during the three-month period ended March 31, 2022,
compared to $0.9 million in the same period of 2021. Interest
expense and finance costs for the three-month periods ended March
31, 2022, and 2021, are analyzed as follows:
|
|
In $000’s |
2022 |
|
2021 |
|
|
| |
Interest payable on long-term
borrowings |
312 |
|
810 |
|
|
| |
Bank charges |
23 |
|
22 |
|
|
| |
Operating lease liability
interest |
16 |
|
10 |
|
|
| |
Amortization of debt
discount |
35 |
|
77 |
|
|
| |
Other finance expenses |
3 |
|
11 |
|
|
| |
Total |
389 |
|
930 |
|
|
As at March 31, 2022, and 2021 we and our
vessel-owning subsidiaries had outstanding borrowings under our
Loan agreements of an aggregate of $31 million, gross of
unamortized debt discount. The decrease in interest payable is
mainly attributed to the decrease of the weighted interest rate
from 8.76% during the three-month period ended March 31, 2021, to
4.02% for the same period in 2022, 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).
Gain on derivative financial
instrumentsFollowing the new loan facility with CIT Bank
N.A., the Company entered into an Interest Rate Swap agreement on
May 10, 2021. As at March 31, 2022, the Company recognized a gain
of approximately $967 thousand, net of interest for the period,
according to the Interest Rate Swap valuation and is included in
the condensed consolidated statement of comprehensive
income/(loss).
Liquidity and capital
resourcesAs at March 31, 2022, and December 31, 2021, our
cash and bank balances and bank deposits (including restricted
cash) were $59 and $50.4 million, respectively. As at March 31,
2022, the Company reported a working capital surplus of $50.1
million and was in compliance with the covenants included in the
loan agreement with CIT.
Net cash generated from operating
activities for the three-month period ended March 31,
2022, was $10.3 million compared to $0.4 million during
the respective period in 2021. The increase in our cash generated
from operating activities was mainly attributed to the increase in
our Voyage revenues from $5.2 million during the three-month period
ended March 31, 2021, to $18.4 million during the three-month
period under consideration.
Net cash used in investing activities
for the three-month period ended March 31, 2022, was $15
thousand compared to net cash used in investing activities of $4.3
million during the respective period in 2021. The decrease in our
cash used in investing activities was mainly attributed to the
advances for vessels purchase of m/v “Power Globe” and “Diamond
Globe”, amounting to $1.6 and $2.7 million, respectively during the
three-month period ended March 31, 2021.
Net cash used in financing activities
during the three-month period ended March 31, 2022, and
net cash generated from financing activities during the three-month
period ended March 31, 2021, were as follows:
| |
|
Three months ended March 31, |
|
|
|
|
In $000’s |
2022 |
|
2021 |
|
|
| |
|
(Unaudited) |
|
|
| |
Proceeds from issuance of
share capital |
- |
|
42,999 |
|
|
| |
Proceeds from issuance of
warrants |
- |
|
15 |
|
|
| |
Transaction costs on issue of
new common shares |
- |
|
(272 |
) |
|
| |
Repayment of long-term
debt |
(1,250 |
) |
(1,493 |
) |
|
| |
Prepayment of long-term
debt |
- |
|
(4,477 |
) |
|
| |
(Increase)/Decrease in
restricted cash |
(541 |
) |
360 |
|
|
| |
Repayment of lease
liability |
(75 |
) |
(80 |
) |
|
| |
Interest paid |
(382 |
) |
(813 |
) |
|
| |
Net cash (used
in)/generated from financing activities |
(2,248 |
) |
36,239 |
|
|
As at March 31, 2022, and 2021, we and our
vessel-owning subsidiaries had outstanding borrowings under our
Loan agreements of an aggregate of $31 million, gross of
unamortized debt discount.
Recent Developments
Contract for new building
vessels
On April 29, 2022, the Company has signed a
contract for the construction and purchase of one fuel efficient
bulk carrier of about 64,000 dwt. The vessel will be built at Nihon
Shipyard Co. in Japan and is scheduled to be delivered during the
first half of 2024. The total consideration for the construction of
the vessel is approximately $37.5 million, which the Company
intends to finance with a combination of debt and equity. In May
2022 the Company paid the 1st instalment of $7.4 million.
On May 13, 2022, the Company has signed two
contracts for the construction and purchase of two fuel-efficient
bulk carriers of about 64,000 dwt each. The sister vessels will be
built at Nantong COSCO KHI Ship Engineering Co. in China with the
first one scheduled to be delivered during the third quarter of
2024 and the second one during the fourth quarter of 2024. The
total consideration for the construction of both vessels is
approximately $70.3 million, which the Company intends to finance
with a combination of debt and equity. In May 2022 the Company paid
the 1st instalment of $13.8 million for both vessels under
construction.
LIBOR will be replaced as the reference
rate under debt obligations
The Company’s indebtedness accrues interest
based on LIBOR, which has been historically volatile and which will
no longer be published after June 30, 2023. The publication of U.S.
Dollar LIBOR for only the one-week and two-month U.S. Dollar LIBOR
tenors ceased on December 31, 2021, and the ICE Benchmark
Administration (“IBA”), the administrator of LIBOR, with the
support of the United States Federal Reserve and the United
Kingdom’s Financial Conduct Authority, announced the publication of
all other U.S. Dollar LIBOR tenors will cease on June 30, 2023. The
United States Federal Reserve concurrently issued a statement
prohibiting banks from issuing U.S. Dollar LIBOR instruments after
2021. As such, any new loan agreements The Company enters into will
not use LIBOR as an interest rate, and the Company will need to
transition its existing loan agreements from U.S. Dollar LIBOR to
an alternative reference rate prior to June 2023.
The Company’s financing agreement contain a
provision requiring or permitting it to enter into negotiations
with its lenders to agree to an alternative interest rate or an
alternative basis for determining the interest rate in anticipation
of the cessation of LIBOR. These clauses present significant
uncertainties as to how alternative reference rates or alternative
bases for determination of rates would be agreed upon, as well as
the potential for disputes or litigation with the Company’s lenders
regarding the appropriateness or comparability to LIBOR of any
substitute indices, such as SOFR, and any credit adjustment spread
between the two benchmarks. The discontinuation of LIBOR presents a
number of risks to the Company’s business, including volatility in
applicable interest rates among the Company’s financing agreements,
potential increased borrowing costs for future financing agreements
or unavailability of or difficulty in attaining financing, which
could in turn have an adverse effect on the Company’s
profitability, earnings and cash flow.
Impact of COVID-19 on the Company’s
Business
The spread of the COVID-19 virus, which has been
declared a pandemic by the World Health Organization in 2020 has
caused substantial disruptions in the global economy and the
shipping industry, as well as significant volatility in the
financial markets, the severity and duration of which remains
uncertain.
The impact of the COVID-19 pandemic continues to
unfold and may continue to have a negative effect on the Company’s
business, financial performance and the results of its operations.
As a result, many of the Company’s estimates and assumptions
required increased judgment and carry a higher degree of
variability and volatility. As events continue to evolve and
additional information becomes available, the Company’s estimates
may change in future periods. 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.
The Company has evaluated the impact of current economic
situation on the recoverability of the carrying amount of its
vessels. For the first quarter of 2022 and 2021 the Company
evaluated the carrying amount of its vessels and concluded that no
impairment of its vessels should be recorded, or previously
recognized impairment should be reversed.
Conflicts
The conflict between Russia and Ukraine, which
commenced in February 2022, has disrupted supply chains and caused
instability and significant volatility in the global economy. Much
uncertainty remains regarding the global impact of the conflict in
Ukraine, and it is possible that such instability, uncertainty and
resulting volatility could significantly increase the costs of the
Company and adversely affect its business, including the ability to
secure charters and financing on attractive terms, and as a result,
adversely affect the Company’s business, financial condition,
results of operation and cash flows. Currently there is no direct
effect on the Company’s operations.
Selected Consolidated Financial &
Operating Data
|
|
Three months ended March 31, |
|
|
Consolidated Statements of Comprehensive Income/(Loss)
Data |
2022 |
|
2021 |
|
|
(in thousands of U.S. dollars, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
Voyage revenues |
18,351 |
|
5,167 |
|
|
Management & consulting fee income |
90 |
|
- |
|
|
Total Revenues |
18,441 |
|
5,167 |
|
|
|
|
|
|
Voyage expenses |
(349 |
) |
(78 |
) |
|
Gain on sale of bunkers, net |
1,149 |
|
- |
|
|
Vessel operating expenses |
(4,355 |
) |
(3,077 |
) |
|
Depreciation |
(1,404 |
) |
(711 |
) |
|
Depreciation of dry-docking costs |
(951 |
) |
(492 |
) |
|
Administrative expenses |
(716 |
) |
(556 |
) |
|
Administrative expenses payable to related parties |
(359 |
) |
(154 |
) |
|
Share-based payments |
- |
|
(10 |
) |
|
Other income, net |
10 |
|
14 |
|
|
Operating income/(loss) |
11,466 |
|
103 |
|
|
Interest income |
5 |
|
1 |
|
|
Interest expense and finance costs |
(389 |
) |
(930 |
) |
|
Gain on derivative financial instruments, net |
967 |
|
- |
|
|
Foreign exchange gains, net |
34 |
|
60 |
|
|
Total finance gains/(costs), net |
617 |
|
(869 |
) |
|
Total comprehensive income/(loss) for the
period |
12,083 |
|
(766 |
) |
|
|
|
|
|
Basic & diluted income/(loss) per share for the period (1) |
0.59 |
|
(0.11 |
) |
|
Adjusted EBITDA (2) |
13,821 |
|
1,306 |
|
(1) The weighted average number of shares for
the three-month period ended March 31, 2022, was 20,582,301
compared to 7,209,657 shares for the three-month period ended March
31, 2021.
(2) Adjusted EBITDA represents net
earnings/(losses) 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 March 31, |
|
|
(Expressed in thousands of U.S. dollars) |
2022 |
|
2021 |
|
|
|
(Unaudited) |
|
|
|
|
| Total comprehensive
income/(loss) for the period |
12,083 |
|
(766 |
) |
| Interest and finance costs,
net |
389 |
|
930 |
|
| Interest income |
(5 |
) |
(1 |
) |
| Foreign exchange gains,
net |
(34 |
) |
(60 |
) |
| Depreciation |
1,404 |
|
711 |
|
| Depreciation of dry-docking
costs |
951 |
|
492 |
|
| Gain on derivative financial
instruments |
(967 |
) |
- |
|
| Adjusted EBITDA |
13,821 |
|
1,306 |
|
| Share-based payments |
- |
|
10 |
|
| Payment of deferred
dry-docking costs |
(891 |
) |
(731 |
) |
| Net (increase)/decrease in
operating assets |
(2,562 |
) |
625 |
|
| Net decrease in operating
liabilities |
(42 |
) |
(773 |
) |
| Provision for staff retirement
indemnities |
(2 |
) |
1 |
|
| Foreign exchange
gains/(losses) net, not attributed to cash and cash
equivalents |
3 |
|
(2 |
) |
| Net cash generated
from operating activities |
10,327 |
|
436 |
|
|
|
Three months ended March 31, |
|
|
(Expressed in thousands of U.S. dollars) |
2022 |
|
2021 |
|
| |
(Unaudited) |
| Statement of cash flow
data: |
|
| Net cash generated from
operating activities |
10,327 |
|
436 |
|
| Net cash used in investing
activities |
(15 |
) |
(4,326 |
) |
| Net cash (used in)/generated
from financing activities |
(2,248 |
) |
36,239 |
|
|
|
As at March 31, |
|
As at December 31, |
|
|
(Expressed in thousands of U.S. Dollars) |
2022 |
|
2021 |
|
|
|
(Unaudited) |
|
|
|
|
Consolidated condensed statement of financial
position: |
|
|
|
|
|
Vessels, net |
128,610 |
|
130,724 |
|
|
Other non-current assets |
5,571 |
|
4,988 |
|
|
Total non-current assets |
134,181 |
|
135,712 |
|
|
Cash and bank balances and bank deposits (including restricted
cash) |
55,499 |
|
46,861 |
|
|
Other current assets |
5,850 |
|
3,079 |
|
|
Total current assets |
61,349 |
|
49,940 |
|
|
Total assets |
195,530 |
|
185,652 |
|
|
Total equity |
158,501 |
|
146,418 |
|
|
Total debt net of unamortized debt discount |
30,088 |
|
31,303 |
|
|
Other liabilities |
6,941 |
|
7,931 |
|
|
Total liabilities |
37,029 |
|
39,234 |
|
|
Total equity and liabilities |
195,530 |
|
185,652 |
|
|
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, 2021 |
82 |
|
284,406 |
|
(138,070 |
) |
146,418 |
|
|
Total comprehensive income for the period |
- |
|
- |
|
12,083 |
|
12,083 |
|
|
As at March 31, 2022 |
82 |
|
284,406 |
|
(125,987 |
) |
158,501 |
|
|
|
|
Three months ended March 31, |
|
|
|
|
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Ownership days (1) |
810 |
|
540 |
|
|
|
|
Available days (2) |
810 |
|
516 |
|
|
|
|
Operating days (3) |
798 |
|
512 |
|
|
|
|
Fleet utilization (4) |
98.5 |
% |
99.2 |
% |
|
|
|
Average number of vessels (5) |
9.0 |
|
6.0 |
|
|
|
|
Daily time charter equivalent (“TCE”) rate (6) |
23,643 |
|
9,857 |
|
|
|
|
Daily operating expenses (7) |
5,377 |
|
5,698 |
|
|
|
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 plus any potential gain on sale
of bunkers less voyage expenses during a period divided by the
number of our available days during the period which is consistent
with industry standards. TCE is a measure not in accordance with
GAAP. |
|
(7) |
We calculate daily vessel operating expenses by dividing vessel
operating expenses by ownership days for the relevant time
period. |
Voyage Revenues to Daily Time Charter
Equivalent (“TCE”) Reconciliation
|
|
|
Three months ended March 31, |
|
|
|
|
|
2022 |
|
2021 |
|
|
|
|
|
(Unaudited) |
|
|
|
|
Voyage revenues |
18,351 |
|
5,167 |
|
|
|
|
Plus: Gain on sale of bunkers,
net |
1,149 |
|
- |
|
|
|
|
Less: Voyage expenses |
349 |
|
78 |
|
|
|
|
Net revenues |
19,151 |
|
5,089 |
|
|
|
|
Available days |
810 |
|
516 |
|
|
|
|
Daily TCE rate (1) |
23,643 |
|
9,857 |
|
|
(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 nine dry bulk
vessels that transport iron ore, coal, grain, steel products,
cement, alumina and other dry bulk cargoes internationally. Globus’
subsidiaries own and operate nine vessels with a total carrying
capacity of 626,257 Dwt and a weighted average age of 10.4 years as
at March 31, 2022.
Safe Harbor Statement
This communication contains “forward-looking
statements” as defined under U.S. federal securities laws.
Forward-looking statements provide the Company’s current
expectations or forecasts of future events. Forward-looking
statements include statements about the Company’s expectations,
beliefs, plans, objectives, intentions, assumptions and other
statements that are not historical facts or that are not present
facts or conditions. Words or phrases such as “anticipate,”
“believe,” “continue,” “estimate,” “expect,” “intend,” “may,”
“ongoing,” “plan,” “potential,” “predict,” “project,” “will” or
similar words or phrases, or the negatives of those words or
phrases, may identify forward-looking statements, but the absence
of these words does not necessarily mean that a statement is not
forward-looking. Forward-looking statements are subject to known
and unknown risks and uncertainties and are based on potentially
inaccurate assumptions that could cause actual results to differ
materially from those expected or implied by the forward-looking
statements. The Company’s actual results could differ materially
from those anticipated in forward-looking statements for many
reasons specifically as described in the Company’s filings with the
Securities and Exchange Commission. Accordingly, you should not
unduly rely on these forward-looking statements, which speak only
as of the date of this communication. Globus undertakes no
obligation to publicly revise any forward-looking statement to
reflect circumstances or events after the date of this
communication or to reflect the occurrence of unanticipated events.
You should, however, review the factors and risks Globus describes
in the reports it will file from time to time with the Securities
and Exchange Commission after the date of this communication.
|
For further information please contact: |
|
|
Globus Maritime Limited |
+30 210 960 8300 |
|
Athanasios Feidakis, CEO |
a.g.feidakis@globusmaritime.gr |
|
|
|
|
Capital Link – New York |
+1 212 661 7566 |
|
Nicolas Bornozis |
globus@capitallink.com |
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