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Globus Maritime Limited announces financial results

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Dry Bulk,

Globus Maritime Limited, a dry bulk shipping company, has reported its unaudited consolidated operating and financial results for the quarter and nine month period ended 30 September 2018.

In 3Q18, the company had total comprehensive income of US$254 000 compared to a loss of US$1473 000 in 3Q17.

In 9M 2018, total revenues increased by about 31% compared to 9M 2017.

In 3Q18, total revenues increased by about 27% compared to 3Q17.

In 2Q18, vessel operating expenses decreased by around 14% compared to 3Q17.

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 utilisation 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 3Q18, total revenues increased by about 27% compared to 3Q17, resulting in a total comprehensive income of US$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 29 October 2018 and following our Reverse Split effect of 15 October 2018 we have received notice from NASDAQ Stock Exchange that we have regained compliance with the price of US$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 15 December 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 stabilise the financial growth of our company.”

View the full report here.

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