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Globus Maritime shares financial results for 4Q18

Published by , Assistant Editor
Dry Bulk,

On Friday last week, Globus Maritime Ltd (Globus), a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the quarter and year ended 31 December 2018.


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)/ generated from operating activities, which are the most directly comparable financial measures calculated and presented in accordance with the GAAP measures.

The weighted average number of shares for the year ended 31 December 2018, was 3 200 927 compared to 2 574 995 shares for the year ended 31 December 2017. The weighted average number of shares for the three month period ended 31 December 2018 was 3 206 959 compared to 3 050 316 shares for the three month period ended 31 December 2017. On 15 October 2018, we effected a ten-for-one reverse stock split which reduced the number of outstanding common shares from 32 065 077 to 3 206 495 shares (adjustments were made based on fractional shares). Unless otherwise noted, all historical share numbers and per share amounts have been adjusted to give effect to this reverse stock split.

Daily Time charter equivalent rate (TCE) is a measure not in accordance with generally accepted accounting principles (GAAP).

Current fleet profile

As of the date of this press release, Globus’ subsidiaries own and operate five dry bulk carriers, consisting of four supramax vessels and one panamax.

Current fleet deployment

All of the company's vessels are currently operating on short-term time charters (on spot). Management Commentary Athanasios Feidakis, President, CEO and CFO of Globus Maritime Limited, stated: “We are very pleased with our overall performance during 2018. Our total revenues increased by about 25% when compared to year 2017. At the same time our comprehensive loss went down 45% in 2018 compared to 2017. Additionally our 4Q18 had an increase in our total revenues of 10% compared to the same quarter in 2017."

"In the second half of 4Q18 the market experienced a strong downward pressure; however we are getting some optimistic signals for the future, mainly from the supply side of the market. We hope the trade war problems will be resolved for the benefit of the entire world economy and by extent for our industry. The combination of the trade war, Brexit, Chinese New Year among other factors repressed the demand which spilled over onto the industry charter rates. However, the fundamentals have improved slightly recently and with the Baltic Dry Index doing better we are optimistic that the desperately needed rebound of the market isn’t too far off. Fortunately, we were able to seize the opportunity and secure some relatively good period charters for some of our vessels before this downward trend started.

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