Globus Maritime Ltd report financial figures for 3Q17 and nine-month period ended 30 September 2017

Athanasios Feidakis, President, CEO and Chief Financial Officer of Globus Maritime Ltd, stated: “We are pleased to report strong revenue growth and significant debt reduction during the first nine months of 2017. We continue to monitor our operational expenses carefully, as well as follow the market closely and of course we remain on the lookout for any accretive transactions that will enhance our shareholders value.”

“The strengthening in dry bulk fundamentals, as well as the increase in the coal, grains and iron ore ton-mile demand and a reduced dry bulk order book, makes us optimistic about the continued positive momentum in the dry bulk sector and we believe our company is well placed to benefit from it,” Feidakis added.

Voyage Revenues

During the three-month period ended 30 September 2017 and 2016, the company’s revenue reached US$4.0 million and US$2.5 million respectively. The 60% 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 2017 compared to the same period in 2016. Time Charter Equivalent rate (TCE) for 3Q17 amounted to US$7621 per vessel per day against US$5031 per vessel per day during the same period in 2016 corresponding to an increase of 51%.

Vessel operating expenses

Vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oils, insurance, maintenance, and repairs, increased by US$0.3 million or 14% to US$2.4 million during the three-month period ended 30 September 2017 compared to US$2.1 million during the same period in 2016.

Third quarter of the year 2017 compared to the third quarter of the year 2016

Total comprehensive loss for 3Q17 amounted to US$1.5 million or US$0.05 basic loss per share based on 27 677 694 weighted average number of shares, compared to total comprehensive loss of

US$2.8 million for the same period last year or US$1.07 basic loss per share based on 2 606 000 weighted average number of shares.

According to the company, during the three-month period ended 30 September 2017 and 2016, their revenue reached US$4.0 million and US$2.5 million respectively. The 60% increase in voyage revenues was mainly attributed to the increase in the average time charter rates achieved by their vessels during the third quarter of 2017 compared to the same period in 2016. Time Charter

Equivalent rate (TCE) for 3Q17 amounted to US$7621 per vessel per day compared with US$5031 per vessel per day during the same period in 2016, corresponding to an increase of 51%.

Read the article online at: https://www.drybulkmagazine.com/shipping/22122017/globus-maritime-ltd-report-financial-figures-for-3q17-and-ninemonth-period-ended-30-september-2017/