Financial Highlights for the First Quarter 2010
09 6월 2010 - 3:00PM
UK Regulatory
TIDMGLBS
RNS Number : 2807N
Globus Maritime Ltd
09 June 2010
Globus Maritime Limited Announces its Trading Update and Financial Highlights
for the Three Months Ended March 31, 2010.
Athens, Greece, June, 9 2010. Globus Maritime Limited ("Globus" or the
"Company") (AIM: GLBS), a global shipping transportation company that owns and
operates Supramax and Panamax dry bulk vessels, announces today its trading
update and unaudited financial highlights for the three months ended March 31,
2010 ("Q1-10").
First Quarter 2010 Highlights versus First Quarter 2009
· Gross Revenues of US$5.8 million versus US$11.8 million in Q1-09;
· Net Revenues of US$5.3 million versus US$10.7 million in Q1-09;
· Operating Expenses of US$1.3 million versus US$2.8 million in Q1-09;
· EBITDA of US$3.0 million versus US$7.1 million in Q1-09;
· Cash flow from Operations of US$3.5 million versus US$7.7 million in
Q1-09;
· Net Income of US$0.5 million versus US$2.5 million in Q1-09;
· Average Time Charter Equivalent (TCE) rate of US$19,429 per vessel per
day with an average 3.0 vessels operated, versus an average TCE of US$16,919 per
vessel per day with an average of 7.0 vessels operated during Q1-09;
· Fleet utilization of 96.7% versus 98.4% in Q1-09.
FleetDevelopment
In February 2010, the vessels "Sea Globe" and "Coral Globe" were delivered to
their new owners, two unaffiliated third parties, generating net cash proceeds
of US$33.0 million in total.
In March 2010, the Company agreed to purchase en-bloc, from an unaffiliated
third party, two sistership geared and grab-fitted Supramax vessels for US$32.85
million each. Both vessels were delivered to Globus in May 2010 and were named
"Sky Globe" and "Star Globe" respectively.
On the date of this release, Globus' fleet comprises of four modern dry bulk
carriers, consisting of three Supramaxes and one Panamax, with a weighted
average age of approximately 4.4 years as at May 31, 2010, and a total carrying
capacity of 240,152 dwt.
Fleet Deployment as of the date of this release
Our vessels are currently trading as follows:
· The "River Globe" is currently on a short T/C with Eastern Bulk Carriers,
fixed at US$25,000 gross per day.
· The "Tiara Globe" is presently under a T/C initiated in February 2010
with Transgrain Shipping, at the gross rate of US$20,000 per day, for a minimum
of 24 to a maximum of 26 months.
· Following her delivery in May 2010, the "Sky Globe" is employed on the
spot market: for her first trip she is chartered by a first class European
charterer at the gross rate of US$30,000 per day.
· The "Star Globe" (delivered from the shipyard to the Company in May 2010)
is presently under a T/C initiated in May 2010 with Transgrain Shipping at the
gross rate of US$22,000 per day for a minimum of 11 to a maximum of 13 months.
George Karageorgiou, Chief Executive of Globus Maritime commented: "We are
pleased to have initiated our fleet renewal program and commitment, by taking
delivery of two modern Supramax vessels during this low phase of the shipping
cycle. We have taken advantage of the opportunities that rose and we expect
these acquisitions to significantly enhance our earnings. We continue to
implement our balanced charter strategy and have secured period employment for
the "Star Globe". Our modern and much younger tonnage reinforces our position in
the market, allowing us to benefit from its improved dynamics. Today, our time
charter coverage for the remaining of 2010 stands at 61% at the earliest
expiration date (or 70% at the latest).
Liquidity and Capital Resources
On February 17, 2010, following the delivery of the vessels "Sea Globe" and
"Coral Globe" to their new owners, Globus repaid in full the US$27.0 million
loan due to Deutsche Schiffsbank.
Total bank debt outstanding as at March 31, 2010 was US$43.5 million due to
Credit Suisse.
In May 2010 following the delivery of the two vessels the Company drew down
US$35.5 million from the remaining committed borrowing facility from Credit
Suisse. The scheduled bank debt repayments in the second-half of 2010, 2011, and
2012 are US$4.5 million, US$9 million and US$9 million respectively.
As of the date of this release, cash balances exceed US$36.1 million while total
outstanding bank debt is US$75.5 million to Credit Suisse.
The issued share capital as at May 31, 2010 is 28,961,152 shares with a nominal
value of US$0.001 each, with voting rights ("Ordinary Shares"). The Company does
not hold any Ordinary Shares in treasury. Therefore the total number of Ordinary
Shares in the Company with voting rights is 28,961,152.
Dry-docking Schedule:
During Q1-10 the Company did not incur any additional capital expenditures for
scheduled special surveys for the fleet. No additional capital expenditures
related to any scheduled special surveys are expected to be incurred for the
rest of 2010.
SELECTED FINANCIALINFORMATION (Unaudited)
+-------------------------------------------+---------------+---------------+
| For the three month period ended | March 31, | March 31, |
| | 2010 | 2009 |
+-------------------------------------------+---------------+---------------+
| (in thousands of US dollars) | Unaudited | Unaudited |
+-------------------------------------------+---------------+---------------+
| | | |
+-------------------------------------------+---------------+---------------+
| Income Statement Data: | | |
+-------------------------------------------+---------------+---------------+
| Gross Revenue | 5,827 | 11,768 |
+-------------------------------------------+---------------+---------------+
| Voyage expenses (incl. commissions) | (484) | (1,109) |
+-------------------------------------------+---------------+---------------+
| Net Revenue | 5,343 | 10,659 |
+-------------------------------------------+---------------+---------------+
| Vessels operating expenses | (1,295) | (2,817) |
+-------------------------------------------+---------------+---------------+
| Administrative expenses | (855) | (891) |
+-------------------------------------------+---------------+---------------+
| Other expenses | (6) | (18) |
+-------------------------------------------+---------------+---------------+
| Gain on sale of vessels | 7 | - |
+-------------------------------------------+---------------+---------------+
| Depreciation | (1,278) | (3,730) |
| | | |
+-------------------------------------------+---------------+---------------+
| Amortization of dry-docking costs | (129) | (411) |
+-------------------------------------------+---------------+---------------+
| Operating profit before finance costs | 1,787 | 2,792 |
+-------------------------------------------+---------------+---------------+
| Interest expense | (585) | (766) |
+-------------------------------------------+---------------+---------------+
| Interest income | 197 | 303 |
+-------------------------------------------+---------------+---------------+
| (Loss)/gain on the fair value of swap | (172) | 145 |
+-------------------------------------------+---------------+---------------+
| Foreign exchange (losses)/gain | (768) | 21 |
+-------------------------------------------+---------------+---------------+
| Profit for the period | 459 | 2,495 |
+-------------------------------------------+---------------+---------------+
| Depreciation | 1,278 | 3,730 |
| | | |
+-------------------------------------------+---------------+---------------+
| Amortization of dry-docking costs | 129 | 411 |
+-------------------------------------------+---------------+---------------+
| Interest expense | 585 | 766 |
+-------------------------------------------+---------------+---------------+
| Interest income | (197) | (303) |
+-------------------------------------------+---------------+---------------+
| Foreign exchange losses/(gain) | 768 | (21) |
+-------------------------------------------+---------------+---------------+
| EBITDA | 3,022 | 7,078 |
+-------------------------------------------+---------------+---------------+
| Loss/(gain) on the fair value of swap | 172 | (145) |
+-------------------------------------------+---------------+---------------+
| Adjusted EBITDA | 3,194 | 6,933 |
+-------------------------------------------+---------------+---------------+
| | | |
+-------------------------------------------+---------------+---------------+
| Balance Sheet Data: | | |
+-------------------------------------------+---------------+---------------+
| Cash (including restricted cash) | 67,763 | 48,887 |
| | | |
+-------------------------------------------+---------------+---------------+
| Total assets | 160,434 | 263,086 |
| | | |
+-------------------------------------------+---------------+---------------+
| Long-term debt, net of unamortized fees | 43,276 | 133,117 |
| | | |
+-------------------------------------------+---------------+---------------+
| Total shareholders' equity | 113,994 | 124,459 |
+-------------------------------------------+---------------+---------------+
| | | |
+-------------------------------------------+---------------+---------------+
| Cash Flow Data: | | |
+-------------------------------------------+---------------+---------------+
| Net cash flow from operating activities | 3,488 | 7,734 |
+-------------------------------------------+---------------+---------------+
| Net cash flow from investing activities | 33,333 | 10,571 |
+-------------------------------------------+---------------+---------------+
| Net cash flows used in financing | (23,215) | (20,960) |
| activities | | |
+-------------------------------------------+---------------+---------------+
FLEET OPERATING DATA
The following information is unaudited:
+-------------------------------------------+---------------+---------------+
| Fleet Data: | | |
+-------------------------------------------+---------------+---------------+
| Average number of vessels(1) | 3.0 | 7.0 |
+-------------------------------------------+---------------+---------------+
| Number of vessels at end of period | 2.0 | 7 |
+-------------------------------------------+---------------+---------------+
| Weighted average age of fleet (in | 7.8 | 11.8 |
| years)(2) | | |
+-------------------------------------------+---------------+---------------+
| Ownership days(3) | 275 | 630 |
+-------------------------------------------+---------------+---------------+
| Available days(4) | 275 | 630 |
+-------------------------------------------+---------------+---------------+
| Operating days(5) | 266 | 620 |
+-------------------------------------------+---------------+---------------+
| Fleet utilization(6) | 96.7% | 98.4% |
+-------------------------------------------+---------------+---------------+
| Average Daily Results: | | |
+-------------------------------------------+---------------+---------------+
| Vessel operating expenses (U.S. | 4,709 | 4,471 |
| dollars)(7) | | |
+-------------------------------------------+---------------+---------------+
| Time charter equivalent (TCE) rate (U.S. | 19,429 | 16,919 |
| dollars)(8) | | |
+-------------------------------------------+---------------+---------------+
Notes:
(1) Average number of vessels is the number of vessels that constituted the
Company's fleet for the relevant period, as measured by the sum of the number of
days each vessel was a part of the fleet during the period divided by the number
of calendar days in the period.
(2) The average age of the fleet is calculated by aggregating the individual age
of each vessel in the fleet at the period end weighted by each vessel's
deadweight tonnage in proportion to the deadweight tonnage of the whole fleet at
the period end.
(3) Ownership days are the aggregate number of days in a period during which
each vessel in the fleet has been owned by the Company. Ownership days are an
indicator of the size of the fleet over a period and affect both the amount of
revenues and the amount of expenses that are recorded during a period.
(4) Available days are the number of ownership days less the aggregate number of
days that vessels are off-hire due to scheduled repairs or repairs under
guarantee, vessel upgrades or special surveys and the aggregate amount of time
spent positioning vessels. The shipping industry uses available days to measure
the number of days in a period during which vessels should be capable of
generating revenues.
(5) Operating days are the number of available days in a period less the
aggregate number of days that vessels are off-hire due to any reason, including
unforeseen circumstances. The shipping industry uses operating days to measure
the aggregate number of days in a period during which vessels actually generate
revenues.
(6) Fleet utilisation is measured by dividing the number of operating days
during a period by the number of available days during the same period. The
shipping industry uses fleet utilisation to measure a company's efficiency in
finding suitable employment for its vessels and minimising the amount of days
that its vessels are off-hire for reasons other than scheduled repairs or
repairs under guarantee, vessel upgrades, special surveys or vessel positioning.
(7) Average daily vessel operating expenses, which include crew wages and
related costs, the cost of insurance, expenses relating to repairs and
maintenance, the costs of spares and consumable stores, tonnage taxes and other
miscellaneous expenses, are calculated by dividing vessel operating expenses by
ownership days for the relevant period.
(8) TCE rates are defined as time and voyage charter revenues less voyage
expenses during a period divided by the number of available days during the
period, which is consistent with industry standards. Voyage expenses include
port charges, bunker (fuel oil and diesel oil) expenses, canal charges and
commissions. TCE rate is a standard shipping industry performance measure used
primarily to compare daily earnings generated by vessels on time charters with
daily earnings generated by vessels on voyage charters, because charter hire
rates for vessels on voyage charters are generally not expressed in per day
amounts while charter hire rates for vessels on time charters are generally
expressed in such amounts.
The following table represents the Company's fleet as of the date of this
release:
+---------+-------+----------+----------+-----------+---------+----------+
| Vessel | Year | | | Month/Yr | DWT | FLAG |
| |Built | Yard | Type(1) |Delivered | | |
+---------+-------+----------+----------+-----------+---------+----------+
| River | 2007 | Yangzhou | Supramax | Dec | 53,500 | Marshall |
| Globe | | Dayang | | 2007 | | Islands |
+---------+-------+----------+----------+-----------+---------+----------+
| Sky | 2009 | Taizhou | Supramax | May | 56,855 | Marshall |
| Globe | | Kouan | | 2010 | | Islands |
+---------+-------+----------+----------+-----------+---------+----------+
| Star | 2010 | Taizhou | Supramax | May | 56,868 | Marshall |
| Globe | | Kouan | | 2010 | | Islands |
+---------+-------+----------+----------+-----------+---------+----------+
| Tiara | 1998 | Hudong | Panamax | Dec | 72,929 | Marshall |
| Globe | | Zhonghua | | 2007 | | Islands |
+---------+-------+----------+----------+-----------+---------+----------+
| Weighted Average Age at | 4.4 | | 240,152 | |
| 31 May 2010 | years | | | |
+---------+-------+----------+----------+-----------+---------+----------+
Note (1): All vessels are geared and fitted with grabs.
The following table represents the employment profile of the fleet as of the
date of this release:
+------------+-----------------+------------+-------------+---------+
| Vessel | Charterer | Charter | Charter | Gross |
| | | Expiration | Expiration | Daily |
| | | Date | Date | rate |
| | | (Earliest) | (Latest)(1) | (US$) |
+------------+-----------------+------------+-------------+---------+
| River | Eastern Bulk | 9/2010 | 11/2010 | 25,000 |
| Globe | Carriers | | | |
+------------+-----------------+------------+-------------+---------+
| Sky Globe | Currently on | n/a | n/a | 30,000 |
| | Spot | | | |
+------------+-----------------+------------+-------------+---------+
| Star Globe | Transgrain | 5/2011 | 7/2011 | 22,000 |
+------------+-----------------+------------+-------------+---------+
| Tiara | Transgrain | 2/2012 | 5/2012 | 20,000 |
| Globe | | | | |
+------------+-----------------+------------+-------------+---------+
Note:
(1) The latest charter expiration date represents the last day on which
the charterer may redeliver the vessel upon the termination of the charter
assuming that all options for additional hire periods under the charter are
exercised, including taking into account expected off-hire days because of
scheduled dry-dockings.
- ENDS -
For further information please contact:
Globus Maritime Limited +30 210 960 8300
George Karageorgiou, CEO info@globusmaritime.gr
Jefferies International Limited +44 (0) 20 7029 8000
Schuyler Evans
Oliver Griffiths
Anne Dovigen
Capital Link - London +44 (0) 20 3206 1322 /
globus@capitallink.com
Annie Evangeli
Capital Link - New York +1 212 661 7566 /
globus@capitallink.com
Ramnique Grewal
Further Information - Notes to Editors
About Globus Maritime Limited
Globus is a global provider of seaborne transportation services for dry bulk
cargoes, including among others iron ore, coal, grain, cement, and fertilizers,
along worldwide shipping routes. Currently, Globus owns and operates one panamax
and three supramax vessels, with a weighted average age of 4.4 years (as at May
31, 2010) and a total carrying capacity of 240,152 DWT. All vessels are geared
and fitted with grabs
Globus is listed on the AIM of the London Stock Exchange under ticker GLBS.
Jefferies International Limited is acting as nominated adviser and broker to the
Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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