TIDMGLBS
RNS Number : 3910S
Globus Maritime Ltd
09 September 2010
Globus Maritime Reports Results for the Second Quarter & Six Months Ended June
30, 2010 and Declares Interim Dividend.
Athens, Greece - September 9, 2010. Globus Maritime Limited ("Globus" or the
"Company") (AIM: GLBS), a company with subsidiaries that own and operate
Supramax, Panamax, and Kamsarmax dry bulk vessels, today reports its unaudited
consolidated interim operating and financial results for the three months
("Q2-10") and six months ("H1-10") period ended June 30, 2010, and declares an
interim cash dividend of GB 7.3 pence (US 11.29 cents) per share.
All the following figures are in United States Dollars, except for the dividend
which is in British Pence.
First Half 2010 Highlights versus First Half 2009
Globus had 5 vessels at the end of June 2010 versus 7 vessels at the end of June
2009. Taking into consideration the reduction in the size of the fleet and the
prevailing market conditions:
· Gross Revenues were $11.6 million (H1-09: $26.5 million);
· Net Revenues were $10.8 million (H1-09: $24.5 million);
· Operating Expenses were $2.6 million (H1-09: $5.7 million);
· EBITDA reached $5.9 million with zero impairment charge versus -$2.7
million due to the impairment charge of $18.8 million in H1-09;
· Cash flow from operations reached $5.9 million versus $16.9 million in
H1-09;
· Net Income was $1.0 million versus a Net Loss of $11.6 million in H1-09;
· Average Time Charter Equivalent ("TCE") rate of $20,060 per vessel per
day with an average 2.97vessels operating, versus an average TCE of $19,484 per
vessel per day with an average of 7 vessels operating during H1-09;
· Fleet utilization of 98.3% (H1-09: 98.7%).
Second Quarter 2010 Highlights versus Second Quarter 2009:
· Gross Revenues reached $5.8 million (Q2-09: $14.8 million);
· Net Revenue were $5.4 million (Q2-09: $13.8 million);
· Operating Expenses were $1.3 million (Q2-09: $2.9 million);
· EBITDA of $2.9 million with zero impairment charge versus -$9.8 million
due to the impairment charge of $18.8 million in Q2-09;
· Cash flow from operations of $3.2 million versus $9.2 million in Q2-09;
· Net Income of $0.6 million versus a Net Loss of $14.1 million in Q2-09;
· Average TCE rate of $20,724 per vessel per day with an average 2.9
vessels operating, versus an average TCE of $22,065 per vessel per day with an
average of 7 vessels operating during Q2-09;
· Fleet utilization of 100% (Q2-09: 98.9%).
Dividend Declaration
In implementation of the Company's dividend policy, the Directors declare an
interim cash dividend of GB 7.3 pence per share (US 11.29 cents per share),
amounting to $0.8 million in total, for the six months ended June 30, 2010.
This interim dividend will be payable on or about September 24, 2010 to all
shareholders on record on September 17, 2010.
Reverse Stock Split
Following the 1-for-4 reverse stock split which took effect on July 29, 2010,
the issued share capital as of the date of this release is 7,240,852 shares of
$0.004 each.
Fleet Development
In February 2010, the mid-1990s-built Handymax vessels "Sea Globe" and "Coral
Globe" were delivered to their new owners, two unaffiliated third parties,
generating net cash proceeds of $33.0 million in total.
In March 2010 the Company agreed to purchase en-bloc, from an unaffiliated third
party, two dry bulk sistership geared and grab-fitted Supramax vessels for
$32.85 million each. The vessels, named "Sky Globe" (built in November 2009) and
"Star Globe" (built in May 2010), were delivered to Globus in May 2010.
In June 2010 the Company agreed to purchase from an unaffiliated third party the
dry bulk Kamsarmax vessel "Jin Star" (built in January 2010) for $41.1 million,
with an attached bareboat charter agreement at the gross daily rate of $14,250.
The vessel was delivered to Globus on June 29, 2010.
On the date of this release, the Company's subsidiaries own five modern dry bulk
carriers, consisting of three Supramaxes, one Panamax, and one Kamsarmax. On
June 30, 2010 the fleet had an aggregate carrying capacity of 319,913 DWT and a
weighted average age of approximately 3.4 years, which is a 72% reduction from
the weighted average age of 12.1 years at June 30, 2009.
Fleet Deployment
The Panamax "Tiara Globe" is currently on a time charter with Transgrain
Shipping that began in February 2010 and is scheduled to expire in a minimum of
24 months - maximum of 26 months from such date, at the gross rate of $20,000
per day.
The Supramax "Star Globe" is currently on a time charter with Transgrain
Shipping that began in May 2010 and is scheduled to expire in a minimum of 11
months - maximum of 13 months from such date, at the gross rate of $22,000 per
day.
The Supramax "Sky Globe" is currently trading in the spot market.
The Supramax "River Globe" is currently on a time charter with Eastern Bulk
Carriers A/S that is scheduled to expire in September 2010 (maximum November
2010) at the gross rate of $25,000 per day.
The Kamsarmax vessel "Jin Star" is on a bareboat charter with Eastern Media
International and Far Eastern Silo & Shipping for a period of five years (which
can be extended for one year at the charterer's option, and thereafter extended
one additional year at the Company's option), at the gross rate of $14,250 per
day.
As of the day of this press release, we have secured under fixed employment 73%
of our fleet days for the remaining of 2010 and 51% for 2011.
Management Commentary
George Karageorgiou, Chief Executive Officer of Globus Maritime Limited, said:
"Taking into consideration both the reduced size of our fleet during the
reporting period and the prevailing market conditions, we are happy to report
healthy results for the three month and six month periods ended June 30, 2010.
"During the first six months of 2010 we continued with our fleet renewal and
expansion strategy enhancing the foundation of long term growth for our company.
We sold two "older Handymaxes" and acquired three "newer and larger" vessels,
expanding the operational versatility of our fleet with the addition of a
Kamsarmax vessel. We now have a modern fleet of five dry bulk carriers comprised
of three Supramaxes, one Panamax and one Kamsarmax with an weighted average age
of just 3.4 years, which is a 72% reduction from the weighted average age of
12.1 years at June 30, 2009.
"As of today, we have secured under fixed employment 73% of our fleet days for
2010 and 51% for 2011.
"We are also pleased to reinstate the dividend, and have declared an interim
dividend of GB 7.3 pence per share, consistent with our dividend policy.
We are currently evaluating strategies that can enhance shareholder value for
the long term. In July 2010, we consolidated our shares through a 4-for-1
reverse split, in preparation of a possible listing on a U.S. Stock Exchange. As
announced, we believe that listing Globus on U.S. Exchange may result in our
shares trading at a more favorable price relative to their net asset value than
has recently been the case. In addition, we also believe that through a U.S.
listing our Company would be in a better position to raise funds for its future
development.
"We remain committed to pursue further accretive expansion opportunities, while
safeguarding the strength of our balance sheet maximizing shareholder value.
With a modern fleet, a strong balance sheet, a clear strategy and experienced
management team we believe that Globus is strategically positioned to take
advantage of the positive long term fundamentals of dry bulk shipping."
Elias Deftereos, Chief Financial Officer, added:
"Our results for the reporting period reflect the smaller size of our fleet and
the continued volatility of market conditions. Taking into consideration the
reduced size of the fleet we report a net income of $1.0 million during the
period compared to a net loss of $11.6 million in the corresponding period in
2009.
"Our Company is in a strong financial condition. As of today, total bank debt
outstanding is $102.2 million while our restricted and unrestricted cash
balances are $27.1 million. Our net debt to net book capitalization (net debt
plus equity) stands at 40%, a moderate figure for our industry, enabling us to
pursue further fleet growth opportunities."
Review of Results for the Second Quarter 2010 - unaudited
Globus began the second quarter of 2010 operating only two vessels, the "River
Globe" and the "Tiara Globe". The sistership vessels "Sky Globe" and "Star
Globe" were delivered to Globus in May 2010, and the vessel "Jin Star" was
delivered on June 29, 2010. Consequently during Q2-10 Globus had an average of
2.9 vessels in its fleet whereas during Q2-09 the average number was 7.0
vessels.
Gross revenues were $5.8 million during Q2-10 compared to $14.8 million during
Q2-09. Net revenues reached $5.4 million in Q2-10 compared to $13.8 million a
year ago. The decrease is attributable to the decrease in the size of the fleet.
Furthermore, during Q2-10 the vessels earned an average TCE of $20,724 per
vessel per day as opposed to Q2-09 during which they earned an average TCE of
US$22,065.
Voyage expenses decreased by $0.6 million, or 60%, to $0.4 million in Q2-10
compared to $1.0 million in 2009. This decrease is attributable to the decrease
in revenues and the reduction of the size of the fleet.
Vessel operating expenses, which include crew costs, provisions, deck and engine
stores, lubricating oils, insurance, maintenance, and repairs, decreased by $1.6
million, or 55%, and came to $1.3 million for Q2-10 versus $2.9 million a year
ago, a decrease mainly due to the smaller fleet. While crew salaries were paid
in U.S. dollars, a significant portion of other vessel operating expenses are
regularly paid in currencies other than the U.S. dollar.
Average daily operating expenses reached $5,146 in Q2-10 compared to US$4,491
for the same period in 2009. The increase in the average daily operating
expenses is mostly due to the initial supplies for the vessels "Sky Globe" and
"Star Globe" which were delivered to Globus in May 2010.
Administrative expenses for Q2-10 decreased by $1.3 million or 62% to $0.8
million, compared to $2.1 million in 2009. The decrease is due to the decrease
of share-based payments.
Interest expenses amounted to $0.4 million versus $0.8 million in Q2-09,
attributable primarily to the lower level of debt.
Moreover, the results for the second quarter of 2010 include a $0.4 million
non-cash loss from the change in the fair value of interest rate derivatives
compared to a $0.2 million non-cash gain in the second quarter of 2009. The
valuation of these interest rate swaps at the end of each quarter is affected by
the prevailing interest rates at that time. The changes in the fair values of
interest rate swaps are recorded in income as they do not meet the criteria for
hedge accounting.
Foreign exchange losses amount to $0.2 million for Q2-10. Foreign exchange
losses resulted primarily from currency exchanges to pay for operating expenses
of the fleet and general and administrative expenses, a material portion of
which were in currencies other than the U.S. dollar.
Three newly-established 100% subsidiaries of the Company bought the vessels "Sky
Globe", "Star Globe", and "Jin Star" in Q2-10; cash used in investing activities
was $106.1 million in the second quarter of 2010.
Review of Results for Six Months Ended June 30, 2010 - unaudited
Globus began the year operating four vessels. The vessels "Sea Globe" and "Coral
Globe" were sold in February 2010, the vessels "Sky Globe" and "Star Globe" were
delivered to Globus in May 2010, and the vessel "Jin Star" was delivered on June
29, 2010. Consequently, during H1-10 the Company had an average of 2.97 vessels
in its fleet whereas during H1-09 the average number was 7.0 vessels. The
ownership days came to 538 versus 1,267 ownership days in H1-09, a reduction of
58%.
For the six months ended June 30, 2010, as a result of the decrease in the
number of vessels in the Company's fleet, gross revenues amounted to $11.6
million versus $26.5 million in the corresponding period of 2009. Net revenues
in H1-10 came to $10.8 million versus $24.5 million a year ago, a reduction by
56%.
During the first half of 2010 the vessels were earning an average TCE of $20,060
per vessel per day as opposed to H1-09 when they were earning an average TCE of
US$19,484.
Voyage expenses decreased by $1.3 million, or 62%, to $0.8 million in H1-10
compared to $2.1 million in 2009. This decrease is attributable to the decrease
in revenues and the reduction of the size of the fleet.
Vessel operating expenses decreased by $3.1 million, or 54%, and came to $2.6
million for H1-10 versus $5.7 million a year ago, a decrease mainly due to the
smaller fleet. While crew salaries were paid in U.S. dollars, a significant
portion of other vessel operating expenses are regularly paid in currencies
other than the U.S. dollar.
Average daily operating expenses reached $4,922 compared to US$4,481 during the
same period in 2009. This 10% increase in the average daily operating expenses
is mostly due to the initial supplies for the vessels "Sky Globe" and "Star
Globe" which were delivered to Globus in May 2010.
Depreciation decreased by $4.2 million to $2.8 million for H1-10, compared to
$7.0 million for 2009. Amortization of drydocking costs decreased by $0.5
million to $0.3 million compared to $0.8 million for 2009. The decrease is
directly the result of the decrease in the number of vessels in the fleet.
Total administrative expenses for H1-10 (including administrative expenses
payable to related parties and non-cash share-based payments) decreased by $1.3
million or 43% to $1.7 million, compared to $3.0 million in 2009. The decrease
is largely due to the decrease of non-cash share-based payments. Non-cash
share-based payments of $0.1 million for the six months ended June 30, 2010
relate to the amortization of the cost recognized for vested share awards issued
to executive officers and employees under the Company's incentive plan.
In H1-09 the Company had incurred a non-cash impairment charge of $18.8 million.
There was no impairment charge in H1-10.
Interest income decreased by $0.3 million to $0.2 million in 2010, as compared
to $0.5 million in the same period in 2009. The decrease is attributable to the
lower prevailing LIBOR rates.
Interest expense decreased by $0.6 million or 38%, to $1.0 million in 2010,
compared to $1.6 million in 2009. The decrease is attributable to the decreased
average loan balances. All of the Company's bank loans are denominated in U.S.
dollars.
Moreover, the results for the first half of 2010 include a $0.6 million non-cash
loss from the change in the fair value of interest rate derivatives compared to
a $0.3 million non-cash gain in the same period of 2009. The changes in the fair
values of interest rate swaps are recorded in income as they do not meet the
criteria for hedge accounting.
Foreign exchange losses amount to $1.0 million for H1-10. Foreign exchange
losses resulted primarily from the change in the fair value of cash deposits in
Euro, as well as currency exchanges to pay for vessel operating expenses and
general and administrative expenses, a material portion of which were in
currencies other than the U.S. dollar.
Net Income for H1-10 came to $1.0 million versus a Net Loss of $11.6 million for
the first six months of 2009.
Two subsidiaries of the Company sold the vessels "Sea Globe" and "Coral Globe"
for $33.0 million in total in Q1-10, and three newly-established subsidiaries of
the Company bought the vessels "Sky Globe", "Star Globe", and "Jin Star" for
$106.1 million in total in Q2-10; cash used in investing activities was $72.7
million in the first half of 2010.
Financing Activities & Cash Management
Outstanding bank debt at December 31, 2009 was $43.6 million to Credit Suisse
and $27.0 million to Deutsche Schiffsbank, or $70.6 million in total. In
addition, at December 31, 2009, the Company had committed undrawn funds up to
$36.4 million under the facility with Credit Suisse.
In February 2010, Globus fully repaid the $27.0 million loan to Deutsche
Schiffsbank upon the sale of the vessels "Sea Globe" and "Coral Globe". The Bank
released $5.0 million from the deposit that was pledged as security for this
loan.
In April 2010 Globus repaid early to Credit Suisse the regular semi-annual
installment of $3.6 million (due in May) and reduced the committed undrawn funds
to $35.5 million.
In May 2010 the Company drew the $35.5 million from Credit Suisse to finance the
vessels "Sky Globe" and "Star Globe".
In June 2010 a subsidiary of the Company agreed a new facility with Deutsche
Schiffsbank for $26.7 million, which it drew to finance the acquisition of the
vessel "Jin Star".
Globus paid $0.4 million in interest for its bank loans during Q2-10, bringing
the total interest paid for H1-10 to $0.9 million.
Cash provided by financing activities was $58.0 million in Q2-10 and $35.5
million in H1-10.
At June 30, 2010, total debt to the two banks amounted to $102.2 million while
no amount remained undrawn.
Cash at June 30, 2010 was $22.7 million. Cash on the date of this release is
$27.1 million.
Conference Call details
Today, September 9, 2010 at 2:30pm UK, 4:30pm Athens, 9:30am Eastern Time, the
Company's management team will host a conference call to discuss the results.
Conference Call details:
Participants should dial into the call 10 minutes prior to the scheduled time
using the following numbers: 0800-953-0329 (from the UK), 1-866-819-7111 (from
the US), 00800-4413-1378 (from Greece), or +44 (0)1452-542-301 (all other
callers). Please quote "Globus Maritime".
A telephonic replay of the conference call will be available until September 16,
2010 by dialling 0800-953-1533 (from the UK), 1-866-247-4222 (from the US), or
+44(0)1452 550-000 (all other callers). Access Code: 36407079#
All information will also be accessible through the Globus Maritime Ltd website
www.globusmaritime.gr. An audio file with the Conference Call as well as the
slide presentation will remain archived on the company's website
www.globusmaritime.grunder the section "Investor Relations".
SELECTED FINANCIAL INFORMATION (Unaudited)
+----------------------------------------+-------------+-------------+-------------+-------------+
| | For the Three Months | For the Six Months |
| | Ended | Ended |
+----------------------------------------+---------------------------+---------------------------+
| (in thousands of US dollars) | 30 June | 30 June | 30 June | 30 June |
| | 2010 | 2009 | 2010 | 2009 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Income Statement Data: | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Gross Revenue | 5,791 | 14,772 | 11,618 | 26,540 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Voyage expenses (incl. commissions) | (361) | (961) | (845) | (2,070) |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Net Revenue | 5,430 | 13,811 | 10,773 | 24,470 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Vessel operating expenses | (1,343) | (2,861) | (2,638) | (5,678) |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Total administrative expenses | (816) | (2,099) | (1,671) | (2,990) |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Other expenses | (25) | (2) | (31) | (20) |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Gain on sale of vessel | - | - | 7 | - |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Impairment loss | - | (18,826) | - | (18,826) |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Depreciation | (1,538) | (3,259) | (2,816) | (6,989) |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Amortization of dry-docking costs | (131) | (425) | (260) | (836) |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Operating profit/(loss) before finance | 1,577 | (13,661) | 3,364 | (10,869) |
| costs | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Interest expense | (392) | (825) | (977) | (1,591) |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Interest income | 26 | 185 | 223 | 488 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| (Loss)/gain on derivative financial | (392) | 164 | (564) | 309 |
| instruments | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Foreign exchange (loss)/gain | (188) | 13 | (956) | 34 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Profit/(loss) for the period | 631 | (14,124) | 1,090 | (11,629) |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Finance costs net of derivative | 554 | 627 | 1,710 | 1,069 |
| financial instruments | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Depreciation | 1,538 | 3,259 | 2,816 | 6,989 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Amortization of dry-docking costs | 131 | 425 | 260 | 836 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| EBITDA | 2,854 | (9,813) | 5,876 | (2,735) |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Impairment loss | - | 18,826 | - | 18,826 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Gain on sale of vessel | - | | (7) | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Loss/(gain) on derivative financial | 392 | (164) | 564 | (309) |
| instruments | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Adjusted EBITDA | 3,246 | 8,849 | 6,433 | 15,782 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Cash Flow Data: | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Net cash flows from operating | 3,150 | 9,193 | 5,870 | 16,926 |
| activities | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Net cash flows (used in)/from | (106,056) | 197 | (72,723) | 10,769 |
| investing activities | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Net cash flows from/(used in) | 57,978 | (5,733) | 35,531 | (26,693) |
| financing activities | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Net (decrease)/increase in cash & cash | (44,928) | 3,657 | (31,322) | 1,002 |
| equivalents | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| FLEET OPERATING DATA | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| The following information is unaudited | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Fleet Data: | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Average number of vessels(1) | 2.9 | 7 | 2.97 | 7 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Number of vessels at end of period | 5 | 7 | 5 | 7 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Weighted average age of fleet (in | 3.4 | 12.1 | 3.4 | 12.1 |
| years)(2) | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Bareboat charter days | 2 | - | 2 | - |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Bareboat charter revenue net (in | 21 | - | 21 | - |
| thousands of US dollars) | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Ownership days(3) | 263 | 637 | 538 | 1,267 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Available days(4) | 263 | 626 | 538 | 1,256 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Operating days(5) | 263 | 619 | 529 | 1,239 |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Fleet utilization(6) | 100% | 98.9% | 98.3% | 98.7% |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Average Daily Results: | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Vessel operating expenses (U.S. | 5,146 | 4,491 | 4,922 | 4,481 |
| dollars)(7) | | | | |
+----------------------------------------+-------------+-------------+-------------+-------------+
| Time charter equivalent (TCE) rate | 20,724 | 22,065 | 20,060 | 19,484 |
| (U.S. 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 ownership 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, excluding bareboat charter days.
(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, excluding bareboat charter net revenue and days, 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 tables represent the Company's fleet as on the date of this
release:
Fleet Employment Profile as at the day of this press release:
+----------+-----------+-----------------+---------+--------------+---------+
| Vessel | | Charterer |Charter | Charter | Gross |
| | | | Type | Expiration | Daily |
| | | | | Date | rate |
| | Type | | | (Earliest) | |
+----------+-----------+-----------------+---------+--------------+---------+
| Sky | Supramax | Currently on | | | |
| Globe | | Spot | | | |
+----------+-----------+-----------------+---------+--------------+---------+
| Star | Supramax | Transgrain | T/C | April 2011 | $22,000 |
| Globe | | Shipping | | | |
+----------+-----------+-----------------+---------+--------------+---------+
| River | Supramax | Eastern Bulk | T/C | September | $25,000 |
| Globe | | Carriers | | 2010 | |
+----------+-----------+-----------------+---------+--------------+---------+
| Tiara | Panamax | Transgrain | T/C |January 2012 | $20,000 |
| Globe | | Shipping | | | |
+----------+-----------+-----------------+---------+--------------+---------+
| Jin Star | Kamsarmax | Eastern Media | B/B |January 2015 | $14,250 |
| | | Int'l and | | | |
| | | Far Eastern | | | |
| | | Silo & Shipping | | | |
+----------+-----------+-----------------+---------+--------------+---------+
Fleet Profile as of the date of this Press Release:
+----------+-----------+-------+--------------+-----------+----------+----------+
| Vessel | | Year | | Month/Yr | DWT | FLAG |
| | Type | Built | Yard | Delivered | | |
+----------+-----------+-------+--------------+-----------+----------+----------+
| Sky | Supramax | 2009 | Taizhou | May | 56,785 | Marshall |
| Globe | | | Kouan | 2010 | | Is |
+----------+-----------+-------+--------------+-----------+----------+----------+
| Star | Supramax | 2010 | Taizhou | May | 56,785 | Marshall |
| Globe | | | Kouan | 2010 | | Is |
+----------+-----------+-------+--------------+-----------+----------+----------+
| River | Supramax | 2007 | Yangzhou | Dec | 53,627 | Marshall |
| Globe | | | Dayang | 2007 | | Is |
+----------+-----------+-------+--------------+-----------+----------+----------+
| Tiara | Panamax | 1998 | Hudong | Dec | 72,928 | Marshall |
| Globe | | | Zhonghua | 2007 | | Is |
+----------+-----------+-------+--------------+-----------+----------+----------+
| Jin Star | Kamsarmax | 2010 | Jiangsu | June | 79,788 | Panama |
| | | | Eastern | 2010 | | |
+----------+-----------+-------+--------------+-----------+----------+----------+
| | | | | | | |
+----------+-----------+-------+--------------+-----------+----------+----------+
| W. Aver. | | 3.4 | years at | | 319,913 | |
| Age | | | 30/6/10 | | | |
+----------+-----------+-------+--------------+-----------+----------+----------+
GLOBUS MARITIME LIMITED
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At June 30, 2010
(Expressed in thousands of U.S. Dollars)
+--+-----+-------+------------+----------+------+-------------+----------+-------------+
| | | | As at | | As at |
| | | | June 30, | | December |
| | | | | | 31, |
+----------------+------------+-----------------+-------------+----------+-------------+
| | | | 2010 | | 2009 |
+----------------+------------+-----------------+-------------+----------+-------------+
| ASSETS | | | (Unaudited) | | (Audited) |
+----------------+------------+-----------------+-------------+----------+-------------+
| | | | | | | | |
+--+-----+-------+------------+-----------------+-------------+----------+-------------+
| NON-CURRENT ASSETS | | | |
+-----------------------------------------------+-------------+----------+-------------+
| | Vessels, net | | 196,184 | | 93,166 |
+--+--------------------------+-----------------+-------------+----------+-------------+
| | Office furniture and equipment | 22 | | 28 |
+--+--------------------------------------------+-------------+----------+-------------+
| | Other assets | | 10 | | 10 |
+--+--------------------------+-----------------+-------------+----------+-------------+
| | | Total non-current assets | 196,216 | | 93,204 |
+--+-----+--------------------------------------+-------------+----------+-------------+
| CURRENT ASSETS | | | | |
+-----------------------------+-----------------+-------------+----------+-------------+
| | Cash and bank balances and bank | 22,745 | | 59,157 |
| | deposits | | | |
+--+--------------------------------------------+-------------+----------+-------------+
| | Trade receivables, | | 253 | | 336 |
| | net | | | | |
+--+--------------------------+-----------------+-------------+----------+-------------+
| | Inventories | | | 416 | | 355 |
+--+-------------+------------+-----------------+-------------+----------+-------------+
| | Prepayments and other assets | 958 | | 1,488 |
+--+--------------------------------------------+-------------+----------+-------------+
| | | 24,372 | | 61,336 |
+-----------------------------+-----------------+-------------+----------+-------------+
| Non-current assets held for sale | - | | 33,030 |
+-----------------------------------------------+-------------+----------+-------------+
| Total current assets | | 24,372 | | 94,366 |
+-----------------------------+-----------------+-------------+----------+-------------+
| TOTAL ASSETS | | 220,588 | | 187,570 |
+-----------------------------+-----------------+-------------+----------+-------------+
| | | | | | | | |
+--+-----+-------+------------+-----------------+-------------+----------+-------------+
| EQUITY AND LIABILITIES | | | |
+-----------------------------------------------+-------------+----------+-------------+
| | | | | | | | |
+--+-----+-------+------------+-----------------+-------------+----------+-------------+
| EQUITY ATTRIBUTABLE TO SHAREHOLDERS | | | |
+-----------------------------------------------+-------------+----------+-------------+
| | Share capital | | 29 | | 29 |
+--+--------------------------+-----------------+-------------+----------+-------------+
| | Share premium | 88,529 | | 88,516 |
+--+--------------------------------------------+-------------+----------+-------------+
| | Retained earnings | | 26,138 | | 24,913 |
+--+-------------------------------------+------+-------------+----------+-------------+
| | | Total shareholders' equity | 114,696 | | 113,458 |
+--+-----+--------------------------------------+-------------+----------+-------------+
| NON-CURRENT LIABILITIES | | | |
+-----------------------------------------------+-------------+----------+-------------+
| | Long-term borrowings, net of current | 90,785 | | 36,175 |
| | portion | | | |
+--+--------------------------------------------+-------------+----------+-------------+
| | Provision | | 43 | | 43 |
+--+--------------------------+-----------------+-------------+----------+-------------+
| | | Total non-current liabilities | 90,828 | | 36,218 |
+--+-----+--------------------------------------+-------------+----------+-------------+
| CURRENT LIABILITIES | | | | |
+-----------------------------+-----------------+-------------+----------+-------------+
| | Current portion of long-term borrowings | 10,902 | | 33,900 |
+--+--------------------------------------------+-------------+----------+-------------+
| | Trade accounts payable | 935 | | 1,158 |
+--+--------------------------------------------+-------------+----------+-------------+
| | Accrued liabilities and other payables | 698 | | 1,095 |
+--+--------------------------------------------+-------------+----------+-------------+
| | Derivative financial instruments | 1,794 | | 1,230 |
+--+--------------------------------------------+-------------+----------+-------------+
| | Deferred revenue | | 735 | | 511 |
+--+--------------------------+-----------------+-------------+----------+-------------+
| | | Total current liabilities | 15,064 | | 37,894 |
+--+-----+--------------------------------------+-------------+----------+-------------+
| TOTAL LIABILITIES | | 105,892 | | 74,112 |
+-----------------------------+-----------------+-------------+----------+-------------+
| TOTAL EQUITY AND LIABILITIES | 220,588 | | 187,570 |
+-----------------------------------------------+-------------+----------+-------------+
| | | | | | | | | |
+--+-----+-------+------------+----------+------+-------------+----------+-------------+
GLOBUS MARITIME LIMITED
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended June 30, 2010
(Expressed in thousands of U.S. Dollars, except per share data)
+----------+----------+------------------------------------+--+----------+--+---+--+----------+--+-----------+
| | | | | (Unaudited) |
+----------------------------------------------------------+----------------+---+--+-------------------------+
| | | | | For the six months |
| | | | | ended June 30, |
+----------------------------------------------------------+----------------+---+--+-------------------------+
| | | | | 2010 | | |
| | | | | | | |
| | | | | | | 2009 |
+----------------------------------------------------------+----------------+---+--+----------+--+-----------+
| REVENUE: | | | | | | |
+----------------------------------------------------------+----------------+---+--+----------+--+-----------+
| | Time charter revenue | | | 11,618 | | 26,540 |
+----------+----------------------------------------------------------------+---+--+----------+--+-----------+
| | | | | | | | | |
+----------+----------+------------------------------------+----------------+---+--+----------+--+-----------+
| EXPENSES & OTHER OPERATING INCOME: | | | | | | |
+----------------------------------------------------------+----------------+---+--+----------+--+-----------+
| | Voyage expenses | | | (845) | | (2,070) |
+----------+----------------------------------------------------------------+---+--+----------+--+-----------+
| | Vessel operating expenses | | | (2,638) | | (5,678) |
+----------+-----------------------------------------------+--------------------+--+----------+--+-----------+
| | Depreciation | | | | (2,816) | | (6,989) |
+----------+-----------------------------------------------+----------------+---+--+----------+--+-----------+
| | Depreciation of dry docking costs | | | | (260) | | (836) |
+----------+-----------------------------------------------+--+-----------------+--+----------+--+-----------+
| | Administrative expenses | | | | (1,005) | | (907) |
+----------+-----------------------------------------------+-------------+------+--+----------+--+-----------+
| | Administrative expenses payable to related | | | (518) | | (541) |
| | parties | | | | | |
+----------+-----------------------------------------------+--------------------+--+----------+--+-----------+
| | Share-based payments | | | (148) | | (1,542) |
+----------+----------------------------------------------------------------+---+--+----------+--+-----------+
| | Impairment loss | | | - | | (18,826) |
+----------+----------------------------------------------------------------+---+--+----------+--+-----------+
| | Gain on sale of vessel | | | 7 | | - |
+----------+----------------------------------------------------------------+---+--+----------+--+-----------+
| | Other expenses, net | | | (31) | | (20) |
+----------+----------------------------------------------------------------+---+--+----------+--+-----------+
| | | | | | | | | |
+----------+----------+------------------------------------+----------------+---+--+----------+--+-----------+
| | | Operating profit/(loss) before | | | | 3,364 | | (10,869) |
| | | financial activities | | | | | | |
+----------+----------+------------------------------------+----------------+---+--+----------+--+-----------+
| | | | | | | | | |
+----------+----------+------------------------------------+----------------+---+--+----------+--+-----------+
| | Interest income from bank balances & deposits | | | 223 | | 488 |
+----------+----------------------------------------------------------------+---+--+----------+--+-----------+
| | Interest expense and finance costs | | (977) | | (1,591) |
+----------+--------------------------------------------------------------------+--+----------+--+-----------+
| | Gain/(loss) on derivative financial instruments | | | (564) | | 309 |
+----------+----------------------------------------------------------------+---+--+----------+--+-----------+
| | Foreign exchange losses, net | | | (956) | | 34 |
+----------+----------------------------------------------------------------+---+--+----------+--+-----------+
| | | Total loss from financial | | | | (2,274) | | (760) |
| | | activities, net | | | | | | |
+----------+----------+------------------------------------+----------------+---+--+----------+--+-----------+
| | | TOTAL PROFIT/(LOSS) FOR THE PERIOD | | | | 1,090 | | (11,629) |
+----------+----------+------------------------------------+----------------+---+--+----------+--+-----------+
| | | Other Comprehensive Income/(loss) | | | | - | | - |
+----------+----------+------------------------------------+----------------+---+--+----------+--+-----------+
| | | TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | 1,090 | | (11,629) |
+----------+----------+------------------------------------------------------------+----------+--+-----------+
| | | | | | | | | |
+----------+----------+------------------------------------+----------------+---+--+----------+--+-----------+
| | | Attributable to: | | | | | |
+----------+----------+-----------------------------------------------------+---+--+----------+--+-----------+
| | | | | | | | | |
+----------+----------+------------------------------------+----------------+---+--+----------+--+-----------+
| Globus Maritime Limited shareholders | | 1,090 | | (11,629) |
+-------------------------------------------------------------------------------+--+----------+--+-----------+
| | | | | | | | | |
+----------+----------+------------------------------------+----------------+---+--+----------+--+-----------+
| Earnings/(loss) per share (U.S.$): | | | | | |
+---------------------------------------------------------------------------+---+--+----------+--+-----------+
| | | | | | | | | |
+----------+----------+------------------------------------+----------------+---+--+----------+--+-----------+
| - Basic EPS/(LPS) for the period | | | 0.151 | | (1.619) |
+---------------------------------------------------------------------------+---+--+----------+--+-----------+
| - Diluted EPS/(LPS) for the period | | | 0.151 | | (1.619) |
+---------------------------------------------------------------------------+---+--+----------+--+-----------+
| | | | | | | | | |
+----------+----------+------------------------------------+----------------+---+--+----------+--+-----------+
| | | | | | | | | | | |
+----------+----------+------------------------------------+--+----------+--+---+--+----------+--+-----------+
GLOBUS MARITIME LIMITED
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended June 30, 2010
(Expressed in thousands of U.S. Dollars, except share and per share data)
+-------------+--------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| | | Ordinary shares | | | | | | |
+-------------+--------+-------------------------------------------------+--------+---------+--------+----------+--------+---------------+
| | | Number | | Par | | Issued | | Share | |Retained | | Total |
| | | of | | | | Share | | | | | |Shareholders' |
+-------------+--------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| | | Shares | | Value | |Capital | |Premium | |Earnings | | Equity |
+-------------+--------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| | | | | | | | | |
+-------------+--------+-------------------------------------------------+--------+---------+--------+----------+--------+---------------+
| Balance at | 28,956,172 | | 0.001 | | 29 | | 88,516 | | 24,913 | | 113,458 |
| January 1, 2010 | | | | | | | | | | | |
| (audited) | | | | | | | | | | | |
+----------------------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| Profit for the | - | | - | | - | | - | | 1,090 | | 1,090 |
| period | | | | | | | | | | | |
+----------------------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| Other | - | | - | | - | | - | | - | | - |
| comprehensive | | | | | | | | | | | |
| income/(loss) | | | | | | | | | | | |
+----------------------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| Total | - | | - | | - | | - | | 1,090 | | 1,090 |
| comprehensive | | | | | | | | | | | |
| income for the | | | | | | | | | | | |
| period | | | | | | | | | | | |
+----------------------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| Share-based | | 7,236 | | 0.001 | | - | | 13 | | 135 | | 148 |
| payment | | | | | | | | | | | | |
+-------------+--------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| Balance | | 28,963,408 | | 0.001 | | 29 | | 88,529 | | 26,138 | | 114,696 |
| at June | | | | | | | | | | | | |
| 30, | | | | | | | | | | | | |
| 2010 | | | | | | | | | | | | |
| (unaudited) | | | | | | | | | | | | |
+-------------+--------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
+-------------+--------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| | | Ordinary shares | | | | | | |
+-------------+--------+-------------------------------------------------+--------+---------+--------+----------+--------+---------------+
| | | Number | | Par | | Issued | | Share | |Retained | | Total |
| | | of | | | | Share | | | | | |Shareholders' |
+-------------+--------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| | | Shares | | Value | |Capital | |Premium | |Earnings | | Equity |
+-------------+--------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| | | | | | | | | |
+-------------+--------+-------------------------------------------------+--------+---------+--------+----------+--------+---------------+
| Balance at | 28,665,450 | | 0.001 | | 29 | | 87,600 | | 34,154 | | 121,783 |
| January 1, 2009 | | | | | | | | | | | |
| (audited) | | | | | | | | | | | |
+----------------------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| Loss for the | - | | - | | - | | - | | (11,629) | | (11,629) |
| period | | | | | | | | | | | |
+----------------------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| Other | - | | - | | - | | - | | - | | - |
| comprehensive | | | | | | | | | | | |
| (loss)/income | | | | | | | | | | | |
+----------------------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| Total | - | | - | | - | | - | | (11,629) | | (11,629) |
| comprehensive | | | | | | | | | | | |
| loss for the | | | | | | | | | | | |
| period | | | | | | | | | | | |
+----------------------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| Share-based | | 102,210 | | 0.001 | | - | | 721 | | 821 | | 1,542 |
| payment | | | | | | | | | | | | |
+-------------+--------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
| Balance | | 28,767,660 | | 0.001 | | 29 | | 88,321 | | 23,346 | | 111,696 |
| at June | | | | | | | | | | | | |
| 30, | | | | | | | | | | | | |
| 2009 | | | | | | | | | | | | |
| (unaudited) | | | | | | | | | | | | |
+-------------+--------+------------+--------+--------+--------+---------+--------+---------+--------+----------+--------+---------------+
GLOBUS MARITIME LIMITED
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended June 30, 2010
(Expressed in thousands of U.S. Dollars)
+----------+-----------+---------+-------------------------+-+---+-----------+----------+
| | | | | | |
+----------+-----------+---------+-------------------------+-+--------------------------+
| | | | | | For |
| | | | | | the six months |
| | | | | | ended June 30, |
+----------+-----------+---------+-------------------------+-+--------------------------+
| | | | | | | 2010 | 2009 |
+----------+-----------+---------+-------------------------+-+---+-----------+----------+
| Cash Flows from Operating Activities: | | | |
+------------------------------------------------------------+---+-----------+----------+
| | Profit/(loss) | | | | 1,090 | (11,629) |
| | for the period | | | | | |
+----------+---------------------+-------------------------+-+---+-----------+----------+
| Adjustments for: | | | | | |
+--------------------------------+-------------------------+-+---+-----------+----------+
| | Depreciation | | | | 2,816 | 6,989 |
+----------+---------------------+-------------------------+-+---+-----------+----------+
| | Depreciation of deferred dry docking costs | | 260 | 836 |
+----------+-------------------------------------------------+---+-----------+----------+
| | Deferred dry docking costs | | | - | (312) |
+----------+-----------------------------------------------+-+---+-----------+----------+
| | Gain on sale of vessel | | | (7) | - |
+----------+-----------------------------------------------+-+---+-----------+----------+
| | Impairment loss | | | | - | 18,826 |
+----------+---------------------+-------------------------+-+---+-----------+----------+
| | Provision | | | | | - | 7 |
+----------+-----------+---------+-------------------------+-+---+-----------+----------+
| | Loss/(gain) on derivative financial | | 564 | (309) |
| | instruments | | | |
+----------+-------------------------------------------------+---+-----------+----------+
| | Interest expense and finance costs | | 977 | 1,591 |
+----------+-------------------------------------------------+---+-----------+----------+
| | Interest income | | | | (223) | (488) |
+----------+---------------------+-------------------------+-+---+-----------+----------+
| | Foreign exchange losses/(gains), net | | | 90 | (34) |
+----------+-----------------------------------------------+-+---+-----------+----------+
| | Share-based payment | | | 148 | 1,542 |
+----------+-----------------------------------------------+-+---+-----------+----------+
| (Increase)/Decrease in: | | | | | |
+--------------------------------+-------------------------+-+---+-----------+----------+
| | Trade receivables, net | | | 83 | 91 |
+----------+-----------------------------------------------+-+---+-----------+----------+
| | Inventories | | | | (61) | (46) |
+----------+---------------------+-------------------------+-+---+-----------+----------+
| | Prepayments and other assets | | | 426 | 74 |
+----------+-----------------------------------------------+-+---+-----------+----------+
| Increase/(Decrease) in: | | | | | |
+--------------------------------+-------------------------+-+---+-----------+----------+
| | Trade accounts payable | | | (223) | (136) |
+----------+-----------------------------------------------+-+---+-----------+----------+
| | Accrued liabilities and other payables | | (294) | 62 |
+----------+-------------------------------------------------+---+-----------+----------+
| | Deferred | | | | 224 | (138) |
| | revenue | | | | | |
+----------+---------------------+-------------------------+-+---+-----------+----------+
| Net cash generated from operating activities | | 5,870 | 16,926 |
+------------------------------------------------------------+---+-----------+----------+
| | | | |
+------------------------------------------------------------+---+-----------+----------+
| Cash Flows from Investing Activities: | | | |
+------------------------------------------------------------+---+-----------+----------+
| Vessel acquisitions | | (106,084) | - |
+------------------------------------------------------------+---+-----------+----------+
| Time deposits with maturity of three months or | | - | 10,000 |
| more | | | |
+------------------------------------------------------------+---+-----------+----------+
| Net proceeds from sale of vessels | | 33,037 | - |
+------------------------------------------------------------+---+-----------+----------+
| Fixed asset purchase (office furniture and | | | (3) | (1) |
| equipment) | | | | |
+----------------------------------------------------------+-+---+-----------+----------+
| Interest received | | | | 327 | 770 |
+--------------------------------+-------------------------+-+---+-----------+----------+
| Net cash (used in)/generated from investing activities | | (72,723) | 10,769 |
+------------------------------------------------------------+---+-----------+----------+
| | | | |
+------------------------------------------------------------+---+-----------+----------+
| Cash Flows from Financing Activities: | | | |
+------------------------------------------------------------+---+-----------+----------+
| Proceeds from issuance of long-term debt | | 62,170 | - |
+------------------------------------------------------------+---+-----------+----------+
| Repayment of long-term debt | | | (30,583) | (28,900) |
+----------------------------------------------------------+-+---+-----------+----------+
| Pledged Bank deposits | | | 5,000 | 3,800 |
+----------------------------------------------------------+-+---+-----------+----------+
| Payment of financing costs | | | (200) | - |
+----------------------------------------------------------+-+---+-----------+----------+
| Interest paid | | (856) | (1,593) |
+------------------------------------------------------------+---+-----------+----------+
| Net cash used in financing activities | | 35,531 | (26,693) |
+------------------------------------------------------------+---+-----------+----------+
| | | | | | | | |
+----------+-----------+---------+-------------------------+-+---+-----------+----------+
| Net (decrease)/increase in cash and cash equivalents | | (31,322) | 1,002 |
+------------------------------------------------------------+---+-----------+----------+
| Foreign exchange losses on cash and bank deposits | | (90) | - |
+------------------------------------------------------------+---+-----------+----------+
| Cash and cash equivalents at the beginning of the | | 53,157 | 33,942 |
| period | | | |
+------------------------------------------------------------+---+-----------+----------+
| Cash and cash equivalents at the end of the period | | 21,745 | 34,944 |
+----------+-----------+---------+-------------------------+-+---+-----------+----------+
For further information please contact:
Globus Maritime Limited+30 210 960 8300
George Karageorgiou, CEOinfo@globusmaritime.gr
Jefferies International Limited+44 (0) 20 7029 8000
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
- ENDS -
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 ire, coal, grain, cement and fertilizers,
along worldwide shipping routes. Globus' subsidiaries own and operate three
Supramax, one Panamax, and one Kamsarmax vessels, with a weighted average age of
3.4 years as at June 30, 2010, and a total carrying capacity of 319,913 DWT.
Globus is listed on the AIM market 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
IR UGUAWBUPUGMR
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