Business
Globus Maritime Limited Reports Financial Results for the Quarter and Nine-Month Period Ended September 30, 2020
GLYFADA, Greece, Dec. 04, 2020 (GLOBE NEWSWIRE) -- Globus Maritime Limited (“Globus,” the “Company,” “we,” or “our”) (NASDAQ: GLBS), a dry bulk shipping
About this update from Globus Maritime Limited
[{"type":"text","content":"GLYFADA, Greece, Dec. 04, 2020 (GLOBE NEWSWIRE) -- Globus Maritime Limited (“Globus,” the “Company,” “we,” or “our”) (NASDAQ: GLBS), a dry bulk shipping company, today reported its unaudited consolidated operating and financial results for the quarter and nine-month period ended September 30, 2020. As of September 30, 2020 the Total Assets of the Company were $76.4 million compared to $55.7 million as of December 31, 2019, an increase of 37%.As of September 30, 2020 and December 31, 2019, our cash and bank balances and bank deposits (including restricted cash) were $31.2 and $4.8 million respectively, an increase of 550%.As of September 30, 2020 the Total Liabilities of the Company (including Total Debt) were $42.4 million compared to $45.8 million as of December 31, 2019, a decrease of 7%.For the nine-month period ended September 30, 2020 the average operating expenses decreased to $4,422, per vessel/per day, compared to $4,943 for the same period in 2019, a decrease of 11%. Financial Highlights Three months endedNine months ended September 30,September 30, (Expressed in thousands of U.S dollars except for daily rates and per share data)2020 20192020 2019 Total revenues3,183 4,9467,772 11,888 Adjusted EBITDA (1)294 1,639(2,153)2,124 Total comprehensive income/(loss)(1,267)198(14,466)(3,275)Basic earnings/(loss) per share (2)(0.80)4.47(24.76)(83.95)Daily Time charter equivalent rate (TCE) (3)6,404 9,8634,191 7,539 Average operating expenses per vessel per day4,391 5,2884,422 4,943 Average number of vessels5.0 5.05.0 5.0 (1)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 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.(2)Shares and per share data give effect to the 1‐for‐100 reverse stock split that became effective on October 21, 2020. The weighted average number of shares for the nine-month period ended September 30, 2020 was 584,158 compared to 39,016 shares for the nine-month period ended September 30, 2019. The weighted average number of shares for the three-month period ended September 30, 2020 was 1,574,877 compared to 44,191 shares for th...