Business
Globus Maritime Limited Reports Financial Results for the quarter and nine-month period ended September 30, 2021
GLYFADA, Greece, Nov. 30, 2021 (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, Nov. 30, 2021 (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, 2021. Financial Highlights In 9M2021, Total revenues increased by about 217% compared to 9M2020.For the 9M2021 the Total comprehensive income amounted to $4.8 million compared to a Total comprehensive loss of $14.5 million for 9M2020.The Adjusted EBITDA for 9M2021 increased by about 14.3 million compared to 9M2020.As at September 30, 2021, and December 31, 2020, our cash and bank balances and bank deposits (including restricted cash) were $67.9 and $21.1 million, respectively, an increase of 222%.As at September 30, 2021, the total outstanding borrowings under our Loan agreements decreased to $33 million compared to $37 million as at December 31, 2020, gross of unamortized debt discount, a decrease of about 11%. Three months endedSeptember 30, Nine months endedSeptember 30, (Expressed in thousands of U.S dollars except for daily rates and per share data)20212020 20212020 Total revenues12,7553,183 24,7517,772 Total comprehensive income/(loss)5,576(1,267)4,787(14,466)Adjusted EBITDA (1)7,814294 12,175(2,153)Basic and Diluted income/(loss) per share (2)0.27(0.80)0.37(24.76)Daily Time charter equivalent rate (“TCE”) (3)17,0576,404 13,3254,191 Average operating expenses per vessel per day4,9814,391 5,2784,422 Average number of vessels7.85.0 6.75.0 (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 Adjusted EBITDA to total comprehensive loss and net cash used in operating activities, which are the most directly comparable financial measures calculated and presented in accordance with the GAAP measures.(2)The basic and diluted weighted average number of shares for the nine-month period ended September 30, 2021, was 12,865,496 compared to 584,158 shares for the nine-month period ended September 30, 2020. The basic and diluted weighted average number of shares for the three-month period ended September 30, 2021, was 20,467,086 compared to 1,574,877 shares for the three-month period ended September 30, 2020.(3)Daily Time charter eq...