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Globus Maritime Limited Reports Financial Results for the Quarter and Six-Month Period Ended June 30, 2020
GLYFADA, Greece, Sept. 25, 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, Sept. 25, 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 six-month period ended June 30, 2020.\n Financial Highlights Three months ended Six months ended June 30, June 30, (Expressed in thousands of U.S dollars except for daily rates and per share data)2020 2019 2020 2019 Total revenues2,299 3,399 4,589 6,942 Adjusted EBITDA (1)(783)110 (2,447)485 Total comprehensive loss(4,197)(3,001) (13,199)(3,473)Basic loss per share (2)(0.39)(0.74) (1.58)(0.95)Daily Time charter equivalent rate (TCE) (3)3,778 5,985 3,016 6,358 Average operating expenses per vessel per day4,353 4,898 4,437 4,767 Average number of vessels5.0 5.0 5.0 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 Adjusted 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)The weighted average number of shares for the six-month period ended June 30, 2020 was 8,339,137 compared to 3,642,256 shares for the six-month period ended June 30, 2019. The weighted average number of shares for the three-month period ended June 30, 2020 was 10,861,371 compared to 4,070,153 shares for the three-month period ended June 30, 2019.(3) Daily Time charter equivalent rate (TCE) is a measure not in accordance with generally accepted accounting principles (“GAAP”). See a later section of this press release for a reconciliation of Daily TCE to Voyage revenues. Current Fleet ProfileAs of the date of this press release, Globus’ subsidiaries own and operate five dry bulk carriers, consisting of four Supramax and one Panamax. Vessel Year Built Yard Type Month/Year Delivered DWT FlagMoon Globe 2005 Hudong-Zhonghua Panamax June 2011 74,432 Marshall Is.Sun Globe 2007 Tsuneishi Cebu Supramax Sept 2011 58,790 MaltaRiver Globe 2007 Yangzhou Dayang Supramax Dec 2007 53,627 Marshall Is.Sky Globe 2009 Taizhou Kouan Supramax May 2010 56,855 Marshall Is.Star Globe 2010 Taizhou Kouan Supramax May 2010 56,867 Marshall Is.Weighted Average Age...