Business
Globus Maritime Limited Reports Financial Results for the quarter and six-month period ended June 30, 2021
GLYFADA, Greece, Sept. 27, 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, Sept. 27, 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 six-month period ended June 30, 2021. Financial Highlights In H1 2021, Total revenues increased by about 161% compared to H1 2020.The Adjusted EBITDA for H1 2021 increased by about 6.8 million compared to H1 2020.The Total comprehensive loss for H1 2021 decreased by about 94% compared to H1 2020.As of June 30, 2021, and December 31, 2020, our cash and bank balances and bank deposits (including restricted cash) were $78.5 and $21.1 million, respectively, an increase of 272%.As of June 30, 2021, the total outstanding borrowings under our Loan agreements decreased to $34.25 million compared to $37 million as of December 31, 2020, gross of unamortized debt discount, a decrease of about 7%. Three months ended June 30,Six months ended June 30,(Expressed in thousands of U.S. dollars except for daily rates and per share data) 2021 2020 2021 2020 Total revenues 6,829 2,299 11,996 4,589 Total comprehensive loss (23)(4,197)(789)(13,199)Adjusted EBITDA (1) 3,055 (783)4,361 (2,447)Basic loss per share (2) - (38.66)(0.09)(158.35)Daily Time charter equivalent rate (“TCE”) (3) 11,781 3,778 10,859 3,016 Average operating expenses per vessel per day 5,256 4,353 5,471 4,437 Average number of vessels 6.2 5.0 6.1 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 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, 2021 was 9,001,704 compared to 83,354 shares for the six-month period ended June 30, 2020. The weighted average number of shares for the three-month period ended June 30, 2021 was 10,774,058 compared to 108,577 shares for the three-month period ended June 30, 2020.(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 re...