Business
Globus Maritime Limited Reports Financial Results for the Quarter Ended March 31, 2020
GLYFADA, Greece, June 12, 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, June 12, 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 ended March 31, 2020.\n Financial Highlights Three months ended March 31, (Expressed in thousands of U.S dollars except for daily rates and per share data)2020 2019 Total revenues2,290 3,543 Total comprehensive loss(9,002)(268)Adjusted EBITDA (1)(1,664)411 Basic loss per share (2)(1.55)(0.08)Daily Time charter equivalent rate (“TCE”) (3)2,173 6,736 Average operating expenses per vessel per day4,521 4,634 Average number of vessels5.0 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 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 three month period ended March 31, 2020 was 5,816,904 compared to 3,209,604 shares for the three month period ended March 31, 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 DeliveredDWT Flag Moon Globe 2005 Hudong-Zhonghua Panamax June 201174,432 Marshall Is. Sun Globe 2007 Tsuneishi Cebu Supramax Sept 201158,790 Malta River Globe 2007 Yangzhou Dayang Supramax Dec 200753,627 Marshall Is. Sky Globe 2009 Taizhou Kouan Supramax May 201056,855 Marshall Is. Star Globe 2010 Taizhou Kouan Supramax May 201056,867 Marshall Is. Weighted Average Age: 12.1 Years as of March 31, 2020 300,571 Current Fleet Deployment All our vessels are currently operating on short term time charters (“on spot”). Management Discussion and Analysis of the Results of Operations First Quarter of the Year 2020 compared to the First Quarter of the Year 2019 Total comprehensive loss for th...