Business
Globus Maritime Limited Reports Financial Results for the Quarter Ended March 31, 2021
GLYFADA, Greece, June 18, 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, June 18, 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 ended March 31, 2021. Financial Highlights In Q1 2021, Total revenues increased by about 126% compared to Q1 2020.The Adjusted EBITDA for Q1 2021 increased by 2.97 million or 1.8 times compared to Q1 2020.As of March 31, 2021 and December 31, 2020, our cash and bank balances and bank deposits (including restricted cash) were $53.1 and $21.1 million, respectively, an increase of 152%.The Total comprehensive loss for Q1 2021 decreased by about 92% compared to Q1 2020.As of March 31, 2021, the total outstanding borrowings under our Loan agreements decreased to $31 million compared to $40 million as of March 31, 2020, gross of unamortized debt discount, a decrease of about 23%. Three months ended March 31, (Expressed in thousands of U.S dollars except for daily rates and per share data)2021 2020 Total revenues5,167 2,290 Total comprehensive loss(766)(9,002)Adjusted EBITDA (1)1,306 (1,664)Basic loss per share (2)(0.11)(154,85)Daily Time charter equivalent rate (“TCE”) (3)9,857 2,173 Average operating expenses per vessel per day5,698 4,521 Average number of vessels6.0 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 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, 2021 was 7,209,657 compared to 58,132 shares for the three-month period ended March 31, 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 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 seven dry bulk carriers, consisting of four Supramax, one Panamax and two Kamsarmax. VesselYearBuiltYardTypeMonth/YearDeliveredDWTFlagMoon Globe2005Hudong...