Business
Globus Maritime Limited Reports Financial Results for the Second Quarter and Six-month period ended June 30, 2022
GLYFADA, Greece, Aug. 16, 2022 (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, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Globus Maritime Limited (“Globus”, the “Company”, “we”, or “our”) (NASDAQ: GLBS), a dry bulk shipping company, today reported its unaudited consolidated financial results for the second quarter and six-month period ended June 30, 2022. Revenue 181% increase to $19.1 million in Q2 2022 compared to Q2 2021213% increase to $37.6 million in H1 2022 compared to H1 2021 Net income $11 million net income in Q2 2022$23.1 million net income in H1 2022 Cash from operating activities $13.9 million cash generated from operating activities in Q2 2022$24.2 million cash generated from operating activities in H1 2022 Adjusted EBITDA $13.6 million in Q2 2022 compared to $3.1 million in Q2 2021$27.4 million in H1 2022 compared to $4.4 million in H1 2021 Time Charter Equivalent $22,837 per day in Q2 2022 compared to $11,781 per day in Q2 2021$23,238 per day in H1 2022 compared to $10,859 per day in H1 2021 $2.5 million or 8% debt reduction YTD Current Fleet ProfileAs of the date of this press release, Globus’ subsidiaries own and operate nine dry bulk carriers, consisting of four Supramax, one Panamax and four Kamsarmax. VesselYear BuiltYardTypeMonth/Year DeliveredDWTFlagMoon Globe2005Hudong-ZhonghuaPanamaxJune 201174,432Marshall Is.Sun Globe2007Tsuneishi CebuSupramaxSept 201158,790MaltaRiver Globe2007Yangzhou DayangSupramaxDec 200753,627Marshall Is.Sky Globe2009Taizhou KouanSupramaxMay 201056,855Marshall Is.Star Globe2010Taizhou KouanSupramaxMay 201056,867Marshall Is.Galaxy Globe2015Hudong-ZhonghuaKamsarmaxOctober 202081,167Marshall Is.Diamond Globe2018Jiangsu New Yangzi Shipbuilding Co.KamsarmaxJune 202182,027Marshall Is.Power Globe2011Universal Shipbuilding CorporationKamsarmaxJuly 202180,655Marshall Is.Orion Globe2015Tsuneishi ZosenKamsarmaxNovember 202181,837Marshall Is.Weighted Average Age: 10.6 Years as at June 30, 2022 626,257 Current Fleet DeploymentAll our vessels are currently operating on short-term time charters (“on spot”). Management Commentary “We are pleased to sustain our strong performance for the second quarter and the first half of the year. We continue to prosper and take advantage of the excellent TC rates available during the first half year. Our revenue has increased 181% in Q2 2022 compared to Q2 2021. Our daily TCE was $22,837 per day in Q2 2022 compared to $11,781 per d...