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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 (a??Globus,a?? the a??Company,a?? a??we,a?? or a??oura??) (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.
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 revenues



2,299







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 day



4,353







4,898











4,437







4,767







Average number of vessels



5.0







5.0











5.0







5.0








(1)



Adjusted EBITDA is a measure not in accordance with generally accepted accounting principles (a??GAAPa??). 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)A 



Daily Time charter equivalent rate (TCE) is a measure not in accordance with generally accepted accounting principles (a??GAAPa??). See a later section of this press release for a reconciliation of Daily TCE to Voyage revenues.


Current Fleet Profile
As of the date of this press release, Globusa?? subsidiaries own and operate five dry bulk carriers, consisting of four Supramax and one Panamax.

Vessel







Year Built







Yard







Type







Month/Year Delivered







DWT







Flag



Moon Globe







2005







Hudong-Zhonghua







Panamax







June 2011







74,432







Marshall Is.



Sun Globe







2007







Tsuneishi Cebu







Supramax







Sept 2011







58,790







Malta



River 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: 12.3 Years as of June 30, 2020











300,571









Current Fleet Deployment
See also:
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