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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--12-31
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of: September 2024
Commission File Number: 001-34985
Globus Maritime Limited
(Translation of registrant’s name into English)
128
Vouliagmenis Avenue, 3rd Floor, Glyfada,
Attica, Greece, 166
74
(Address
of principal executive office)
Jun.
30, 2024
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F |
|
[X] |
Form 40-F |
|
[ ] |
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):___
EXHIBIT INDEX
THIS REPORT
ON FORM 6-K (BUT EXCLUDING EXHIBIT 99.1 HEREOF) IS HEREBY INCORPORATED BY REFERENCE INTO THE COMPANY’S REGISTRATION STATEMENTS:
(A) ON FORM F-3 (FILE NO. 333-240042), FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 23, 2020 AND DECLARED EFFECTIVE
AUGUST 6, 2020 (B) ON FORM F-3 (FILE NO. 333-239250), FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 31, 2020
AND DECLARED EFFECTIVE AUGUST 6, 2020, AND (C) ON FORM F-3 (FILE NO. 333-273249), FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
ON JULY 14, 2023 AND DECLARED EFFECTIVE ON JULY 26, 2023.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
GLOBUS MARITIME LIMITED |
|
|
|
|
|
|
By: |
/s/
Athanasios Feidakis |
|
|
Name: |
Athanasios Feidakis |
|
|
Title: |
President, Chief Executive
Officer and Chief Financial Officer |
|
Date: September 12, 2024
Exhibit
99.2
GLOBUS MARITIME LIMITED
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following is a discussion of our financial condition and results of operations for the six-month periods ended June 30, 2024 and 2023.
Unless otherwise specified herein, references to the “Company”, “we” or “our” shall include Globus
Maritime Limited (NASDAQ: GLBS) and its subsidiaries. You should read the following discussion and analysis together with our unaudited
interim condensed consolidated financial statements as at June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023, and
the accompanying notes thereto, included elsewhere in this report. For the additional information relating to our management’s
discussion and analysis of the financial condition and results of operations, please see our Annual Report on Form of 20-F for the year
ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) on March 15, 2024 (the “Annual
Report”).
Forward-Looking
Statements
Our
disclosure and analysis herein pertain to our operations, cash flows and financial position, including, in particular, the likelihood
of our success in developing and expanding our business and making acquisitions, includes forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future
events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “estimates,” “projects,” “forecasts,” “may,” “should”
and similar expressions are forward-looking statements. All statements herein that are not statements of either historical or current
facts are forward-looking statements. Forward-looking statements include, but are not limited to, such matters as our future operating
or financial results, global and regional economic and political conditions, including piracy, pending vessel acquisitions, our business
strategy and expected capital spending or operating expenses, including dry-docking and insurance costs, competition in the dry bulk
industry, statements about shipping market trends, including charter rates and factors affecting supply and demand, our financial condition
and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate
activities, our ability to enter into fixed-rate charters after our current charters expire and our ability to earn income in the spot
market and our expectations of the availability of vessels to purchase, the time it may take to construct new vessels, and vessels’
useful lives. Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict and
are subject to risks and uncertainties that are described more fully under “Item 3. Key Information – D. Risk Factors”
of the Annual Report. Any of these factors or a combination of these factors could materially affect our future results of operations
and the ultimate accuracy of the forward-looking statements.
Factors
that might cause future results to differ include, but are not limited to, the following:
|
• |
changes
in governmental rules and regulations or actions taken by regulatory authorities; |
|
|
|
|
• |
changes
in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers’
abilities to perform under existing time charters; |
|
|
|
|
• |
the
length and number of off-hire periods and dependence on third-party managers; and |
|
|
|
|
• |
other
factors discussed under “Item 3. Key Information – D. Risk Factors” of the Annual Report. |
You
should not place undue reliance on forward-looking statements contained herein because they are statements about events that are not
certain to occur as described or at all. All forward-looking statements herein are qualified in their entirety by the cautionary statements
contained herein. These forward-looking statements are not guarantees of our future performance, and actual results and future developments
may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation,
we undertake no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated events.
Overview
The
address of the registered office of Globus Maritime Limited (“Globus”) is: Trust Company Complex, Ajeltake Road, Ajeltake
Island, Majuro, Marshall Islands MH96960.
The
principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (“m/v”), providing
maritime services for the transportation of dry cargo products on a worldwide basis. The Company conducts its operations through its
vessel owning subsidiaries.
The
operations of the vessels are managed by Globus Shipmanagement Corp. (the “Manager”), a wholly owned Marshall Islands corporation.
The Manager has an office in Greece, located at 128 Vouliagmenis Avenue, 166 74 Glyfada, Greece and provides the commercial, technical,
cash management and accounting services necessary for the operation of the fleet in exchange for a management fee. The management fee
is eliminated on consolidation. The unaudited interim condensed consolidated financial statements, prepared under IFRS, include the financial
statements of Globus and its subsidiaries listed below, all wholly owned by Globus as at June 30, 2024:
Company |
|
Country
of Incorporation |
|
Vessel
Delivery Date |
|
Vessel
Owned |
Globus
Shipmanagement Corp. |
|
Marshall Islands |
|
- |
|
Management Co. |
Devocean Maritime Ltd. |
|
Marshall
Islands |
|
December 18, 2007 |
|
m/v River Globe |
Artful Shipholding S.A. |
|
Marshall
Islands |
|
June 22, 2011 |
|
m/v Moon Globe*** |
Serena Maritime Limited |
|
Marshall Islands |
|
October 29, 2020 |
|
m/v Galaxy Globe |
Talisman Maritime Limited |
|
Marshall Islands |
|
July 20, 2021 |
|
m/v Power Globe |
Argo Maritime Limited |
|
Marshall
Islands |
|
June 9, 2021 |
|
m/v Diamond Globe |
Salaminia Maritime Limited |
|
Marshall
Islands |
|
November 29, 2021 |
|
m/v Orion Globe |
Calypso Shipholding S.A. |
|
Marshall Islands |
|
January 25, 2024 |
|
m/v GLBS Hero |
Daxos Maritime Limited |
|
Marshall Islands |
|
- |
|
Hull No: NE-442** |
Paralus Shipholding S.A. |
|
Marshall Islands |
|
- |
|
Hull No: NE-443* |
Olympia Shipholding S.A. |
|
Marshall Islands |
|
- |
|
Hull No: S-K192* |
Thalia Shipholding S.A. |
|
Marshall Islands |
|
- |
|
Hull No: S-3012* |
Domina Maritime Ltd. |
|
Marshall Islands |
|
- |
|
- |
Dulac Maritime S.A. |
|
Marshall Islands |
|
- |
|
- |
Longevity Maritime Limited |
|
Malta |
|
- |
|
- |
* |
New building vessels |
** |
New building vessel. On February 23, 2024, Globus,
through its subsidiary Daxos Maritime Limited, entered into a $28 million sale and leaseback agreement. On
August 20, 2024, the Company took delivery of the newbuilding vessel, named “m/v GLBS Might” |
*** |
On May 28, 2024, the Company, through its subsidiary
Artful Shipholding S.A., entered into an agreement to sell the 2005-built Moon Globe, the vessel was delivered to her new owners on
July 8, 2024. |
Results
of Operations
Our
revenues consist of earnings under the charters on which we employ our vessels. We believe that the important measures for analysing
trends in the results of our operations consist of the following:
Revenues
The
Company generates its revenues from charterers from the charter hire of its vessels. Vessels are chartered using time charters, where
a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. If a time charter
agreement exists and collection of the related revenue is reasonably assured, revenue is recognised on a straight - line basis over the
period of the time charter. Such revenues are treated in accordance with IFRS 16 as lease income while the portion of time charter revenues
related to technical management services are recognized in accordance with IFRS 15. Associated broker commissions are recognised on a
pro-rata basis over the duration of the period of the time charter. Deferred revenue relates to cash received prior to the financial
position date and is related to revenue earned after such date.
For
time charters that qualify as leases, the Company is required to disclose lease and non-lease components of voyage revenue. The revenue
earned under time charters is not negotiated in its two separate components, but as a whole. For purposes of determining the standalone
selling price of the vessel lease and technical management service components of the Company’s time charters, the Company concluded
that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on
shipping market conditions, the duration of such charters and the age of the vessel. The Company believes that the standalone transaction
price attributable to the technical management service component, including crewing services, is more readily determinable than the price
of the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department,
which consist of the crew expenses, maintenance and consumable costs and was approximately $6,470 and $9,062 for the six months periods
ended June 30, 2024 and 2023, respectively. The fleet decreased from an average of 8.9 vessels during the 1st half of 2023
to 6.9 vessels for the same period in 2024. The lease component that is disclosed then is calculated as the difference between total
revenue and the non-lease component revenue and was $10,577 and $7,171 for the six months periods ended June 30, 2024 and 2023, respectively.
The
Company enters into consultancy agreements with other companies for the purpose of providing consultancy services. For these services
the Company receives a fee. The total income from these fees is classified in the income statement component of the condensed consolidated
statement of comprehensive income under management & consulting fee income.
Time
Charters
A
time charter is a contract for the use of a vessel for a specific period of time during which the charterer pays substantially all of
the voyage expenses, including port and canal charges and the cost of bunkers (fuel oil), but the vessel owner pays vessel operating
expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, the costs of spares and consumable stores and
tonnage taxes. Time charter rates are usually set at fixed rates during the term of the charter. Prevailing time charter rates fluctuate
on a seasonal and on a year-to-year basis and, as a result, when employment is being sought for a vessel with an expiring or terminated
time charter, the prevailing time charter rates achievable in the time charter market may be substantially higher or lower than the expiring
or terminated time charter rate. Fluctuation in time charter rates are influenced by changes in spot charter rates, which are in turn
influenced by a number of factors, including vessel supply and demand. The main factors that could increase total vessel operating expenses
are crew salaries, insurance premiums, spare parts, repairs that are not covered under insurance policies and lubricant prices.
Voyage
Expenses
Voyage
expenses primarily consist of port, canal and bunker expenses that are unique to a particular charter under time charter arrangements
are paid by the charterers or by the Company under voyage charter arrangements. Furthermore, voyage expenses include brokerage commission
on revenue paid by the Company.
Vessel
Operating Expenses
Vessel
operating expenses primarily consist of crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance,
the cost of spares and consumable stores, tonnage taxes and other miscellaneous expenses necessary for the operation of the vessel and
borne by the owner. All vessel operating expenses are expensed as incurred.
General
and Administrative Expenses
The
primary components of general and administrative expenses consist of the services of our senior executive officers, and the expenses
associated with being a public company. Such public company expenses include the costs of preparing public reporting documents, legal
and accounting costs and costs related to compliance with the rules, regulations and requirements of the SEC, the rules of NASDAQ, board
of directors’ compensation and investor relations.
Depreciation
We
depreciate the cost of our vessels after deducting the estimated residual value, on a straight-line basis over the expected useful life
of each vessel, which is estimated to be 25 years from the date of initial delivery from the shipyard. We estimated the residual values
of our vessels to be $440 per lightweight ton until September 30, 2023. During the fourth quarter of 2023, we adjusted the scrap rate
from $440/ton to $480/ton due to the increased scrap rates worldwide.
Interest
and Finance Costs
We
have historically incurred interest expense and financing costs in connection with the debt incurred to partially finance the
acquisition of our existing fleet. The interest rate is calculated based on the three-month SOFR rate and applicable
margin.
Gain/(Loss)
on derivative financial instruments
The
Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate risk associated with its borrowings.
Interest Rate Swaps are measured at fair value. The Company uses valuation techniques that are appropriate in the circumstances and for
which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of
unobservable inputs. The valuation technique used for the Interest Rate Swaps is the discounted cash flow. The Company has not designated
these interest rate swaps for hedge accounting.
The
fair value of the Interest Rate Swaps is classified under “Fair value of derivative financial instruments” either under assets
or liabilities in the consolidated statement of financial position. In the event that the respective asset or liability is expected to
be materialized within the next twelve months, it is classified as current asset or liability. Otherwise, the respective asset or liability
is classified as non-current asset or liability.
The
change in fair value deriving from the valuation of the Interest Rate Swap at the end of each reporting period is classified under “Gain/
(Loss) on derivative financial instruments” in the consolidated statement of comprehensive income/(loss). Realized gains or losses
resulting from interest rate swaps are recognized in profit or loss under “Gain/(Loss) on derivative financial instruments”
in the consolidated statement of comprehensive income/(loss).
Selected
Information
Our
selected consolidated financial and other data for the six-month period ended June 30, 2024 and 2023 and as at June 30, 2024 presented
in the tables below have been derived from our unaudited interim condensed consolidated financial statements and notes thereto, included
elsewhere herein. Our selected consolidated financial data as at December 31, 2023, presented in the tables below have been derived from
our audited financial statements and notes thereto, included in our Annual Report.
Consolidated
Statements of Comprehensive Income Data
(In
thousands of U.S. Dollars)
|
Six
months ended June 30, |
|
2024 |
|
2023 |
|
(unaudited) |
Voyage revenues |
17,047 |
|
16,233 |
Management & consulting fee income |
182 |
|
181 |
Total Revenues |
17,229 |
|
16,414 |
|
|
|
|
Voyage expenses |
(490) |
|
(3,195) |
Vessel operating expenses |
(6,352) |
|
(8,853) |
Depreciation |
(2,616) |
|
(2,493) |
Depreciation of dry-docking costs |
(1,769) |
|
(2,274) |
Administrative expenses |
(1,996) |
|
(1,763) |
Administrative expenses payable to related parties |
(2,384) |
|
(349) |
Reversal of impairment |
1,891 |
|
4,400 |
Gain from sale of vessel |
– |
|
71 |
Other expenses net |
(33) |
|
(6) |
Operating income |
3,480 |
|
1,952 |
Interest income |
1,433 |
|
922 |
Interest expense and finance costs |
(2,523) |
|
(1,880) |
Gain on derivative financial instruments, net |
542 |
|
482 |
Foreign exchange gains/(losses), net |
48 |
|
(51) |
Total finance losses, net |
(500) |
|
(527) |
Total income and total
comprehensive income for the period |
2,980 |
|
1,425 |
|
|
|
|
Basic & diluted income per share for the
period (1) |
0.14 |
|
0.07 |
EBITDA (2)
(unaudited) |
8,455 |
|
7,150 |
Adjusted EBITDA (2)
(unaudited) |
5,974 |
|
2,248 |
(1)
The weighted average number of shares (basic and diluted) for the six-month period ended June 30, 2024 and 2023, was 20,582,301.
(2)
Earnings/(losses) before interest, taxes, depreciation and amortization, or “EBITDA”, represents the sum of, Total
income and total comprehensive income for the period, interest and finance costs, interest income, depreciation and amortization and, if
any, income taxes during a period. Adjusted EBITDA represents net earnings / (losses) before interest and finance costs net, gains
or losses from the change in fair value of derivative financial instruments, foreign exchange gains or losses, income taxes,
depreciation, depreciation of drydocking costs, amortization of fair value of time charter attached to vessels, impairment, reversal
of impairment and gains or losses from sale of vessels. EBITDA and Adjusted EBITDA do not represent and should not be considered as
an alternative to total comprehensive income/(loss) or cash generated from operations, as determined by IFRS, and our calculation of
EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies. EBITDA and Adjusted EBITDA is not a recognized
measure under IFRS.
EBITDA
and Adjusted EBITDA is included herein because it is a basis upon which we assess our financial performance and because we believe that
it presents useful information to investors regarding a company’s ability to service and/or incur indebtedness and it is frequently
used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
EBITDA
and Adjusted EBITDA have limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis
of our results as reported under IFRS. Some of these limitations are:
» EBITDA
and Adjusted EBITDA do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
» EBITDA
and Adjusted EBITDA do not reflect the interest expense or the cash requirements necessary to service interest or principal payments
on our debt;
» EBITDA
and Adjusted EBITDA do not reflect changes in or cash requirements for our working capital needs; and
» other
companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
Because
of these limitations, EBITDA and Adjusted EBITDA should not be considered a measure of discretionary cash available to us to invest in
the growth of our business.
Total comprehensive income to EBITDA and Adjusted
EBITDA Reconciliation
|
|
Six-month
Period Ended June 30, |
|
|
(Expressed
in Thousands of U.S. Dollars, except per share data) |
|
|
2024
(Unaudited) |
|
2023
(Unaudited) |
Total
comprehensive income for the period |
$ |
2,980 |
$ |
1,425 |
Interest
and finance costs, net |
|
1,090 |
|
958 |
Depreciation |
|
2,616 |
|
2,493 |
Depreciation
of drydocking costs |
|
1,769 |
|
2,274 |
EBITDA
(unaudited) |
$ |
8,455 |
$ |
7,150 |
Gain
on derivative financial instruments |
|
(542) |
|
(482) |
Foreign
exchange (gains)/losses, net |
|
(48) |
|
51 |
Reversal
of Impairment |
|
(1,891) |
|
(4,400) |
Gain
from sale of vessel |
|
– |
|
(71) |
Adjusted
EBITDA (unaudited) |
$ |
5,974 |
$ |
2,248 |
Balance Sheets Data
(In thousands of U.S. Dollars)
|
|
As
at June 30, |
|
As
at December 31, |
|
|
2024 |
|
2023 |
|
|
(Unaudited) |
Consolidated
condensed statement of financial position: |
|
|
|
|
Vessels,
net |
|
125,411 |
|
100,557 |
Advances
for vessel acquisition |
|
39,419 |
|
47,246 |
Other
non-current assets |
|
3,536 |
|
4,302 |
Total
non-current assets |
|
168,366 |
|
152,105 |
Cash
and bank balances and bank deposits (including restricted cash) |
|
71,465 |
|
74,292 |
Other
current assets |
|
16,484 |
|
5,004 |
Total
current assets |
|
87,949 |
|
79,296 |
Total
assets |
|
256,315 |
|
231,401 |
Total
equity |
|
178,950 |
|
175,970 |
Total
debt & Financial liabilities net of unamortized debt discount |
|
72,305 |
|
52,259 |
Other
liabilities |
|
5,060 |
|
3,172 |
Total
liabilities |
|
77,365 |
|
55,431 |
Total
equity and liabilities |
|
256,315 |
|
231,401 |
Statements of Cash Flows Data
(In thousands of U.S. Dollars)
|
|
Six
months ended June 30, |
|
|
2024 |
|
2023 |
|
|
(Unaudited) |
Statement
of cash flow data: |
|
|
|
|
Net cash generated from
/ (used in) operating activities |
|
7,727 |
|
(4,224) |
Net cash (used in) /
generated from investing activities |
|
(29,244) |
|
10,705 |
Net cash generated from
/ (used in) financing activities |
|
18,080 |
|
(6,080) |
|
|
Six
months ended June 30, |
|
|
2024 |
|
2023 |
|
|
(Unaudited) |
|
|
|
|
|
Ownership
days (1) |
|
1,250 |
|
1,603 |
Available
days (2) |
|
1,250 |
|
1,531 |
Operating
days (3) |
|
1,239 |
|
1,507 |
Fleet
utilization (4) |
|
99.1% |
|
98.5% |
Average
number of vessels (5) |
|
6.9 |
|
8.9 |
Daily
time charter equivalent (TCE) rate (6) |
|
$
13,246 |
|
$
8,518 |
Daily
operating expenses (7) |
|
$
5,082 |
|
$
5,522 |
Notes:
| (1) | Ownership
days are the aggregate number of days in a period during which each vessel in our fleet has
been owned by us. |
| (2) | Available
days are the number of ownership days less the aggregate number of days that our vessels
are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special
surveys. |
| (3) | Operating
days are the number of available days less the aggregate number of days that the vessels
are off-hire due to any reason, including unforeseen circumstances but excluding days during
which vessels are seeking employment. |
| (4) | We
calculate fleet utilization by dividing the number of operating days during a period by the
number of available days during the period. |
| (5) | Average
number of vessels is measured by the sum of the number of days each vessel was part of our
fleet during a relevant period divided by the number of calendar days in such period. |
| (6) | TCE
rates are our voyage revenues plus any potential gain on sale of bunkers less voyage expenses
during a period divided by the number of our available days during the period which is consistent
with industry standards. TCE is a measure not in accordance with IFRS. |
| (7) | We
calculate daily vessel operating expenses by dividing vessel operating expenses by ownership
days for the relevant time period. |
Voyage
Revenues to Daily Time Charter Equivalent (“TCE”) Reconciliation
|
|
Six
months ended June 30, |
|
|
2024 |
|
2023 |
|
|
(Unaudited) |
|
|
|
|
|
Voyage
revenues |
|
$
17,047 |
|
$
16,233 |
Less:
Voyage expenses |
|
$
490 |
|
$
3,195 |
Net
revenues |
|
$
16,557 |
|
$
13,038 |
Available
days |
|
1,250 |
|
1,531 |
Daily
TCE rate (1) |
|
$
13,246 |
|
$
8,518 |
(1)
Subject to rounding.
Recent
Developments
Delivery
of new building vessel
On
January 22, 2024, the Company paid the remaining $18.5 million at Nihon Shipyard Co. in Japan and on January 25, 2024 the Company took
delivery of a new Ultramax with carrying capacity of approximately 64,000 DWT, of which the Company had previously announced on May 10,
2022 and was named “m/v GLBS Hero”. The total cost of the new vessel was approximately $37.5 million.
On
August 12, 2024, the Company paid the remaining $18 million at Nantong Cosco KHI Ship Engineering Co., Ltd. and on August 20, 2024
the Company took delivery of a new Ultramax with carrying capacity of approximately 64,000 DWT, of which the Company had previously
announced on August 23, 2023 and was named “m/v GLBS Might”. The total cost of the new vessel was approximately $35.3
million.
Debt
financing & Financial Liability
On
February 23, 2024, the Company, through its subsidiary Daxos Maritime Limited, entered into a $28 million sale and leaseback agreement
with SK Shipholding S.A., a subsidiary of Shinken Bussan Co., Ltd. of Japan, with respect to the approximately 64,000 dwt bulk carrier
to be named “GLBS MIGHT,” which is scheduled to be delivered from the relevant shipyard during the third quarter of 2024.
The Company has an obligation to purchase back the vessel at the end of the ten-year charter period. On February 28, 2024, the Company
drew down the amount of $2.8 million, being the 10% deposit of the purchase price and on August 16, 2024, the Company drew down the remaining
90% of the purchase price, being $25.2 million.
On
May 23, 2024, the Company reached an agreement with Marguerite Maritime S.A., a Panamanian subsidiary of a Japanese leasing company unaffiliated
with us, for a loan facility of $23 million bearing interest at Term SOFR plus a margin of 2.3% per annum. This loan agreement provides
that it is to be repaid by 20 consecutive quarterly instalments of $295,000 each, and $17.1 million to be paid together with the 20th
(and last) instalment. The proceeds of this financing will be used for general corporate purposes. As collateral for the loan, among
other things, a mortgage over the m/v GLBS Hero was granted, and a general assignment was granted over the earnings, the insurances,
any requisition compensation, any charter and any charter guarantee with respect to the m/v GLBS Hero. Globus Maritime Limited guaranteed
the loan. On May 30, 2024, the Company drew down the amount of $22.65 million, being the loan amount minus the upfront fee of $0.35 million.
Sale
of vessels
On
May 28, 2024, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2005-built Moon Globe for a gross
price of $11.5 million, before commissions, to an unaffiliated third party. The vessel was delivered to its new owners on July 8, 2024.
Miscellaneous
Developments
On
March 13, 2024, the Company awarded a consultant affiliated with our chief executive officer a one-time bonus of $3 million, half of
which is payable immediately upon the delivery of the newbuilding vessel Hull NE442 (i.e., the vessel being constructed by Nantong
Cosco Khi Ship Engineering pursuant to the agreement dated May 13, 2022) and the balance at the delivery of Hull NE443 (i.e., the
vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the other agreement dated May 13, 2022), in each case
assuming Athanasios Feidakis remains Chief Executive Officer at each such relevant time, i.e. August 20, 2024 and September 20, 2024,
respectively.
Following
the successful delivery of the newbuilding vessel Hull NE442, named GLBS Might, the Company paid the $1.5 million bonus on August 26,
2024 to the consultant as per the aforementioned award.
On
March 13, 2024, the Board of Directors adopted the Globus Maritime Limited 2024 Equity Incentive Plan, or the Plan. The purpose of the
Plan is to provide Company’s officers, key employees, directors, consultants and service provider, whose initiative and efforts
are deemed to be important to the successful conduct of Company’s business, with incentives to (a) enter into and remain in the
service of the Company or affiliates, (b) acquire a proprietary interest in the success of the Company, (c) maximize their performance
and (d) enhance the long-term performance of the Company. The number of common shares reserved for issuance under the Plan is 2,000,000
shares. No shares have been issued under the plan.
First
half of the year 2024 compared to the first half of the year 2023
Total
comprehensive income for the six-month period ended June 30, 2024 amounted to $2.9 million or $0.14 basic and diluted income per share
based on 20,582,301 weighted average number of shares, compared to total comprehensive income of $1.4 million for the same period last
year or $0.07 basic and diluted income per share based on 20,582,301 weighted average number of shares.
The
following table corresponds to the breakdown of the factors that led to the decrease in total comprehensive income during the six-month
period ended June 30, 2024 compared to the six-month period ended June 30, 2023 (expressed in $000’s):
1st
half of 2024 vs 1st half of 2023
Net
income and total comprehensive income for the 1st half of 2023 |
1,425 |
Increase
in Voyage revenues |
814 |
Increase
in Management & consulting fee income |
1 |
Decrease
in Voyage expenses |
2,705 |
Decrease
in Vessels operating expenses |
2,501 |
Increase
in Depreciation |
(123) |
Decrease
in Depreciation of dry-docking costs |
505 |
Increase
in Total administrative expenses |
(2,268) |
Decrease
in Reversal of Impairment |
(2,509) |
Decrease
in Gain from sale of vessel |
(71) |
Increase
in Other expenses, net |
(27) |
Increase
in Interest income |
511 |
Increase
in Interest expense and finance costs |
(643) |
Increase
in Gain on derivative financial instruments |
60 |
Decrease
in Foreign exchange losses |
99 |
Net
income and total comprehensive income for the 1st half of 2024 |
2,980 |
Voyage
revenues
During
the six-month period ended June 30, 2024 and 2023, our Voyage revenues reached $17 million and $16.2 million, respectively. The 5% increase
in Voyage revenues was mainly attributed to the increase in the average time charter rates achieved by our vessels during the six-month
period ended June 30, 2024, compared to the same period in 2023. Daily Time Charter Equivalent rate (TCE) for the six-month period of
2024 was $13,246 per vessel per day against $8,518 per vessel per day during the same period in 2023, corresponding to an increase of
56%, which is attributed to the better conditions throughout the bulk market for the first half of 2024. The Company operated a fleet
of an average of 6.9 vessels during the 1st half of 2024 compared to an average of 8.9 vessels for the same period in 2023.
Voyage
expenses
Voyage
expenses reached $0.5 million during the six-month period ended June 30, 2024, compared to $3.2 million during the same period last year,
mainly due to the decrease of ballast days from 189 days for the fleet during the first six months of 2023 to only 17 days for the same
period in 2024 which subsequently led to substantially decreased bunkers expenses. Voyage expenses include commissions on revenues, port
and other voyage expenses and bunker expenses. Bunker expenses mainly refer to the cost of bunkers consumed during periods that our vessels
are travelling seeking employment. Voyage expenses for the six-month period ended June 30, 2024 and 2023, are analyzed as follows:
In
$000’s |
|
2024 |
|
2023 |
Commissions |
|
220 |
|
209 |
Bunkers |
|
137 |
|
2,685 |
Other
voyage expenses |
|
133 |
|
301 |
Total |
|
490 |
|
3,195 |
Vessel
operating expenses
Vessel
operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oils, insurance, maintenance, and repairs,
reached $6.4 million during the six-month period ended June 30, 2024, compared to $8.9 million during the same period last year. This
is mainly attributed to the fact that the Company operated a fleet of an average of 6.9 vessels during the 1st half of 2024
compared to an average of 8.9 vessels for the same period in 2023. The breakdown of our operating expenses for the six-month period ended
June 30, 2024 and 2023 was as follows:
|
|
2024 |
|
2023 |
Crew
expenses |
|
59% |
|
52% |
Repairs
and spares |
|
11% |
|
16% |
Insurance |
|
8% |
|
7% |
Stores |
|
13% |
|
16% |
Lubricants |
|
5% |
|
6% |
Other |
|
4% |
|
3% |
Average
daily operating expenses during the six-month periods ended June 30, 2024 and 2023 were $5,082 per vessel per day and $5,522 per vessel
per day respectively, corresponding to a decrease of 8%, which is mainly attributed to the decrease in the cost of repairs and spares.
Depreciation
Depreciation
charge during the six-month period ended June 30, 2024, reached $2.6 million compared to $2.5 million during the same period in 2023.
The increase is mainly attributed to the addition to the fleet of m/v GLBS Hero in January 2024 with a total cost of approximately $37.5
million. The increase is partly counterbalanced due to the decrease of the fleet of the Company from an average of 8.9 vessels during
the six-month period ended June 30, 2023 to 6.9 vessels for the same period in 2024 and the increase of the scrap rate in our books from
$440/ton to $480/ton during the fourth quarter of 2023, due to the increased scrap rates worldwide.
Total
administrative expenses
Total
administrative expenses, including administrative expenses to related parties, increased to $4.4 million during the six-month period
ended June 30, 2024 compared to $2.1 million for the same period in 2023. The increase is mainly attributed to the accrual of approximately
$2.0 million as at June 30, 2024, which relate to the $3 million bonus that was awarded on March 13, 2024 to a consultant affiliated
with our chief executive officer, half of which is payable immediately upon the delivery of the newbuilding vessel Hull NE442 (i.e.,
the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the agreement dated May 13, 2022) and the balance at the
delivery of Hull NE443 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the other agreement dated
May 13, 2022), in each case assuming Athanasios Feidakis remains Chief Executive Officer at each such relevant time.
Reversal
of Impairment
On
March 6, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2007-built Sun Globe for a gross
price of $14.1 million, before commissions, to an unaffiliated third party, which sale was subject to standard closing conditions.
Following
the agreement to sell Sun Globe and given the significant increase in the vessel’s market value, the Company assessed that there
were indications that impairment losses recognized in the previous periods with respect to this vessel have decreased. Therefore, the
carrying amount of the vessel was increased to its recoverable amount, determined based on selling price less cost to sell, and the Company
recorded reversal of impairment amounting $4,400.
On
May 28, 2024, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2005-built Moon Globe for a gross
price of $11.5 million, before commissions, to an unaffiliated third party, which sale was subject to standard closing conditions.
Following
the agreement to sell Moon Globe and given the significant increase in the vessel’s market value, the Company assessed that there
were indications that impairment losses recognized in the previous periods with respect to this vessel have decreased. Therefore, the
carrying amount of the vessel was increased to its recoverable amount, determined based on selling price less cost to sell, and the Company
recorded reversal of impairment amounting $1,891.
Interest
expense and finance costs
Interest
expense and finance costs reached $2.5 million during the six-month period ended June 30, 2024, compared to $1.9 million in the same
period of 2023. Interest expense and finance costs for the six-month periods ended June 30, 2024 and 2023, are analyzed as follows:
In
$000’s |
|
2024 |
|
2023 |
Interest
payable on long-term borrowings |
|
2,247 |
|
1,703 |
Bank
charges |
|
26 |
|
24 |
Operating
lease liability interest |
|
5 |
|
17 |
Amortization
of debt discount |
|
140 |
|
134 |
Amortization
of gain of Loan modification |
|
91 |
|
– |
Other
finance expenses |
|
14 |
|
2 |
Total |
|
2,523 |
|
1,880 |
As
at June 30, 2024, and 2023 we and our vessel-owning subsidiaries had outstanding borrowings under our Loan and Sale and Leaseback agreements
of an aggregate of $72.73 million and $37.45 million, respectively, gross of unamortized debt discount. The increase in interest payable
is mainly attributed to the increase of the outstanding balance the Loan agreements. The weighted average interest rate has decreased
from 8.15% during the six-month period ended June 30, 2023 to 8.09% for the same period in 2024, which is mainly attributed to the lower
margin of the new loan agreement with Marguerite Maritime S.A.
Gain
on derivative financial instruments
For
the six-month periods ended June 30, 2024 and 2023, the Company recognized a gain of approximately $0.5 million, net of interest for
the period, according to the Interest Rate Swap valuations and is included in the condensed consolidated statement of comprehensive income.
Liquidity
and capital resources
As
at June 30, 2024, and December 31, 2023, our cash and bank balances and bank deposits (including restricted cash) were $74.4 and $77.8
million, respectively.
As
at June 30, 2024, the Company reported a working capital surplus of $76.0 million including effect from assets reclassified as held for
sale and was in compliance with the covenants included in the CIT loan facility and the loan facility with Marguerite Maritime S.A.
The
Company performs on a regular basis an assessment to evaluate its ability to continue as a going concern.
In
assessing whether the going concern assumption is appropriate, management takes into account all available information about the future,
which is at least, but is not limited to, twelve months from the end of the reporting period. The degree of consideration depends on
the facts in each case and depends on the Company’s profitability and ready access to financial resources, In certain cases, management
may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules, compliance with
the financial and security collateral cover ratio covenants under its existing debt agreements and potential sources of replacement financing
before it can satisfy itself that the going concern basis is appropriate. The Company may need to develop detailed cash flow projections
as part of its assessment in such cases. In developing estimates of future cash flows, the Company makes assumptions about the vessels’
future performance, with the significant assumptions relating to time charter equivalent rates, vessels’ operating expenses, vessels’
capital expenditures, fleet utilization, Company’s general and administrative expenses and cash flow requirements for debt servicing.
The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.
The
above conditions indicate that the Company is expected to be able to operate as a going concern and these unaudited interim condensed
consolidated financial statements were prepared under this assumption.
Net
cash generated from operating activities for the six-month period ended June 30, 2024 was $7.7 million compared to net cash used
in operating activities of $4.2 million during the respective period in 2023. The increase in our cash generated from operating
activities was mainly attributed to the increase in our Income for the period from $1.4 million during the six-month period ended
June 30, 2023 to $3.0 million during the six-month period under consideration and the decrease of the Payment of deferred dry
docking costs from $6.4 million during the six-month period ended June 30, 2023 to $0.5 million during the six-month period under
consideration.
Net
cash used in investing activities for the six-month period ended June 30, 2024 was $29.2 million compared to net cash generated from
investing activities of $10.7 million during the respective period in 2023. The increase in our cash used in investing activities was
mainly attributed to the payment of the last instalment amounting to $18.5 million for acquisition of the newbuilding vessel “m/v
GLBS Hero” in January 2024 and the instalments for the new building vessels paid in the first half of 2024, amounting to $10.4
million.
Respectively,
the amount generated from investing activities for the first half of 2023 is mainly attributed to the cash of $13.7 million received
from the sale of m/v Sun Globe during the second quarter of 2023, partially offset by instalments for a new building paid in March
2023, amounting to $3.8 million.
Net
cash generated from/(used in) financing activities during the six-month period ended June 30, 2024 and 2023 were as follows:
|
|
Six
months ended June 30, |
In
$000’s |
|
2024 |
|
2023 |
|
|
(Unaudited) |
Proceeds
from loans |
|
25,800 |
|
– |
Repayment
of long-term debt |
|
(3,128) |
|
(3,250) |
Prepayment
of long-term debt |
|
(2,567) |
|
(3,674) |
Increase
in restricted cash |
|
15 |
|
1,983 |
Payment
of financing costs |
|
(377) |
|
– |
Repayment
of lease liability |
|
(170) |
|
(158) |
Interest
paid |
|
(1,493) |
|
(981) |
Net
cash generated from/(used in) financing activities |
|
18,080 |
|
(6,080) |
As
at June 30, 2024 and 2023, we and our vessel-owning subsidiaries had outstanding borrowings under our Loan and Sale and Leaseback
agreements of an aggregate of $72.73 and $37.45 million, respectively, gross of unamortized debt discount.
INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
GLOBUS MARITIME LIMITED UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six-month ended June 30, 2024 and 2023 (Expressed in thousands of U.S. Dollars, except share, per share and warrants data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
months ended June 30, |
|
Six
months ended June 30, |
|
Notes |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
REVENUES: |
|
|
|
|
|
|
|
|
|
Voyage
revenues |
10 |
|
9,425 |
|
7,744 |
|
17,047 |
|
16,233 |
Management
& consulting fee income |
|
|
91 |
|
91 |
|
182 |
|
181 |
Total
Revenues |
|
|
9,516 |
|
7,835 |
|
17,229 |
|
16,414 |
|
|
|
|
|
|
|
|
|
|
EXPENSES
& OTHER OPERATING INCOME: |
|
|
|
|
|
|
|
|
|
Voyage
expenses, net |
|
|
(139) |
|
(1,581) |
|
(490) |
|
(3,195) |
Vessel
operating expenses |
|
|
(3,223) |
|
(4,334) |
|
(6,352) |
|
(8,853) |
Depreciation
|
5,
10 |
|
(1,335) |
|
(1,218) |
|
(2,616) |
|
(2,493) |
Depreciation
of dry-docking costs |
5 |
|
(795) |
|
(1,111) |
|
(1,769) |
|
(2,274) |
Administrative
expenses |
|
|
(824) |
|
(819) |
|
(1,996) |
|
(1,763) |
Administrative
expenses payable to related parties |
4 |
|
(1,324) |
|
(179) |
|
(2,384) |
|
(349) |
Reversal
of impairment |
5 |
|
1,891 |
|
– |
|
1,891 |
|
4,400 |
Gain
from sale of vessel |
5 |
|
– |
|
71 |
|
– |
|
71 |
Other
expenses, net |
|
|
(40) |
|
(15) |
|
(33) |
|
(6) |
Operating
(loss)/ income |
|
|
3,727 |
|
(1,351) |
|
3,480 |
|
1,952 |
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
|
735 |
|
474 |
|
1,433 |
|
922 |
Interest
expense and finance costs |
|
|
(1,328) |
|
(960) |
|
(2,523) |
|
(1,880) |
Gain
on derivative financial instruments, net |
|
|
130 |
|
693 |
|
542 |
|
482 |
Foreign
exchange (losses) /gains, net |
|
|
15 |
|
(17) |
|
(48) |
|
(51) |
|
|
|
|
|
|
|
|
|
|
NET
INCOME/(LOSS) FOR THE PERIOD |
|
|
3,279 |
|
(1,161) |
|
2,980 |
|
1,425 |
Other
Comprehensive Income |
|
|
– |
|
– |
|
– |
|
– |
NET
COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD |
|
|
3,279 |
|
(1,161) |
|
2,980 |
|
1,425 |
|
|
|
|
|
|
|
|
|
|
Income/(Loss)
per share (U.S.$): |
|
|
|
|
|
|
|
|
|
-
Basic and Diluted income/(loss) per share for the period |
7 |
|
0.16 |
|
(0.06) |
|
0.14 |
|
0.07 |
The
accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.
GLOBUS MARITIME LIMITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at June 30, 2024 and December 31,2023 (Expressed in thousands of U.S. Dollars, except share, per share and warrants data) |
|
|
|
June
30, |
|
December
31, |
ASSETS |
Notes |
|
2024 |
|
2023 |
|
|
|
(Unaudited) |
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
Vessels, net
|
5 |
|
125,411 |
|
100,557 |
Advances for
vessel purchase |
10 |
|
39,419 |
|
47,246 |
Office furniture
and equipment |
|
|
111 |
|
85 |
Right of use
asset |
10 |
|
26 |
|
182 |
Restricted cash |
3 |
|
2,905 |
|
3,530 |
Fair value of
derivative financial instruments |
11 |
|
484 |
|
495 |
Other non-current
assets |
|
|
10 |
|
10 |
Total
non-current assets |
|
|
168,366 |
|
152,105 |
CURRENT ASSETS |
|
|
|
|
|
Current portion
of fair value of derivative financial instruments |
11 |
|
776 |
|
808 |
Trade receivables,
net |
|
|
112 |
|
1,151 |
Inventories |
|
|
856 |
|
1,256 |
Prepayments
and other assets |
|
|
3,372 |
|
1,789 |
Restricted cash |
3 |
|
700 |
|
90 |
Cash and cash
equivalents |
3 |
|
70,765 |
|
74,202 |
|
|
|
76,581 |
|
79,296 |
Assets held for sale |
5 |
|
11,368 |
|
– |
Total current assets |
|
|
87,949 |
|
79,296 |
TOTAL ASSETS |
|
|
256,315 |
|
231,401 |
|
|
|
|
|
|
EQUITY
AND LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Issued share
capital |
6 |
|
82 |
|
82 |
Share premium |
6 |
|
284,406 |
|
284,406 |
Accumulated
deficit |
|
|
(105,538) |
|
(108,518) |
Total
equity |
|
|
178,950 |
|
175,970 |
NON-CURRENT LIABILITIES |
|
|
|
|
|
Long-term borrowings,
net of current portion |
8 |
|
62,449 |
|
45,759 |
Finance liabilities,
net of current portion |
8 |
|
2,718 |
|
– |
Provision for
staff retirement indemnities |
|
|
203 |
|
171 |
Total
non-current liabilities |
|
|
65,370 |
|
45,930 |
CURRENT LIABILITIES |
|
|
|
|
|
Current portion
of long-term borrowings |
8 |
|
7,056 |
|
6,500 |
Current portion
of finance liabilities |
8 |
|
82 |
|
– |
Trade accounts
payable |
|
|
676 |
|
362 |
Accrued liabilities
and other payables |
|
|
3,603 |
|
1,763 |
Current portion
of lease liabilities |
10 |
|
18 |
|
188 |
Deferred revenue |
|
|
560 |
|
688 |
Total
current liabilities |
|
|
|
11,995 |
|
9,501 |
TOTAL LIABILITIES |
|
|
77,365 |
|
55,431 |
TOTAL EQUITY
AND LIABILITIES |
|
|
256,315 |
|
231,401 |
|
|
|
|
|
|
|
|
The
accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.
GLOBUS MARITIME LIMITED UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six-month ended June 30, 2024 and 2023 (Expressed in thousands of U.S. Dollars, except share, per share and warrants data) |
|
Issued
share Capital |
|
Share
Premium |
|
(Accumulated
Deficit) |
|
Total
Equity |
As
at January 1, 2024 |
82 |
|
284,406 |
|
(108,518) |
|
175,970 |
Net
income for the period |
– |
|
– |
|
2,980 |
|
2,980 |
Other
comprehensive income |
– |
|
– |
|
– |
|
– |
Total
comprehensive income for the period |
– |
|
– |
|
2,980 |
|
2,980 |
As
at June 30, 2024 |
82 |
|
284,406 |
|
(105,538) |
|
178,950 |
|
Issued
share Capital |
|
Share
Premium |
|
(Accumulated
Deficit) |
|
Total
Equity |
As
at January 1, 2023 |
82 |
|
284,406 |
|
(113,790) |
|
170,698 |
Net
income for the period |
– |
|
– |
|
1,425 |
|
1,425 |
Other
comprehensive income |
– |
|
– |
|
– |
|
– |
Total
comprehensive income for the period |
– |
|
– |
|
1,425 |
|
1,425 |
As
at June 30, 2023 |
82 |
|
284,406 |
|
(112,365) |
|
172,123 |
The
accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.
GLOBUS MARITIME LIMITED UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the six-month ended June 30, 2024 and 2023 (Expressed in thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
Six
months ended June 30, |
|
Notes |
|
2024 |
|
2023 |
Operating activities |
|
|
|
|
|
Income for the period |
|
|
2,980 |
|
1,425 |
Adjustments for: |
|
|
|
|
|
Depreciation |
5,
10 |
|
2,616 |
|
2,493 |
Depreciation of deferred
dry-docking costs |
5 |
|
1,769 |
|
2,274 |
Payment of deferred dry-docking
costs |
|
|
(537) |
|
(6,387) |
Reversal of impairment |
5 |
|
(1,891) |
|
(4,400) |
Provision for staff retirement
indemnities |
|
|
32 |
|
26 |
Gain on derivative financial
instruments |
|
|
(542) |
|
(482) |
Gain on sale of vessel |
|
|
– | |
(71) |
Interest expense and finance
costs |
|
|
2,523 |
|
1,880 |
Interest income |
|
|
(1,433) |
|
(922) |
Foreign exchange losses/(gains),
net |
|
|
(35) |
|
34 |
(Increase)/decrease
in: |
|
|
|
|
|
Trade receivables, net |
|
|
1,039 |
|
(502) |
Inventories |
|
|
400 |
|
757 |
Prepayments and other assets |
|
|
(1,565) |
|
733 |
Increase/(decrease)
in: |
|
|
|
|
|
Trade accounts payable |
|
|
314 |
|
(1,238) |
Accrued liabilities and
other payables |
|
|
2,185 |
|
390 |
Deferred revenue |
|
|
(128) |
|
(234) |
Net cash generated
from / (used in) operating activities |
|
|
7,727 |
|
(4,224) |
Cash flows from investing
activities: |
|
|
|
|
|
Net Proceeds from sale
of vessel |
5 |
|
– |
|
13,694 |
Vessel acquisition |
5 |
|
(19,634) |
|
– |
Advance for vessel acquisition |
10 |
|
(10,921) |
|
(3,747) |
Improvements |
|
|
(61) |
|
(133) |
Purchases of office furniture
and equipment |
|
|
(43) |
|
(31) |
Interest received |
|
|
1,415 |
|
922 |
Net cash (used
in) / generated from investing activities |
|
|
(29,244) |
|
10,705 |
Cash flows from financing
activities: |
|
|
|
|
|
Proceeds from loans |
8 |
|
25,800 |
|
– |
Repayment of long-term
debt |
8 |
|
(3,128) |
|
(3,250) |
Prepayment of long-term
debt |
8 |
|
(2,567) |
|
(3,674) |
Decrease in
restricted cash |
3 |
|
15 |
|
1,983 |
Payment of financing costs |
|
|
(377) |
|
– |
Repayment of lease liability |
|
|
(170) |
|
(158) |
Interest paid |
|
|
(1,493) |
|
(981) |
Net cash generated from
/ (used in) financing activities |
|
|
18,080 |
|
(6,080) |
Net (decrease)/increase
in cash and cash equivalents |
|
|
(3,437) |
|
401 |
Cash and cash equivalents
at the beginning of the period |
3 |
|
74,202 |
|
52,833 |
Cash and cash equivalents
at the end of the period |
3 |
|
70,765 |
|
53,234 |
The
accompanying condensed notes are an integral part of these unaudited interim condensed consolidated financial statements.
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
1. Basis
of presentation and general information
The accompanying unaudited interim condensed consolidated financial
statements include the financial statements of Globus Maritime Limited (“Globus”) and its wholly owned subsidiaries
(collectively the “Company”). Globus was formed on July 26, 2006, under the laws of Jersey. On June 1, 2007, Globus concluded
its initial public offering in the United Kingdom and its shares were admitted for trading on the Alternative Investment Market (“AIM”).
On November 24, 2010, Globus was redomiciled to the Marshall Islands and its shares were admitted for trading in the United States (NASDAQ
Global Market) under the Securities Act of 1933, as amended. On November 26, 2010, Globus shares were effectively delisted from AIM.
The
address of the registered office of Globus is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.
The
principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (“m/v”), providing
maritime services for the transportation of dry cargo products on a worldwide basis. The Company conducts its operations through its
vessel owning subsidiaries.
The
operations of the vessels are managed by Globus Shipmanagement Corp. (the “Manager”), a wholly owned Marshall Islands corporation.
The Manager has an office in Greece, located at 128 Vouliagmenis Avenue, 166 74 Glyfada, Greece and provides the commercial, technical,
cash management and accounting services necessary for the operation of the fleet in exchange for a management fee. The management fee
is eliminated on consolidation. The unaudited interim condensed consolidated financial statements include the financial statements of
Globus and its subsidiaries listed below, all wholly owned by Globus as at June 30, 2024:
Basis
of presentation and general information
|
|
|
|
|
|
|
Company |
|
Country
of Incorporation |
|
Vessel
Delivery Date |
|
Vessel
Owned |
Globus
Shipmanagement Corp. |
|
Marshall Islands |
|
– |
|
Management Co. |
Devocean
Maritime Ltd. |
|
Marshall Islands |
|
December 18, 2007 |
|
m/v River Globe |
Artful
Shipholding S.A. |
|
Marshall Islands |
|
June 22, 2011 |
|
m/v Moon Globe*** |
Serena
Maritime Limited |
|
Marshall Islands |
|
October 29,2020 |
|
m/v Galaxy Globe |
Talisman
Maritime Limited |
|
Marshall Islands |
|
July 20,2021 |
|
m/v Power Globe |
Argo
Maritime Limited |
|
Marshall Islands |
|
June 9, 2021 |
|
m/v Diamond Globe |
Salaminia
Maritime Limited |
|
Marshall Islands |
|
November 29, 2021 |
|
m/v Orion Globe |
Calypso
Shipholding S.A. |
|
Marshall Islands |
|
January 25, 2024 |
|
m/v GLBS Hero |
Daxos
Maritime Limited |
|
Marshall Islands |
|
– |
|
Hull No: NE-442** |
Paralus
Shipholding S.A. |
|
Marshall Islands |
|
– |
|
Hull No: NE-443* |
Olympia
Shipholding S.A. |
|
Marshall Islands |
|
– |
|
Hull No: S-K192* |
Thalia
Shipholding S.A. |
|
Marshall Islands |
|
– |
|
Hull No: S-3012* |
Domina
Maritime Ltd. |
|
Marshall Islands |
|
– |
|
– |
Dulac
Maritime S.A. |
|
Marshall Islands |
|
– |
|
– |
Longevity
Maritime Limited |
|
Malta |
|
– |
|
– |
Except
for the changes disclosed in note 2. These unaudited interim condensed consolidated financial statements have been prepared on the same
basis as the annual consolidated financial statements. The operating results for the six-month period ended June 30, 2024, are not necessarily
indicative of the results that might be expected for the fiscal year ending December 31, 2024.
The
unaudited interim condensed consolidated financial statements as at and for the six months ended June 30, 2024, have been prepared in
accordance with Interim Financial Reporting.
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
1. Basis
of presentation and general information (continued)
The
unaudited interim condensed consolidated financial statements presented in this report do not include all the information and disclosures
required in the annual financial statements and should be read in conjunction with the consolidated financial statements as at December
31, 2023 and for the year then ended included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023
(the “2023 Annual Report”).
Unless
otherwise defined herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2023 Annual
Report.
The
unaudited interim condensed consolidated financial statements as at June 30, 2024 and for the six months then ended, were approved for
issuance by the Board of Directors on September 12, 2024.
Going
Concern basis of accounting:
The
Company performs on a regular basis an assessment to evaluate its ability to continue as a going concern.
In
assessing whether the going concern assumption is appropriate, management takes into account all available information about the future,
which is at least, but is not limited to, twelve months from the end of the reporting period. The degree of consideration depends on
the facts in each case and depends on the Company’s profitability and ready access to financial resources, In certain cases, management
may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules, compliance with
the financial and security collateral cover ratio covenants under its existing debt agreements and potential sources of replacement financing
before it can satisfy itself that the going concern basis is appropriate. The Company may need to develop detailed cash flow projections
as part of its assessment in such cases. In developing estimates of future cash flows, the Company makes assumptions about the vessels’
future performance, with the significant assumptions relating to time charter equivalent rates, vessels’ operating expenses, vessels’
capital expenditures, fleet utilization, Company’s general and administrative expenses and cash flow requirements for debt servicing.
The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.
As
at June 30, 2024, the Company reported a total comprehensive income of $2,980 for the six month period ended June 30, 2024,
Cash and cash equivalents of $70,765, a working capital surplus of $76.0 million (absolute amount) including
effect from assets reclassified as held for sale and was in compliance with its debt covenants.
The
above conditions indicate that the Company is expected to be able to operate as a going concern and these consolidated financial statements
were prepared under this assumption.
2. Changes
in Accounting policies and Recent accounting pronouncements
Changes
in Accounting policies and Recent accounting pronouncements
The
accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed
in the preparation of the Company’s annual consolidated financial statements for the year ended 31 December 2023, as included in
Note 2 to the Company’s consolidated financial statements included in the 2023 Annual Report. There have been no changes to the
Company’s accounting policies and recent accounting pronouncements in the six-month period ended June 30, 2024 other than the
IFRS amendments which have been adopted by the Company as of 1 January 2024 and accounting policy for the Sale and leaseback transactions
as indicated below:
| · | Amendments
to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier
Finance Arrangements. The amendments introduce supplemental disclosure requirements for
the entities’ supplier finance arrangements |
| · | IAS
1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
(Amendments). The amendments clarify the principles in IAS 1 for the classification of
liabilities as either current or non-current. |
| · | IFRS
16 Leases: Lease Liability in a Sale and Leaseback (amendments). The amendments improve
the requirements that a seller-lessee uses in measuring the lease liability arising in a
sale and leaseback transaction in IFRS 16, while it does not change the accounting for leases
unrelated to sale and leaseback transactions |
The
newly adopted amendments did not have a material impact on the Company’s accounting policies.
Below
the recent accounting pronouncements issued, but not yet effective and not early adopted by the Company:
| · | IFRS
18 Presentation and Disclosure in Financial Statements. On April 2024, the IASB issued
the IFRS 18 - Presentation and Disclosure in Financial Statements which replaces IAS 1 -
Presentation of Financial Statements and it becomes effective for annual reporting periods
beginning on or after January 1, 2027. |
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
2. Changes
in Accounting policies and Recent accounting pronouncements (continued)
| · | Amendment
in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint
Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint
Venture. In December 2015 the IASB postponed the effective date of this amendment indefinitely
pending the outcome of its research project on the equity method of accounting. |
| · | IAS
21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments).
The amendments are effective for annual reporting periods beginning on or after January
1, 2025, with earlier application permitted. The amendments will require companies to apply
a consistent approach in assessing whether a currency can be exchanged into another currency
and, when it cannot, in determining the exchange rate to use and the disclosures to provide.
|
| · | IFRS
19 Subsidiaries without Public Accountability: Disclosures. On May 2024, the IASB issued
the IFRS 19 - Subsidiaries without Public Accountability: Disclosures, and becomes effective
for annual reporting periods beginning on or after January 1, 2027 |
The
Company has not early adopted the above amendments and is in process of assessing the potential impact on the financial statements.
Sale
and leaseback transactions
When
a vessel is sold and subsequently leased back by the Company, pursuant to a memorandum of agreement (MoA) and a bareboat charter
agreement, the Company determines when a performance obligation is satisfied in IFRS 15, to determine whether the transfer of a
vessel is accounted for as a sale. If the transfer of a vessel satisfies the requirements of IFRS 15 to be accounted for as a sale,
the Company measures the right-of- use asset arising from the leaseback at the proportion of the previous carrying amount of the
asset that relates to the right of use retained and recognizes only the amount of any gain or loss that relates to the rights
transferred to the buyer-lessor. If the transfer of a vessel does not satisfy the requirements of IFRS 15 to be accounted for as a
sale, the Company continues to recognize the transferred vessel and recognizes a financial liability equal to the transferred
proceeds. Please refer to Note 8(c), for the description of the nature of the sale and leaseback arrangement the Company entered
into in the six months period ended June 30, 2024.
Reporting
Assets held for sale
It
is the Company’s policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end
of their useful life. Non – current assets are classified as held for sale when all applicable criteria enumerated under IFRS
5 are met and are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated
once they meet the criteria to be held for sale and are presented separately in the statement of financial position.
3. Cash
and cash equivalents and Restricted cash
For
the purpose of the interim condensed consolidated statement of financial position, cash and cash equivalents comprise the following:
Cash
and cash equivalents and Restricted cash
|
|
|
|
|
June
30, 2024 |
|
December
31, 2023 |
Cash on hand |
19 |
|
11 |
Cash at banks |
70,746 |
|
74,191 |
Total cash and cash equivalents |
70,765 |
|
74,202 |
Cash
held in banks earns interest at floating rates based on daily bank deposit rates.
The
fair value of cash and cash equivalents as at June 30, 2024 and December 31, 2023, was $70,765 and $74,202, respectively.
As
at June 30, 2024 and December 31, 2023, the Company had pledged an amount of $3,605
and $3,620, respectively, in
order to fulfil collateral requirements. The fair value of the restricted cash as at June 30, 2024 was $3,605,
$2,905
included in non-current assets and $700
included in current assets. The fair value of the restricted cash as at December 31, 2023 was $3,620,
$3,530
included in non-current assets and $90
included in current assets. The cash and cash equivalents are held with reputable bank and financial institution counterparties with
high ratings.
4. Transactions
with Related Parties
On
March 13, 2024, the Company awarded a consultant affiliated with our chief executive officer a one-time bonus of $3
million, half of which is payable immediately upon the delivery of the newbuilding vessel Hull NE442 (i.e., the vessel being
constructed by Nantong Cosco Khi Ship Engineering pursuant to the agreement dated May 13, 2022) and the balance at the delivery of
Hull NE443 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the other agreement dated May 13,
2022), in each case assuming Athanasios Feidakis remains Chief Executive Officer at each such relevant time, i.e. August 20, 2024
and September 20, 2024, respectively.
As
at June 30, 2024 $2 million have been accrued and are included in the “Accrued liabilities and other payables” line of the
Condensed Consolidated Statement of Financial Position.
Following
the successful delivery of the newbuilding vessel Hull NE442, named GLBS Might, the Company paid the $1.5 million bonus on August 26,
2024 to the consultant as per the aforementioned award.
Details
and nature of the Company’s transactions with related parties did not change in the six-month period ended June 30, 2024 and are
discussed in Note 4 of the Company’s consolidated financial statements as at and for the year ended December 31, 2023, included
in the 2023 Annual Report. As of June 30, 2024 the balance due to Related parties was $384 ($184 as of December 31, 2023) and are included
in Trade accounts payables in the accompanying Statement of Financial Position.
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
5. Vessels,
net and Advances for vessel acquisition
The
amounts in the interim condensed consolidated statement of financial position are analysed as follows:
Vessels,
net - Consolidated Statement of Financial Position
|
Vessels
cost |
Vessels
depreciation |
Dry
docking costs |
Depreciation
of dry-docking costs |
Net
Book Value |
Balance
at January 1, 2024 |
181,258 |
(86,232) |
16,245 |
(10,714) |
100,557 |
Additions |
37,557 |
– |
986 |
– |
38,543 |
Reversal of Impairment |
1,891 |
– |
– |
– |
1,891 |
Depreciation & Amortization |
– |
(2,443) |
– |
(1,769) |
(4,212) |
Transfer to Assets Held
for sale |
(21,282) |
10,694 |
(5,233) |
4,453 |
(11,368) |
Balance
at June 30, 2024 |
199,424 |
(77,981) |
11,998 |
(8,030) |
125,411 |
For
the purpose of the unaudited condensed consolidated statement of comprehensive income, depreciation, as stated in the income statement
component, comprises the following:
Vessels,
net - Consolidated Statement of Comprehensive Income/ (loss)
|
For
the Three months ended June 30, 2024 |
|
For
the Three months ended June 30, 2023 |
For
the Six months ended June 30, 2024 |
For
the Six months ended June 30, 2023 |
Vessels` depreciation |
1,248 |
|
1,128 |
2,443 |
2,315 |
Depreciation on office
furniture and equipment |
9 |
|
12 |
17 |
22 |
Depreciation of right of
use asset |
78 |
|
78 |
156 |
156 |
Total |
1,335 |
|
1,218 |
2,616 |
2,493 |
On
May 28, 2024, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2005-built
Moon Globe for a gross price of $11.5
million (absolute amount), before commissions,
to an unaffiliated third party.
Following
the agreement to sell Moon Globe and given the significant increase in the vessel’s market value, the Company assessed that there
were indications that impairment losses recognised in the previous periods with respect to this vessel have decreased. Therefore, the
carrying amount of the vessel was increased to its recoverable amount, determined based on selling price less cost to sell, and the Company
recorded reversal of impairment amounting $1,891,
during the second quarter of 2024. On the date of agreement, the Company also assessed and concluded that the vessel Moon Globe met the
criteria to be classified as held for sale and reclassified the amount of $11,368 in
Assets held for sale. The vessel was delivered to its new owners on July
8, 2024. At December 31, 2023, there were no
vessels held for sale.
As
of June 30, 2024 the Company assessed that no indication for impairment or reversal existed for the remaining vessels in the fleet.
Reversal
of impairment was recognized for the first half of 2023 amounting to $4,400
following the agreement to sell Sun Globe.
6. Share
Capital and Share Premium
The
authorised share capital of Globus consisted of the following:
Share
Capital and Share Premium - Authorised share capital
|
June
30, |
|
December
31, |
|
2024 |
|
2023 |
Authorised
share capital: |
|
|
|
500,000,000
Common Shares of par value $0.004
each |
2,000 |
|
2,000 |
100,000,000
Class B common shares of par value $0.001
each |
100 |
|
100 |
100,000,000
Preferred shares of par value $0.001
each |
100 |
|
100 |
Total
authorised share capital |
2,200 |
|
2,200 |
Holders
of the Company’s common shares and Class B shares have equivalent economic rights, but holders of Company’s common shares
are entitled to one vote per share and holders of the Company’s Class B shares are entitled to twenty votes per share. Each holder
of Class B shares may convert, at its option, any or all of the Class B shares held by such holder into an equal number of common shares.
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
6. Share
Capital and Share Premium (continued)
As
at June 30, 2024 and 2023 the Company had 20,582,301 shares issued and fully paid. During the periods ended June 30, 2024 and 2023 no
new shares were issued.
As
at June 30, 2024, the Company had no Class B common shares and 10,300 Series B Preferred Shares outstanding.
Share
premium includes the contribution of Globus’ shareholders for the acquisition of the Company’s vessels. Additionally, share
premium includes the effects of the acquisition of non-controlling interest, the effects of the Globus initial and follow-on public offerings
and the effects of the share-based payments. At June 30, 2024 and December 31, 2023, Globus share premium amounted
to $284,406.
As
at June 30, 2024 and December 31, 2023, the Company had issued 5,550 common shares pursuant to exercise of outstanding Class A Warrants
as defined in the 2023 Annual Report and had 388,700 Class A Warrants outstanding to purchase an aggregate of 388,700 common
shares.
As
at June 30, 2024 and December 31, 2023, no PP Warrants, as defined in the 2023 Annual Report , had been exercised and the
Company had 1,291,833 PP Warrants outstanding to purchase an aggregate of 1,291,833 common shares.
As
at June 30, 2024 and December 31, 2023, no December 2020 Warrants, as defined in the 2023 Annual Report , had been exercised
and the Company had December 2020 Warrants outstanding to purchase an aggregate of 1,270,587 common shares.
As
at June 30, 2024 and December 31, 2023, no January 2021 Warrants, as defined in the 2023 Annual Report , had been exercised
and the Company had January 2021 Warrants outstanding to purchase an aggregate of 1,950,000 common shares.
As
at June 30, 2024 and December 31, 2023, no February 2021 Warrants, as defined in the 2023 Annual Report , had been exercised
and the Company had February 2021 Warrants outstanding to purchase an aggregate of 4,800,000 common shares.
As
at June 30, 2024 and December 31, 2023, no June 2021 Warrants, as defined in the 2023 Annual Report , had been exercised and
the Company had June 2021 Warrants outstanding to purchase an aggregate of 10,000,000 common shares.
The
Company’s warrants are classified in equity, following the Company’s assessment that warrants meet the equity classification
criteria as per IAS 32. The total outstanding number of warrants as at June 30, 2024, was 19,701,120 to purchase an aggregate of 19,701,120
common shares.
On
March 13, 2024, the Board of Directors adopted the Globus Maritime Limited 2024 Equity Incentive Plan, or the Plan. The purpose of the
Plan is to provide Company’s officers, key employees, directors, consultants and service provider, whose initiative and efforts
are deemed to be important to the successful conduct of Company’s business, with incentives to (a) enter into and remain in the
service of the Company or affiliates, (b) acquire a proprietary interest in the success of the Company, (c) maximize their performance
and (d) enhance the long-term performance of the Company. The number of common shares reserved for issuance under the Plan is 2,000,000
shares.
As
at June 30, 2024, the Company had no common shares
issued under the Plan.
7. Earnings/(Loss)
per Share
Basic
earnings / (loss) per share (“EPS” / “LPS”) is calculated by dividing the net income / (loss) for the period
attributable to Globus common shareholders by the weighted average number of common shares issued, paid and outstanding.
Diluted
earnings per share is calculated by dividing the net income / (loss) attributable to common equity holders of the parent by the weighted
average shares outstanding during the period plus the weighted average number of common shares that would be issued on the conversion
of all the dilutive potential common shares into common shares. The incremental shares (the difference between the number of shares assumed
issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings/(losses) per share computation
unless such inclusion would be anti-dilutive.
As
for the three-month ended June 30, 2024, the securities that could potentially dilute basic EPS in the future are any incremental shares
of unexercised warrants (Note 6). As the warrants were out-of-the money during the three-month period ended June 30, 2024, these were
not included in the computation of diluted EPS, because to do so would have anti-dilutive effect. As the Company reported losses for
the three-month ended June 30, 2023, the effect of any incremental shares would be antidilutive and thus excluded from the computation
of the LPS.
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
7. Earnings/(Loss)
per Share (continued)
As
for the six-month ended June 30, 2024 and 2023, the securities that could potentially dilute basic EPS in the future are any incremental
shares of unexercised warrants (Note 6). As the warrants were out-of-the money during the six-month periods ended June 30, 2024 and 2023,
these were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect.
The
following reflects the net income per common share:
Earnings/(Loss)
per Share
|
|
|
|
|
|
|
|
|
For
the Three months ended June 30, |
|
For
the Six months ended June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Income
/ (Loss) attributable to common equity holders |
3,279 |
|
(1,161) |
|
2,980 |
|
1,425 |
Weighted
average number of shares - basic and diluted |
20,582,301 |
|
20,582,301 |
|
20,582,301 |
|
20,582,301 |
Net
income/(loss) per common share - basic and diluted |
$0.16 |
|
$(0.06) |
|
$0.14 |
|
$0.07 |
8. Long-Term
Debt and Finance Liabilities, net
Long-term
debt (a&b) and financial liabilities (c) in the condensed consolidated statement of financial position is analysed as follows:
Long-Term
Debt, net - Consolidated statement of financial position
|
Borrower |
|
Principal |
|
Deferred
finance costs |
|
Modification
of Loan |
|
Accrued
Interest |
|
Amortized
cost |
(a) |
Devocean
Maritime Ltd., Serena Maritime Limited, Salaminia Maritime Limited, Talisman Maritime Limited and Argo Maritime Limited. |
|
46,925 |
|
(491) |
|
(266) |
|
551 |
|
46,719 |
(b) |
Calypso
Shipholding S.A. |
|
23,000 |
|
(370) |
|
— |
|
156 |
|
22,786 |
|
Total
Long-term debt at June 30, 2024 |
|
69,925 |
|
(861) |
|
(266) |
|
707 |
|
69,505 |
|
Less:
Current Portion |
|
(6,771) |
|
279 |
|
143 |
|
(707) |
|
(7,056) |
|
Long-Term
Portion |
|
63,154 |
|
(582) |
|
(123) |
|
— |
|
62,449 |
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
Daxos
Maritime Limited |
|
2,800 |
|
— |
|
— |
|
— |
|
2,800 |
|
Total
Financial liabilities at June 30, 2024 |
|
2,800 |
|
— |
|
— |
|
— |
|
2,800 |
|
Less:
Current Portion |
|
(82) |
|
— |
|
— |
|
— |
|
(82) |
|
Long-Term
Portion |
|
2,718 |
|
— |
|
— |
|
— |
|
2,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-term debt at December 31,2023 |
|
52,620 |
|
(624) |
|
(358) |
|
621 |
|
52,259 |
|
Less:
Current Portion |
|
(6,258) |
|
227 |
|
152 |
|
(621) |
|
(6,500) |
|
Long-Term
Portion |
|
46,362 |
|
(397) |
|
(206) |
|
— |
|
45,759 |
Details
of the Company’s credit facilities are discussed in Note 11 of the Company’s consolidated financial statements for the year
ended December 31, 2023, included in the 2023 Annual Report.
In
more detail:
(a)
In May 2021, Globus through its wholly owned subsidiaries, Devocean Maritime Ltd.(the “Borrower A”), Domina Maritime Ltd.
(the “Borrower B”), Dulac Maritime S.A. (the “Borrower C”), Artful Shipholding S.A. (the “Borrower D”),
Longevity Maritime Limited (the “Borrower E”) and Serena Maritime Limited (the “Borrower F”), vessel owning companies
of m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe, m/v Sun Globe and m/v Galaxy Globe, respectively, entered a new term
loan facility for up to $34,250 with First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) for the purpose of refinancing
the existing indebtedness secured on the ships. The loan facility is in the names of Devocean Maritime Ltd., Domina Maritime Ltd, Dulac
Maritime S.A., Artful Shipholding S.A., Longevity Maritime Limited and Serena Maritime Limited as the borrowers and is guaranteed by
Globus. This loan facility is referred to as the “CIT loan facility”. The loan facility bore interest at LIBOR plus a margin
of 3.75% for interest periods of three months.
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
8. Long-term
Debt and Finance Liabilities, net (continued)
Following
the agreement reached in August 2022 the benchmark rate was amended from LIBOR to SOFR and the applicable margin was decreased from 3.75%
to 3.35%. This amendment to the loan agreement falls within the scope of Interest Rate Benchmark Reform – Phase 2, Amendments to
IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (“Amendments”), which have been published by IASB in August 2020 and adopted by
the Company as of January 1, 2021. In particular, the Company applied the practical expedient available under the Amendments and adjusted
the effective interest rate when accounting for changes in the basis for determining the contractual cash flows under CIT loan facility.
No adjustment to the carrying amount of the loan was necessary. The Company has also amended its interest rate swap agreement with First
Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) and replaced the respective benchmark rate from LIBOR to SOFR in
order to depict the change of base rate of the CIT loan facility.
In
August 2023, the Company reached an agreement with First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) for a deed
of accession, amendment and restatement of the CIT loan facility by the accession of two additional borrowers in order to increase the
loan facility from a total of $52.25 million to $77.25
million, by a top up loan amount of $25
million for
the purpose of financing vessels Diamond Globe and Power Globe and for general corporate and working capital purposes of all the borrowers
and Globus. The CIT loan facility (including
the new top up loan amount) is now further secured by a first preferred mortgage over the vessels Diamond Globe and Power Globe. Furthermore,
the applicable margin was amended from 3.35% to 2.70%
for the whole CIT loan facility. The Company considered that the August 2023 amendments to the CIT Loan Facility did not substantially
modify CIT Loan Facility’s terms and the Company recognised a gain on modification amounted to $417 that had adjusted the carrying
value of the loan and classified under Gain from the modification of the Loan in the consolidated statement of comprehensive income.
On August 10, 2023, the Company fully drew the top up amount of $25
million.
On
March 6, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2007-built Sun Globe. On May 10,
2023 the Company prepaid the total remaining amount of $3,674 of the loan of Longevity Maritime Limited (the owning company of the vessel
Sun Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place on June 5, 2023.
On
August 11, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2009-built Sky Globe. On August
29, 2023 the Company prepaid the total remaining amount of $3,276 of the loan of Domina Maritime Ltd (the owning company of the vessel
Sky Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place on September 7, 2023.
On
August 16, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2010-built Star Globe. On September
7, 2023 the Company prepaid the total remaining amount of $3,555 of the loan of Dulac Maritime S.A. (the owning company of the vessel
Star Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place on September 13, 2023.
On
May 28, 2024, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2005-built Moon Globe. On June 27,
2024 the Company prepaid the total remaining amount of $2,567 of the loan of Artful Shipholding S.A. (the owning company of the vessel
Moon Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place on July 8, 2024.
The
Company was in compliance with the covenants of CIT loan facility as at June 30, 2024.
(b)
On
May 23, 2024, the Company reached an agreement
with Marguerite Maritime S.A., a Panamanian subsidiary of a Japanese leasing company unaffiliated with us, for a loan facility of $23
million (absolute amount) bearing interest at
Term SOFR plus a margin of 2.3%
per annum. This loan agreement provides that it is to be repaid by 20
consecutive quarterly
instalments of $295
each, and $17.1
million (absolute amount) to be paid together
with the 20th (and last) instalment. The proceeds of this financing will be used for general corporate purposes. As collateral for the
loan, among other things, a mortgage over the m/v GLBS Hero was granted, and a general assignment was granted over the earnings, the
insurances, any requisition compensation, any charter and any charter guarantee with respect to the m/v GLBS Hero. Globus Maritime Limited
guaranteed the loan. On May 30, 2024, the Company drew down the amount of $22.65
million (absolute amount), being the loan amount
minus the upfront fee of $0.35
million (absolute amount).
The
loan agreement with Marguerite Maritime S.A. includes a minimum required security cover, meaning that the market value of the vessel
plus the net realizable value of any additional security is below 120% of the outstanding balance of the loan.
The
Company was in compliance with the covenant of Marguerite Maritime S.A. loan facility as at June 30, 2024.
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
8. Long-term
Debt and Finance Liabilities, net (continued)
(c)
On February 23, 2024, Globus, through its subsidiary Daxos Maritime Limited, entered into a $28
million(absolute amount) sale and leaseback agreement with SK Shipholding S.A.
("buyer-lessor"), a subsidiary of Shinken Bussan Co., Ltd. of Japan, with respect to the approximately 64,000
dwt bulk carrier to be named “GLBS Might,”
which was delivered from the relevant shipyard on August
20, 2024. The
Company will transfer the legal ownership of the vessel to the buyer-lessor upon delivery of the vessel from the shipyard (refer to Note
10) and agreed to charter the vessel back on a bareboat basis under daily rate plus SOFR and margin for the period of 10 years.
The Company has an obligation to purchase back the vessel at the end of the ten-year charter period. On February 28, 2024, the Company
received $2.8
million, being the 10% advance deposit of the
sale price as per MOA. The Company assessed that the transaction does not meet the criteria to be accounted for as a sale under IFRS
15, and therefore the outstanding amount received from the buyer has been included under Financial Liability, current and non-current,
in the condensed consolidated statement of financial position as of June 30, 2024.
The
contractual annual loan principal payments to First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) loan facility
and Marguerite Maritime S.A. loan agreement to be made subsequent to June 30, 2024, were as follows:
Long-Term Debt, net - Annual loan principal payments
|
|
|
|
|
June
30, |
|
First
Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) |
|
Marguerite
Maritime S.A. |
2025 |
|
5,591 |
|
1,180 |
2026 |
|
21,834 |
|
1,180 |
2027 |
|
2,000 |
|
1,180 |
2028 |
|
17,500 |
|
1,180 |
2029
and thereafter |
|
- |
|
18,280 |
Total |
|
46,925 |
|
23,000 |
9. Contigencies
Various
claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business.
In addition, losses may arise from disputes with charterers, environmental claims, agents, and insurers and from claims with suppliers
relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims or contingent liabilities,
which are material for disclosure.
10. Commitments
Voyage
revenue
The
Company enters into time charter arrangements on its vessels. These non-cancellable arrangements had remaining terms between one day
to approximately eleven months as at June 30, 2024, assuming redelivery at the earliest possible date. As at December 31, 2023, the non-cancellable
arrangements had remaining terms between nil days to eight months, assuming redelivery at the earliest possible date. Future net minimum
revenues receivable under non-cancellable operating leases as at June 30, 2024 and December 31, 2023, were as follows (vessel off-hires
and dry-docking days that could occur but are not currently known are not taken into consideration; in addition early delivery of the
vessels by the charterers is not accounted for):
Commitments
- Future minimum lease revenues receivable under non-cancellable operating leases
|
June
30, 2024 |
|
December
31, 2023 |
Within
one year |
10,076 |
|
8,060 |
Total |
10,076 |
|
8,060 |
These
amounts include consideration for other elements of the arrangement apart from the right to use the vessel such as maintenance and crewing
and its related costs.
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
10. Commitments
(continued)
For
time charters that qualify as leases, the Company is required to disclose lease and non-lease components of lease revenue. The revenue
earned under time charters is not negotiated in its two separate components, but as a whole. For purposes of determining the standalone
selling price of the vessel lease and technical management service components of the Company’s time charters, the Company concluded
that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on
shipping market conditions, the duration of such charters and the age of the vessel. The Company believes that the standalone transaction
price attributable to the technical management service component, including crewing services, is more readily determinable than the price
of the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department,
which consist of the crew expenses, maintenance and consumable costs and was approximately $3,302 and $4,441 for the three-month
periods ended June 30, 2024 and 2023, respectively and $6,470 and $9,062 for the six-month periods ended June 30, 2024 and
2023, respectively. The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease
component revenue and was $6,122 and $3,303 for the three-month periods ended June 30, 2024 and 2023 and $10,577 and
$7,171 for the six-month periods ended June 30, 2024 and 2023, respectively.
Office
lease contract
As
further discussed in Note 4 of the 2023 Annual Report the Company has recognised a right of use asset and a corresponding liability with
respect to the rental agreement of office space for its operations within a building leased by FG Europe (an affiliate of Globus’s
chairman).
The
depreciation charge for right-of-use assets for the three-month period ended June 30, 2024 and 2023, was approximately $78
for both periods and for the six-month period ended June 30, 2024 and 2023, was approximately $156
for both periods. The interest expense on lease liability for the three-month period ended June 30, 2024 and 2023, was approximately
$2
and $8,
respectively and for the six-month period ended June 30, 2024 and 2023, was approximately $5
and $17,
respectively, and recognised in the income statement component of the condensed consolidated statement of comprehensive income under
depreciation and interest expense and finance costs, respectively.
At
June 30, 2024 and December 31, 2023, the current lease liabilities amounted to $18 and $188, respectively, and the non-current lease
liabilities amounted to nil0 for both periods, and are included in the accompanying condensed consolidated statements of financial position.
Commitments
under shipbuilding contracts
On
May 13, 2022, the Company has signed two contracts, through its subsidiaries, Daxos Maritime Limited and Paralus Shipholding S.A.,
for the construction and purchase of two fuel efficient bulk
carrier of about 64,000 dwt
each. The sister vessels will be built at Nantong COSCO KHI Ship Engineering Co. in China with the first one scheduled to be
delivered during
the third quarter of 2024 and the second one
scheduled during
the fourth quarter of 2024. The total
consideration for the construction of both vessels is approximately $70.3 million
(absolute amount), which the Company intends to finance with a combination of debt and equity. In May 2022 the Company paid the
first instalment of $13.8 million
(absolute amount), in November 2022 paid the second instalment of $6.9 million
(absolute amount) for both vessels under construction and during the second quarter of 2024 paid the third and fourth instalments
of $6.9 million
(absolute amount) for the vessel of Daxos Maritime Limited and the third instalment of $3.5 million
(absolute amount) for the vessel of Paralus Shipholding S.A.. All instalments are included under Advances for vessel purchase in the
condensed consolidated statement of financial position. The delivery for the vessel of Daxos Maritime Limited was on August
20, 2024 and for the vessel of Paralus
Shipholding S.A. is expected on September
20, 2024. On February 23, 2024, Globus,
through its subsidiary Daxos Maritime Limited, entered into a $28
million(absolute amount) sale and leaseback agreement with SK Shipholding S.A. ("buyer-lessor") with respect to
vessel to be named “GLBS MIGHT” and agreed to sell the vessel to the buyer-lessor upon its delivery from the shipyard
and chartered it back on a bareboat basis for 10 years (refer to Note 8(c)).
On
August 18, 2023, the Company signed two contracts through its subsidiaries, Olympia Shipholding S.A. and Thalia Shipholding S.A. for
the construction and purchase of two fuel efficient bulk
carrier of about 64,000
dwt each. The two vessels will be built at a reputable shipyard in Japan and are scheduled to be delivered between
April 2026 and September 2026. The total consideration for the construction of both vessels is approximately $75.5
million (absolute amount), which the Company intends to finance with a combination of debt and equity. In August 2023 the Company
paid the first instalment of $7.5
million (absolute amount) for both vessels under construction.
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
10. Commitments
(continued)
The
contractual annual payments per subsidiary to be made subsequent to June 30, 2024, were as follows:
Commitments
- Future minimum contractual obligations
|
|
Daxos
Maritime Limited |
|
Paralus
Shipholding S.A. |
|
Olympia
Shipholding S.A. |
|
Thalia
Shipholding S.A. |
|
Total |
July
1, 2024 to June 30, 2025 |
|
17,875 |
|
21,330 |
|
3,760 |
|
3,760 |
|
46,725 |
July 1, 2025 to June 30, 2026 |
|
- |
|
- |
|
7,520 |
|
3,760 |
|
11,280 |
July
1, 2026 to November 30, 2026 |
|
- |
|
- |
|
22,770 |
|
26,530 |
|
49,300
|
Total |
|
17,875 |
|
21,330 |
|
34,050 |
|
34,050 |
|
107,305 |
11. Fair
values
Carrying
amounts and fair values
The
following table shows the carrying amounts and fair values of assets and liabilities measured or disclosed at fair value, including their
levels in the fair value hierarchy (as defined in note 2.22 of the 2023 Annual Report). It does not include fair value information for
financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value,
such as cash and cash equivalents, restricted cash, trade receivables and trade payables.
Fair
values measurement
|
|
Carrying
amount |
|
Fair
value |
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Total |
June
30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
Financial
assets |
|
|
|
|
|
|
|
|
Financial
assets measured at fair value |
|
|
|
|
|
|
|
|
|
|
Non-current
portion of fair value of derivative financial instruments |
|
484 |
|
— |
|
484 |
|
— |
|
484 |
Current
portion of fair value of derivative financial instruments |
|
776 |
|
— |
|
776 |
|
— |
|
776 |
|
|
1,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
liabilities |
|
|
|
|
|
|
|
|
Financial
liabilities not measured at fair value |
|
|
|
|
|
|
|
|
|
|
Long-term
borrowings |
|
69,925 |
|
— |
|
71,904 |
|
— |
|
71,904 |
Financial
liabilities |
|
2,800 |
|
— |
|
2,800 |
|
— |
|
2,800 |
|
|
72,725 |
|
|
|
|
|
|
|
|
GLOBUS MARITIME LIMITED NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (Amounts presented in thousands of U.S. Dollars - except for share and warrants data, unless otherwise stated) |
11. Fair
values (continued)
|
|
Carrying
amount |
|
Fair
value |
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Total |
December 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Financial
assets |
|
|
|
|
|
|
|
|
Financial
assets measured at fair value |
|
|
|
|
|
|
|
|
|
|
Non-current
portion of fair value of derivative financial instruments |
|
495 |
|
— |
|
495 |
|
— |
|
495 |
Current
portion of fair value of derivative financial instruments |
|
808 |
|
— |
|
808 |
|
— |
|
808 |
|
|
1,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
liabilities |
|
|
|
|
|
|
|
|
Financial
liabilities not measured at fair value |
|
|
|
|
|
|
|
|
|
|
Long-term
borrowings |
|
52,620 |
|
— |
|
54,107 |
|
— |
|
54,107 |
|
|
52,620 |
|
|
|
|
|
|
|
|
Measurement
of fair values
Valuation
techniques and significant unobservable inputs
The
following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant
unobservable inputs used.
Valuation
techniques and significant unobservable inputs
Financial
instruments measured at fair value |
|
|
|
|
|
|
|
|
|
Type |
|
Valuation
Techniques |
|
Significant
unobservable inputs |
|
|
|
|
|
Derivative
financial instruments: |
|
|
|
|
Interest
Rate Swap |
|
Discounted
cash flow |
|
Discount
rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
instruments not measured at fair value |
|
|
|
|
Asset
and liabilities not measured at fair value |
|
|
|
|
Type |
|
Valuation
Techniques |
|
Significant
unobservable inputs |
|
|
|
|
|
Long-term
borrowings |
|
Discounted
cash flow |
|
Discount
rate |
Transfers
between Level 1, 2 and 3
There
have been no transfers between Level 1, Level 2 and Level 3 during the period.
12. Events
after the reporting date
Sale
of vessel
On
May 28, 2024, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2005-built Moon Globe for a gross
price of $11.5 million, before commissions, to an unaffiliated third party. The vessel was delivered to its new owners on July 8, 2024.
Debt
financing & Financial Liability
On
February 23, 2024, the Company, through its subsidiary Daxos Maritime Limited, entered into a $28 million sale and leaseback agreement
with SK Shipholding S.A., a subsidiary of Shinken Bussan Co., Ltd. of Japan, with respect to the approximately 64,000 dwt bulk carrier
“GLBS Might” which was delivered from the relevant shipyard on August 20, 2024. The Company has an obligation to purchase
back the vessel at the end of the ten-year charter period. On February 28, 2024, the Company drew down the amount of $2.8 million, being
the 10% deposit of the purchase price and on August 16, 2024, the Company drew down the remaining 90% of the purchase price, being $25.2
million.
Delivery
of new building vessel
On
August 12, 2024, the Company paid the remaining $18
million at Nantong Cosco KHI Ship Engineering
Co., Ltd. and on August
20, 2024 the Company took delivery of a new Ultramax
with carrying capacity of approximately 64,000
DWT, of which the Company had previously announced
on August 23, 2023 and was named “m/v GLBS Might”. The total cost of the new vessel was approximately $35.3
million.
Miscellaneous
Developments
On
March 13, 2024, the Company awarded a consultant affiliated with our chief executive officer a one-time bonus of $3
million, half of which is payable immediately upon the delivery of the newbuilding vessel Hull NE442 (i.e., the vessel being
constructed by Nantong Cosco Khi Ship Engineering pursuant to the agreement dated May 13, 2022) and the balance at the delivery of
Hull NE443 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the other agreement dated May 13,
2022), in each case assuming Athanasios Feidakis remains Chief Executive Officer at each such relevant time, i.e. August 20, 2024
and September 20, 2024, respectively. Following the successful delivery of the newbuilding vessel Hull NE442, named GLBS Might, the
Company paid the $1.5
million bonus on August 26, 2024 to the consultant as per the aforementioned award.
Exhibit
99.1
GLOBUS
MARITIME LIMITED
Globus
Maritime Limited Reports Financial Results for the Second Quarter and Six-month period
ended
June 30, 2024
Glyfada,
Greece, September 12, 2024, 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, 2024.
| o | $17.2
million in H1 2024 |
| o | $3.3
million net income in Q2 2024 |
| o | $3
million net income in H1 2024 |
| o | $14,578
per day in Q2 2024 |
| o | $13,246
per day in H1 2024 |
Current
Fleet Profile
As
of the date of this press release, Globus’ subsidiaries own and operate seven dry bulk carriers, consisting of one Supramax, four
Kamsarmax and two Ultramax.
Vessel |
Year
Built |
Yard |
Type |
Month/Year
Delivered |
DWT |
Flag |
River
Globe |
2007 |
Yangzhou
Dayang |
Supramax |
Dec
2007 |
53,627 |
Marshall
Is. |
Galaxy
Globe |
2015 |
Hudong-Zhonghua |
Kamsarmax |
October
2020 |
81,167 |
Marshall
Is. |
Diamond
Globe |
2018 |
Jiangsu
New Yangzi Shipbuilding Co. |
Kamsarmax |
June
2021 |
82,027 |
Marshall
Is. |
Power
Globe |
2011 |
Universal
Shipbuilding Corporation |
Kamsarmax |
July
2021 |
80,655 |
Marshall
Is. |
Orion
Globe |
2015 |
Tsuneishi
Zosen |
Kamsarmax |
November
2021 |
81,837 |
Marshall
Is. |
GLBS
Hero |
2024 |
Nihon
Shipyard Co., Ltd. |
Ultramax |
January
2024 |
64,000 |
Marshall
Is. |
GLBS
Might |
2024 |
Nantong
Cosco KHI Ship Engineering Co., Ltd. |
Ultramax |
August
2024 |
64,000 |
Marshall
Is. |
Weighted
Average Age: 7.9 Years as at September 12, 2024 |
|
507,313 |
|
Current
Fleet Deployment
All
our vessels are currently operating on short-term time charters (“on spot”).
Registered office: Trust Company Complex, Ajeltake Road, Ajeltake Island, | |
P.O. Box 1405, Majuro, Marshall Islands MH 96960 |
Comminucations Address: c/o Globus Shipmanagement Corp. |
128 Vouliagmenis Avenue, 166 74 Glyfada, Greece |
Tel: +30 210 9608300, Fax: +30 210 9608359, e-mail: info@globusmaritime.gr |
www.globusmaritime.gr |
|
|
Management
Commentary
“We
are pleased to deliver once again positive half year results whilst maintaining a healthy balance sheet and remaining committed to renew
and expand our fleet with modern and fuel-efficient vessels.
The
chartering market so far in 2024, albeit not spectacular, has been relatively healthy. Various dynamics and cargo flows keep shifting
constantly, we have managed to remain profitable and keep our operating costs at reasonable levels and the fleet utilization high. Notwithstanding
the significant geopolitical challenges around the world, we are navigating through these challenges without having to forego market opportunities
that may appear.
2024
so far has been a significant year for the Company, having taken delivery of two newbuilding Ultramaxes and expecting to take
delivery of a third one shortly. In addition to these vessels, we also have two newbuilding vessels being built in Japan to be
delivered in 2026. At the same time, we have disposed of a 2005 Panamax for a gain. Furthermore, we managed to finance the new
vessels acquired under what we view as favorable terms and conditions.
It
is so satisfactory to see our new vessels competitive and sought after by reputable charterers and currently trading at premiums to the
BSI 58 index; additionally, and so far, they have proven to be significantly more efficient than the older Supramaxes replaced in the
fleet.
We
continue to evaluate newbuildings of larger size as well as alternative fuel options and at the same time keep an eye in the secondhand
market examining possibilities for further expansion of the fleet with fuel-efficient vessels.
Internal
discussions are ongoing regarding the options we see in the market, the prices and the delivery positions. At the same time, we are exploring
various financing opportunities that open up to new markets across the globe. Our goal is to create and expand shareholder value while
maintaining a healthy balance sheet as well as meeting or exceeding the safety and quality standards of our industry and customers.”
Recent
Developments
Delivery
of new building vessel
On
January 22, 2024, the Company paid the remaining $18.5 million at Nihon Shipyard Co. in Japan and on January 25, 2024, the Company took
delivery of a new Ultramax with carrying capacity of approximately 64,000 DWT, of which the Company had previously announced on May 10,
2022, and was named “m/v GLBS Hero”. The total cost of the new vessel was approximately $37.5 million.
On
August 12, 2024, the Company paid the remaining $18.0 million at Nantong Cosco KHI Ship Engineering Co., Ltd. and on August 20, 2024,
the Company took delivery of a new Ultramax with carrying capacity of approximately 64,000 DWT, of which the Company had previously
announced on August 23, 2023, and was named “m/v GLBS Might”. The total cost of the new vessel was approximately $35.3
million.
Debt
financing & Financial Liability
On
February 23, 2024, the Company, through its subsidiary Daxos Maritime Limited, entered into a $28 million sale and leaseback agreement
with SK Shipholding S.A., a subsidiary of Shinken Bussan Co., Ltd. of Japan, with respect to the approximately 64,000 dwt bulk carrier
“GLBS Might” which was delivered from the relevant shipyard on August 20, 2024. The Company has an obligation to purchase
back the vessel at the end of the ten-year charter period. On February 28, 2024, the Company drew down the amount of $2.8 million, being
the 10% deposit of the purchase price and on August 16, 2024, the Company drew down the remaining 90% of the purchase price, being $25.2
million.
On
May 23, 2024, the Company reached an agreement with Marguerite Maritime S.A., a Panamanian subsidiary of a Japanese leasing company unaffiliated
with us, for a loan facility of $23 million bearing interest at Term SOFR plus a margin of 2.3% per annum. This loan agreement provides
that it is to be repaid by 20 consecutive quarterly instalments of $295,000 each, and $17.1 million to be paid together with the 20th
(and last) instalment. The proceeds of this financing will be used for general corporate purposes. As collateral for the loan, among
other things, a mortgage over the m/v GLBS Hero was granted, and a general assignment was granted over the earnings, the insurances,
any requisition compensation, any charter and any charter guarantee with respect to the m/v GLBS Hero. Globus Maritime Limited guaranteed
the loan. On May 30, 2024, the Company drew down the amount of $22.65 million, being the loan amount minus the upfront fee of $0.35 million.
Sale
of vessel
On
May 28, 2024, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2005-built Moon Globe for a gross
price of $11.5 million, before commissions, to an unaffiliated third party. The vessel was delivered to its new owners on July 8, 2024.
Miscellaneous
Developments
On
March 13, 2024, the Company awarded a consultant affiliated with our chief executive officer a one-time bonus of $3 million, half of
which is payable immediately upon the delivery of the newbuilding vessel Hull NE442 (i.e., the vessel being constructed by Nantong Cosco
Khi Ship Engineering pursuant to the agreement dated May 13, 2022) and the balance at the delivery of Hull NE443 (i.e., the vessel being
constructed by Nantong Cosco Khi Ship Engineering pursuant to the other agreement dated May 13, 2022), in each case assuming Athanasios
Feidakis remains Chief Executive Officer at each such relevant time, i.e. August 20, 2024 and September 20, 2024, respectively.
Following
the successful delivery of the newbuilding vessel Hull NE442, named GLBS Might, the Company paid the $1.5 million bonus on August 26,
2024, to the consultant as per the aforementioned award.
On
March 13, 2024, the Board of Directors adopted the Globus Maritime Limited 2024 Equity Incentive Plan, or the Plan. The purpose of the
Plan is to provide Company’s officers, key employees, directors, consultants and service provider, whose initiative and efforts
are deemed to be important to the successful conduct of Company’s business, with incentives to (a) enter into and remain in the
service of the Company or affiliates, (b) acquire a proprietary interest in the success of the Company, (c) maximize their performance
and (d) enhance the long-term performance of the Company. The number of common shares reserved for issuance under the Plan is 2,000,000
shares. No shares have been issued under the plan.
Earnings
Highlights
|
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) |
2024 |
2023 |
2024 |
2023 |
Revenue |
9,516 |
7,835 |
17,229 |
16,414 |
Net
income/(loss) |
3,279 |
(1,161) |
2,980 |
1,425 |
Adjusted
EBITDA (1) |
3,966 |
907 |
5,974 |
2,248 |
Basic
income/(loss) per share (2) |
0.16 |
(0.06) |
0.14 |
0.07 |
| (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 net
income/(loss) and net cash 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, 2024, and 2023 was
20,582,301. The weighted average number of shares for the three-month period ended June 30,
2024, and 2023 was 20,582,301. |
Second
quarter of the year 2024 compared to the second quarter of the year 2023
Net
income for the second quarter of the year 2024 amounted to $3.3 million or $0.16 basic income per share based on 20,582,301 weighted
average number of shares compared to net loss of $1.2 million or $0.06 basic loss per share based on 20,582,301 weighted average number
of shares for the same period last year.
Revenue
During
the three-month period ended June 30, 2024, and 2023, our Revenues reached $9.5 million and $7.8 million, respectively. The 22% increase
in Revenues was mainly attributed to the increase in the average time charter rates achieved by our vessels during the second quarter
of 2024 compared to the same period in 2023. Daily Time Charter Equivalent rate (TCE) for the second quarter of 2024 was $14,578 per
vessel per day against $8,244 per vessel per day during the same period in 2023 corresponding to an increase of 77%.
First
half of the year 2024 compared to the first half of the year 2023
Net
income for the six-month period ended June 30, 2024, amounted to $3 million or $0.14 basic income per share based on 20,582,301 weighted
average number of shares, compared to $1.4 million for the same period last year or $0.07 basic income per share based on 20,582,301
weighted average number of shares.
Revenue
During
the six-month period ended June 30, 2024, and 2023, our Revenues reached $17.2 million and $16.4 million, respectively. The 5%
increase in Revenues was mainly attributed to the increase in the average time charter rates achieved by our vessels during the
six-month period ended June 30, 2024, compared to the same period in 2023. Daily Time Charter Equivalent rate (TCE) for the six-month
period of 2024 was $13,246 per vessel per day against $8,518 per vessel per day during the same period in 2023, corresponding to an
increase of 56%, which is attributed to the better conditions throughout the bulk market for the first half of 2024.
Fleet
Summary data
|
Three
months ended June 30, |
Six
months ended June 30, |
|
2024 |
2023 |
2024 |
2023 |
Ownership
days (1) |
637 |
793 |
1,250 |
1,603 |
Available
days (2) |
637 |
748 |
1,250 |
1,531 |
Operating
days (3) |
635 |
730 |
1,239 |
1,507 |
Fleet
utilization (4) |
99.7% |
97.6% |
99.1% |
98.5% |
Average
number of vessels (5) |
7.0 |
8.7 |
6.9 |
8.9 |
Daily
time charter equivalent (TCE) rate (6) |
$14,578 |
$8,244 |
$13,246 |
$8,518 |
Daily
operating expenses (7) |
$5,060 |
$5,464 |
$5,082 |
$5,522 |
Notes:
| (1) | Ownership
days are the aggregate number of days in a period during which each vessel in our fleet has
been owned by us. |
| (2) | Available
days are the number of ownership days less the aggregate number of days that our vessels
are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special
surveys. |
| (3) | Operating
days are the number of available days less the aggregate number of days that the vessels
are off-hire due to any reason, including unforeseen circumstances but excluding days during
which vessels are seeking employment. |
| (4) | We
calculate fleet utilization by dividing the number of operating days during a period by the
number of available days during the period. |
| (5) | Average
number of vessels is measured by the sum of the number of days each vessel was part of our
fleet during a relevant period divided by the number of calendar days in such period. |
| (6) | TCE
rates are our voyage revenues less net revenues from our bareboat charters less voyage expenses
during a period divided by the number of our available days during the period which is consistent
with industry standards. TCE is a measure not in accordance with IFRS. |
| (7) | We
calculate daily vessel operating expenses by dividing vessel operating expenses by ownership
days for the relevant time period. |
Selected
Consolidated Financial & Operating Data
|
Three
months ended June 30, |
Six
months ended June 30, |
|
2024 |
2023 |
2024 |
2023 |
(In
thousands of U.S. dollars, except per share data) |
(unaudited) |
(unaudited) |
Consolidated
Condensed Statements of Operations: |
|
|
|
|
Revenue |
9,516 |
7,835 |
17,229 |
16,414 |
Voyage
and Operating vessel expenses |
(3,362) |
(5,915) |
(6,842) |
(12,048) |
General
and administrative expenses |
(2,148) |
(998) |
(4,380) |
(2,112) |
Depreciation
and amortization |
(2,130) |
(2,329) |
(4,385) |
(4,767) |
Reversal
of Impairment |
1,891 |
- |
1,891 |
4,400 |
Other
(expenses)/income & gain from sale of vessel, net |
(40) |
56 |
(33) |
65 |
Interest
expense/income, finance cost and foreign exchange (losses) / gains, net |
(578) |
(503) |
(1,042) |
(1,009) |
Gain on
derivative financial instruments, net |
130 |
693 |
542 |
482 |
Net
income/(loss) for the period |
3,279 |
(1,161) |
2,980 |
1,425 |
|
|
|
|
|
Basic
net income/(loss) per share for the period (1) |
0.16 |
(0.06) |
0.14 |
0.07 |
Adjusted
EBITDA (2) |
3,966 |
907 |
5,974 |
2,248 |
(1)
The weighted average number of shares for the six-month period ended June 30, 2024, and 2023 was 20,582,301. The weighted average
number of shares for the three-month period ended June 30, 2024, and 2023 was 20,582,301.
(2)
Adjusted EBITDA represents net earnings before interest and finance costs net, gains or losses from the change in fair value of derivative
financial instruments, foreign exchange gains or losses, income taxes, depreciation, depreciation of dry-docking costs, amortization
of fair value of time charter acquired, impairment and gains or losses on sale of vessels. Adjusted EBITDA does not represent and should
not be considered as an alternative to net income/(loss) or cash generated from operations, as determined by IFRS, and our calculation
of Adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is not a recognized measurement under IFRS.
Adjusted
EBITDA is included herein because it is a basis upon which we assess our financial performance and because we believe that it presents
useful information to investors regarding a company’s ability to service and/or incur indebtedness and it is frequently used by
securities analysts, investors and other interested parties in the evaluation of companies in our industry.
Adjusted
EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results
as reported under IFRS. Some of these limitations are:
| · | Adjusted
EBITDA does not reflect our cash expenditures or future requirements for capital expenditures
or contractual commitments; |
| · | Adjusted
EBITDA does not reflect the interest expense or the cash requirements necessary to service
interest or principal payments on our debt; |
| · | Adjusted
EBITDA does not reflect changes in or cash requirements for our working capital needs; and |
| · | Other
companies in our industry may calculate Adjusted EBITDA differently than we do, limiting
its usefulness as a comparative measure. |
Because
of these limitations, Adjusted EBITDA should not be considered a measure of discretionary cash available to us to invest in the growth
of our business.
The
following table sets forth a reconciliation of Adjusted EBITDA to net income/(loss) and net cash generated from operating activities
for the periods presented:
|
Three
months ended June 30, |
Six
months ended June 30, |
(Expressed
in thousands of U.S. dollars) |
2024 |
2023 |
2024 |
2023 |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Net
income/(loss) for the period |
3,279 |
(1,161) |
2,980 |
1,425 |
Interest
expense/income, finance cost and foreign exchange (losses) / gains, net |
578 |
503 |
1,042 |
1,009 |
Gain
on derivative financial instruments, net |
(130) |
(693) |
(542) |
(482) |
Depreciation
and amortization |
2,130 |
2,329 |
4,385 |
4,767 |
Reversal
of Impairment loss |
(1,891) |
- |
(1,891) |
(4,400) |
Gain
from sale of vessel |
- |
(71) |
- |
(71) |
Adjusted
EBITDA |
3,966 |
907 |
5,974 |
2,248 |
Payment
of deferred dry-docking costs |
(10) |
(2,441) |
(537) |
(6,387) |
Net decrease/(increase)
in operating assets |
1,131 |
912 |
(126) |
988 |
Net (increase)/decrease
in operating liabilities |
1,169 |
(1,036) |
2,371 |
(1,082) |
Provision
for staff retirement indemnities |
(35) |
(1) |
32 |
26 |
Foreign
exchange (losses)/gains net, not attributed to cash & cash equivalents |
13 |
(10) |
13 |
(17) |
Net
cash generated from/(used in) operating activities |
6,234 |
(1,669) |
7,727 |
(4,224) |
|
Three
months ended June 30, |
Six
months ended June 30, |
(Expressed
in thousands of U.S. dollars) |
2024 |
2023 |
2024 |
2023 |
|
(Unaudited) |
(Unaudited) |
Statement
of cash flow data: |
|
|
|
Net
cash generated from/ (used in) operating activities |
6,234 |
(1,669) |
7,727 |
(4,224) |
Net
cash (used in) / generated from investing activities |
(10,121) |
14,059 |
(29,244) |
10,705 |
Net
cash generated from/ (used in) financing activities |
17,964 |
(5,313) |
18,080 |
(6,080) |
|
As
at June 30, |
As
at December 31, |
(Expressed in thousands
of U.S. Dollars) |
2024 |
2023 |
|
(Unaudited) |
|
Consolidated
Condensed Balance Sheet Data: |
|
|
Vessels
and other fixed assets, net |
164,830 |
147,803 |
Cash
and cash equivalents (including current restricted cash) |
74,370 |
77,822 |
Other
current and non-current assets & Held for sale |
17,115 |
5,776 |
Total
assets |
256,315 |
231,401 |
Total
equity |
178,950 |
175,970 |
Total
debt & Finance liabilities, net of unamortized debt discount |
72,305 |
52,259 |
Other
current and non-current liabilities |
5,060 |
3,172 |
Total
equity and liabilities |
256,315 |
231,401 |
About
Globus Maritime Limited
Globus
is an integrated dry bulk shipping company that provides marine transportation services worldwide and presently owns, operates and manages
a fleet of seven dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally.
Globus’ subsidiaries own and operate seven vessels with a total carrying capacity of 507,313 Dwt and a weighted average age of
7.9 years as at September 12, 2024.
Safe
Harbor Statement
This
communication contains “forward-looking statements” as defined under U.S. federal securities laws. Forward-looking statements
provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the
Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts
or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,”
“estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,”
“predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases,
may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions
that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s
actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described
in the Company’s filings with the Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking
statements, which speak only as of the date of this communication. Globus undertakes no obligation to publicly revise any forward-looking
statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events.
You should, however, review the factors and risks Globus describes in the reports it will file from time to time with the Securities
and Exchange Commission after the date of this communication.
For
further information please contact:
Globus Maritime Limited |
+30 210 960 8300 |
Athanasios Feidakis, CEO |
a.g.feidakis@globusmaritime.gr |
|
|
Capital Link – New York |
+1 212 661 7566 |
Nicolas Bornozis |
globus@capitallink.com |
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v3.24.2.u1
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
REVENUES: |
|
|
|
|
Voyage revenues |
$ 9,425
|
$ 7,744
|
$ 17,047
|
$ 16,233
|
Management & consulting fee income |
91
|
91
|
182
|
181
|
Total Revenues |
9,516
|
7,835
|
17,229
|
16,414
|
EXPENSES & OTHER OPERATING INCOME: |
|
|
|
|
Voyage expenses, net |
(139)
|
(1,581)
|
(490)
|
(3,195)
|
Vessel operating expenses |
(3,223)
|
(4,334)
|
(6,352)
|
(8,853)
|
Depreciation |
(1,335)
|
(1,218)
|
(2,616)
|
(2,493)
|
Depreciation of dry-docking costs |
(795)
|
(1,111)
|
(1,769)
|
(2,274)
|
Administrative expenses |
(824)
|
(819)
|
(1,996)
|
(1,763)
|
Administrative expenses payable to related parties |
(1,324)
|
(179)
|
(2,384)
|
(349)
|
Reversal of impairment |
1,891
|
0
|
1,891
|
4,400
|
Gain from sale of vessel |
0
|
71
|
0
|
71
|
Other expenses, net |
(40)
|
(15)
|
(33)
|
(6)
|
Operating (loss)/ income |
3,727
|
(1,351)
|
3,480
|
1,952
|
Interest income |
735
|
474
|
1,433
|
922
|
Interest expense and finance costs |
(1,328)
|
(960)
|
(2,523)
|
(1,880)
|
Gain on derivative financial instruments, net |
130
|
693
|
542
|
482
|
Foreign exchange (losses) /gains, net |
15
|
(17)
|
(48)
|
(51)
|
NET INCOME/(LOSS) FOR THE PERIOD |
3,279
|
(1,161)
|
2,980
|
1,425
|
Other Comprehensive Income |
0
|
0
|
0
|
0
|
NET COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD |
$ 3,279
|
$ (1,161)
|
$ 2,980
|
$ 1,425
|
Income/(Loss) per share (U.S.$): |
|
|
|
|
-Diluted income per share for the period |
$ 0.16
|
$ (0.06)
|
$ 0.14
|
$ 0.07
|
-Basic income per share for the period |
$ 0.16
|
$ (0.06)
|
$ 0.14
|
$ 0.07
|
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v3.24.2.u1
Consolidated Statements of Financial Position - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
NON-CURRENT ASSETS |
|
|
Vessels, net |
$ 125,411
|
$ 100,557
|
Advances for vessel purchase |
39,419
|
47,246
|
Office furniture and equipment |
111
|
85
|
Right of use asset |
26
|
182
|
Restricted cash |
2,905
|
3,530
|
Fair value of derivative financial instruments |
484
|
495
|
Other non-current assets |
10
|
10
|
Total non-current assets |
168,366
|
152,105
|
CURRENT ASSETS |
|
|
Current portion of fair value of derivative financial instruments |
776
|
808
|
Trade receivables, net |
112
|
1,151
|
Inventories |
856
|
1,256
|
Prepayments and other assets |
3,372
|
1,789
|
Restricted cash |
700
|
90
|
Cash and cash equivalents |
70,765
|
74,202
|
Total current assets excluding assets held for sale |
76,581
|
79,296
|
Assets held for sale |
11,368
|
0
|
Total current assets |
87,949
|
79,296
|
TOTAL ASSETS |
256,315
|
231,401
|
EQUITY |
|
|
Issued share capital |
82
|
82
|
Share premium |
284,406
|
284,406
|
Accumulated deficit |
(105,538)
|
(108,518)
|
Total equity |
178,950
|
175,970
|
NON-CURRENT LIABILITIES |
|
|
Long-term borrowings, net of current portion |
62,449
|
45,759
|
Finance liabilities, net of current portion |
2,718
|
0
|
Provision for staff retirement indemnities |
203
|
171
|
Total non-current liabilities |
65,370
|
45,930
|
CURRENT LIABILITIES |
|
|
Current portion of long-term borrowings |
7,056
|
6,500
|
Current portion of finance liabilities |
82
|
0
|
Trade accounts payable |
676
|
362
|
Accrued liabilities and other payables |
3,603
|
1,763
|
Current portion of lease liabilities |
18
|
188
|
Deferred revenue |
560
|
688
|
Total current liabilities |
11,995
|
9,501
|
TOTAL LIABILITIES |
77,365
|
55,431
|
TOTAL EQUITY AND LIABILITIES |
$ 256,315
|
$ 231,401
|
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v3.24.2.u1
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands |
Issued capital [member] |
Share premium [member] |
Accumulated Deficit [member] |
Total [member] |
Balance at Dec. 31, 2022 |
$ 82
|
$ 284,406
|
$ (113,790)
|
$ 170,698
|
Net income for the period |
0
|
0
|
1,425
|
1,425
|
Other comprehensive income |
0
|
0
|
0
|
0
|
Total comprehensive income for the period |
0
|
0
|
1,425
|
1,425
|
Balance at Jun. 30, 2023 |
82
|
284,406
|
(112,365)
|
172,123
|
Balance at Dec. 31, 2023 |
82
|
284,406
|
(108,518)
|
175,970
|
Net income for the period |
0
|
0
|
2,980
|
2,980
|
Other comprehensive income |
0
|
0
|
0
|
0
|
Total comprehensive income for the period |
0
|
0
|
2,980
|
2,980
|
Balance at Jun. 30, 2024 |
$ 82
|
$ 284,406
|
$ (105,538)
|
$ 178,950
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v3.24.2.u1
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Operating activities |
|
|
Income for the period |
$ 2,980
|
$ 1,425
|
Adjustments for: |
|
|
Depreciation |
2,616
|
2,493
|
Depreciation of deferred dry-docking costs |
1,769
|
2,274
|
Payment of deferred dry-docking costs |
(537)
|
(6,387)
|
Reversal of impairment |
(1,891)
|
(4,400)
|
Provision for staff retirement indemnities |
32
|
26
|
Gain on derivative financial instruments |
(542)
|
(482)
|
Gain on sale of vessel |
0
|
(71)
|
Interest expense and finance costs |
2,523
|
1,880
|
Interest income |
(1,433)
|
(922)
|
Foreign exchange losses/(gains), net |
(35)
|
34
|
Trade receivables, net |
1,039
|
(502)
|
Inventories |
400
|
757
|
Prepayments and other assets |
(1,565)
|
733
|
Trade accounts payable |
314
|
(1,238)
|
Accrued liabilities and other payables |
2,185
|
390
|
Deferred revenue |
(128)
|
(234)
|
Net cash generated from / (used in) operating activities |
7,727
|
(4,224)
|
Cash flows from investing activities: |
|
|
Net Proceeds from sale of vessel |
0
|
13,694
|
Vessel acquisition |
(19,634)
|
0
|
Advance for vessel acquisition |
(10,921)
|
(3,747)
|
Improvements |
(61)
|
(133)
|
Purchases of office furniture and equipment |
(43)
|
(31)
|
Interest received |
1,415
|
922
|
Net cash (used in) / generated from investing activities |
(29,244)
|
10,705
|
Cash flows from financing activities: |
|
|
Proceeds from loans |
25,800
|
0
|
Repayment of long-term debt |
(3,128)
|
(3,250)
|
Prepayment of long-term debt |
(2,567)
|
(3,674)
|
Decrease in restricted cash |
15
|
1,983
|
Payment of financing costs |
(377)
|
0
|
Repayment of lease liability |
(170)
|
(158)
|
Interest paid |
(1,493)
|
(981)
|
Net cash generated from / (used in) financing activities |
18,080
|
(6,080)
|
Net (decrease)/increase in cash and cash equivalents |
(3,437)
|
401
|
Cash and cash equivalents at the beginning of the period |
74,202
|
52,833
|
Cash and cash equivalents at the end of the period |
$ 70,765
|
$ 53,234
|
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v3.24.2.u1
Basis of presentation and general information
|
6 Months Ended |
Jun. 30, 2024 |
Disclosure of subsidiaries [abstract] |
|
Basis of presentation and general information |
1. Basis
of presentation and general information
The accompanying unaudited interim condensed consolidated financial
statements include the financial statements of Globus Maritime Limited (“Globus”) and its wholly owned subsidiaries
(collectively the “Company”). Globus was formed on July 26, 2006, under the laws of Jersey. On June 1, 2007, Globus concluded
its initial public offering in the United Kingdom and its shares were admitted for trading on the Alternative Investment Market (“AIM”).
On November 24, 2010, Globus was redomiciled to the Marshall Islands and its shares were admitted for trading in the United States (NASDAQ
Global Market) under the Securities Act of 1933, as amended. On November 26, 2010, Globus shares were effectively delisted from AIM.
The
address of the registered office of Globus is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.
The
principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (“m/v”), providing
maritime services for the transportation of dry cargo products on a worldwide basis. The Company conducts its operations through its
vessel owning subsidiaries.
The
operations of the vessels are managed by Globus Shipmanagement Corp. (the “Manager”), a wholly owned Marshall Islands corporation.
The Manager has an office in Greece, located at 128 Vouliagmenis Avenue, 166 74 Glyfada, Greece and provides the commercial, technical,
cash management and accounting services necessary for the operation of the fleet in exchange for a management fee. The management fee
is eliminated on consolidation. The unaudited interim condensed consolidated financial statements include the financial statements of
Globus and its subsidiaries listed below, all wholly owned by Globus as at June 30, 2024:
Basis
of presentation and general information
|
|
|
|
|
|
|
Company |
|
Country
of Incorporation |
|
Vessel
Delivery Date |
|
Vessel
Owned |
Globus
Shipmanagement Corp. |
|
Marshall Islands |
|
– |
|
Management Co. |
Devocean
Maritime Ltd. |
|
Marshall Islands |
|
December 18, 2007 |
|
m/v River Globe |
Artful
Shipholding S.A. |
|
Marshall Islands |
|
June 22, 2011 |
|
m/v Moon Globe*** |
Serena
Maritime Limited |
|
Marshall Islands |
|
October 29,2020 |
|
m/v Galaxy Globe |
Talisman
Maritime Limited |
|
Marshall Islands |
|
July 20,2021 |
|
m/v Power Globe |
Argo
Maritime Limited |
|
Marshall Islands |
|
June 9, 2021 |
|
m/v Diamond Globe |
Salaminia
Maritime Limited |
|
Marshall Islands |
|
November 29, 2021 |
|
m/v Orion Globe |
Calypso
Shipholding S.A. |
|
Marshall Islands |
|
January 25, 2024 |
|
m/v GLBS Hero |
Daxos
Maritime Limited |
|
Marshall Islands |
|
– |
|
Hull No: NE-442** |
Paralus
Shipholding S.A. |
|
Marshall Islands |
|
– |
|
Hull No: NE-443* |
Olympia
Shipholding S.A. |
|
Marshall Islands |
|
– |
|
Hull No: S-K192* |
Thalia
Shipholding S.A. |
|
Marshall Islands |
|
– |
|
Hull No: S-3012* |
Domina
Maritime Ltd. |
|
Marshall Islands |
|
– |
|
– |
Dulac
Maritime S.A. |
|
Marshall Islands |
|
– |
|
– |
Longevity
Maritime Limited |
|
Malta |
|
– |
|
– |
* |
New building vessels |
** |
New building vessel. On February
23, 2024, Globus, through its subsidiary Daxos Maritime Limited, entered into a $28 million (absolute amount) sale and leaseback agreement
(refer to Note 8(c)). On August 20, 2024, the Company took delivery of the newbuilding vessel, named “m/v GLBS Might”. |
*** |
On May 28, 2024, the Company, through its subsidiary
Artful Shipholding S.A., entered into an agreement to sell the 2005-built Moon Globe, the vessel was delivered to her new owners on
July 8, 2024 (refer to Note 5). |
Except
for the changes disclosed in note 2. These unaudited interim condensed consolidated financial statements have been prepared on the same
basis as the annual consolidated financial statements. The operating results for the six-month period ended June 30, 2024, are not necessarily
indicative of the results that might be expected for the fiscal year ending December 31, 2024.
The
unaudited interim condensed consolidated financial statements as at and for the six months ended June 30, 2024, have been prepared in
accordance with Interim Financial Reporting.
1. Basis
of presentation and general information (continued)
The
unaudited interim condensed consolidated financial statements presented in this report do not include all the information and disclosures
required in the annual financial statements and should be read in conjunction with the consolidated financial statements as at December
31, 2023 and for the year then ended included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023
(the “2023 Annual Report”).
Unless
otherwise defined herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2023 Annual
Report.
The
unaudited interim condensed consolidated financial statements as at June 30, 2024 and for the six months then ended, were approved for
issuance by the Board of Directors on September 12, 2024.
Going
Concern basis of accounting:
The
Company performs on a regular basis an assessment to evaluate its ability to continue as a going concern.
In
assessing whether the going concern assumption is appropriate, management takes into account all available information about the future,
which is at least, but is not limited to, twelve months from the end of the reporting period. The degree of consideration depends on
the facts in each case and depends on the Company’s profitability and ready access to financial resources, In certain cases, management
may need to consider a wide range of factors relating to current and expected profitability, debt repayment schedules, compliance with
the financial and security collateral cover ratio covenants under its existing debt agreements and potential sources of replacement financing
before it can satisfy itself that the going concern basis is appropriate. The Company may need to develop detailed cash flow projections
as part of its assessment in such cases. In developing estimates of future cash flows, the Company makes assumptions about the vessels’
future performance, with the significant assumptions relating to time charter equivalent rates, vessels’ operating expenses, vessels’
capital expenditures, fleet utilization, Company’s general and administrative expenses and cash flow requirements for debt servicing.
The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.
As
at June 30, 2024, the Company reported a total comprehensive income of $2,980 for the six month period ended June 30, 2024,
Cash and cash equivalents of $70,765, a working capital surplus of $76.0 million (absolute amount) including
effect from assets reclassified as held for sale and was in compliance with its debt covenants.
The
above conditions indicate that the Company is expected to be able to operate as a going concern and these consolidated financial statements
were prepared under this assumption.
|
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v3.24.2.u1
Changes in Accounting policies and Recent accounting pronouncements
|
6 Months Ended |
Jun. 30, 2024 |
Notes and other explanatory information [abstract] |
|
Changes in Accounting policies and Recent accounting pronouncements |
2. Changes
in Accounting policies and Recent accounting pronouncements
Changes
in Accounting policies and Recent accounting pronouncements
The
accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed
in the preparation of the Company’s annual consolidated financial statements for the year ended 31 December 2023, as included in
Note 2 to the Company’s consolidated financial statements included in the 2023 Annual Report. There have been no changes to the
Company’s accounting policies and recent accounting pronouncements in the six-month period ended June 30, 2024 other than the
IFRS amendments which have been adopted by the Company as of 1 January 2024 and accounting policy for the Sale and leaseback transactions
as indicated below:
| · | Amendments
to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier
Finance Arrangements. The amendments introduce supplemental disclosure requirements for
the entities’ supplier finance arrangements |
| · | IAS
1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
(Amendments). The amendments clarify the principles in IAS 1 for the classification of
liabilities as either current or non-current. |
| · | IFRS
16 Leases: Lease Liability in a Sale and Leaseback (amendments). The amendments improve
the requirements that a seller-lessee uses in measuring the lease liability arising in a
sale and leaseback transaction in IFRS 16, while it does not change the accounting for leases
unrelated to sale and leaseback transactions |
The
newly adopted amendments did not have a material impact on the Company’s accounting policies.
Below
the recent accounting pronouncements issued, but not yet effective and not early adopted by the Company:
| · | IFRS
18 Presentation and Disclosure in Financial Statements. On April 2024, the IASB issued
the IFRS 18 - Presentation and Disclosure in Financial Statements which replaces IAS 1 -
Presentation of Financial Statements and it becomes effective for annual reporting periods
beginning on or after January 1, 2027. |
2. Changes
in Accounting policies and Recent accounting pronouncements (continued)
| · | Amendment
in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint
Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint
Venture. In December 2015 the IASB postponed the effective date of this amendment indefinitely
pending the outcome of its research project on the equity method of accounting. |
| · | IAS
21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments).
The amendments are effective for annual reporting periods beginning on or after January
1, 2025, with earlier application permitted. The amendments will require companies to apply
a consistent approach in assessing whether a currency can be exchanged into another currency
and, when it cannot, in determining the exchange rate to use and the disclosures to provide.
|
| · | IFRS
19 Subsidiaries without Public Accountability: Disclosures. On May 2024, the IASB issued
the IFRS 19 - Subsidiaries without Public Accountability: Disclosures, and becomes effective
for annual reporting periods beginning on or after January 1, 2027 |
The
Company has not early adopted the above amendments and is in process of assessing the potential impact on the financial statements.
Sale
and leaseback transactions
When
a vessel is sold and subsequently leased back by the Company, pursuant to a memorandum of agreement (MoA) and a bareboat charter
agreement, the Company determines when a performance obligation is satisfied in IFRS 15, to determine whether the transfer of a
vessel is accounted for as a sale. If the transfer of a vessel satisfies the requirements of IFRS 15 to be accounted for as a sale,
the Company measures the right-of- use asset arising from the leaseback at the proportion of the previous carrying amount of the
asset that relates to the right of use retained and recognizes only the amount of any gain or loss that relates to the rights
transferred to the buyer-lessor. If the transfer of a vessel does not satisfy the requirements of IFRS 15 to be accounted for as a
sale, the Company continues to recognize the transferred vessel and recognizes a financial liability equal to the transferred
proceeds. Please refer to Note 8(c), for the description of the nature of the sale and leaseback arrangement the Company entered
into in the six months period ended June 30, 2024.
Reporting
Assets held for sale
It
is the Company’s policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end
of their useful life. Non – current assets are classified as held for sale when all applicable criteria enumerated under IFRS
5 are met and are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated
once they meet the criteria to be held for sale and are presented separately in the statement of financial position.
|
v3.24.2.u1
Cash and cash equivalents and Restricted cash
|
6 Months Ended |
Jun. 30, 2024 |
Cash and cash equivalents [abstract] |
|
Cash and cash equivalents and Restricted cash |
3. Cash
and cash equivalents and Restricted cash
For
the purpose of the interim condensed consolidated statement of financial position, cash and cash equivalents comprise the following:
Cash
and cash equivalents and Restricted cash
|
|
|
|
|
June
30, 2024 |
|
December
31, 2023 |
Cash on hand |
19 |
|
11 |
Cash at banks |
70,746 |
|
74,191 |
Total cash and cash equivalents |
70,765 |
|
74,202 |
Cash
held in banks earns interest at floating rates based on daily bank deposit rates.
The
fair value of cash and cash equivalents as at June 30, 2024 and December 31, 2023, was $70,765 and $74,202, respectively.
As
at June 30, 2024 and December 31, 2023, the Company had pledged an amount of $3,605
and $3,620, respectively, in
order to fulfil collateral requirements. The fair value of the restricted cash as at June 30, 2024 was $3,605,
$2,905
included in non-current assets and $700
included in current assets. The fair value of the restricted cash as at December 31, 2023 was $3,620,
$3,530
included in non-current assets and $90
included in current assets. The cash and cash equivalents are held with reputable bank and financial institution counterparties with
high ratings.
|
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v3.24.2.u1
Transactions with Related Parties
|
6 Months Ended |
Jun. 30, 2024 |
Disclosure of transactions between related parties [abstract] |
|
Transactions with Related Parties |
4. Transactions
with Related Parties
On
March 13, 2024, the Company awarded a consultant affiliated with our chief executive officer a one-time bonus of $3
million, half of which is payable immediately upon the delivery of the newbuilding vessel Hull NE442 (i.e., the vessel being
constructed by Nantong Cosco Khi Ship Engineering pursuant to the agreement dated May 13, 2022) and the balance at the delivery of
Hull NE443 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the other agreement dated May 13,
2022), in each case assuming Athanasios Feidakis remains Chief Executive Officer at each such relevant time, i.e. August 20, 2024
and September 20, 2024, respectively.
As
at June 30, 2024 $2 million have been accrued and are included in the “Accrued liabilities and other payables” line of the
Condensed Consolidated Statement of Financial Position.
Following
the successful delivery of the newbuilding vessel Hull NE442, named GLBS Might, the Company paid the $1.5 million bonus on August 26,
2024 to the consultant as per the aforementioned award.
Details
and nature of the Company’s transactions with related parties did not change in the six-month period ended June 30, 2024 and are
discussed in Note 4 of the Company’s consolidated financial statements as at and for the year ended December 31, 2023, included
in the 2023 Annual Report. As of June 30, 2024 the balance due to Related parties was $384 ($184 as of December 31, 2023) and are included
in Trade accounts payables in the accompanying Statement of Financial Position.
|
v3.24.2.u1
Vessels, net and Advances for vessel acquisition
|
6 Months Ended |
Jun. 30, 2024 |
Disclosure of detailed information about property, plant and equipment [abstract] |
|
Vessels, net and Advances for vessel acquisition |
5. Vessels,
net and Advances for vessel acquisition
The
amounts in the interim condensed consolidated statement of financial position are analysed as follows:
Vessels,
net - Consolidated Statement of Financial Position
|
Vessels
cost |
Vessels
depreciation |
Dry
docking costs |
Depreciation
of dry-docking costs |
Net
Book Value |
Balance
at January 1, 2024 |
181,258 |
(86,232) |
16,245 |
(10,714) |
100,557 |
Additions |
37,557 |
– |
986 |
– |
38,543 |
Reversal of Impairment |
1,891 |
– |
– |
– |
1,891 |
Depreciation & Amortization |
– |
(2,443) |
– |
(1,769) |
(4,212) |
Transfer to Assets Held
for sale |
(21,282) |
10,694 |
(5,233) |
4,453 |
(11,368) |
Balance
at June 30, 2024 |
199,424 |
(77,981) |
11,998 |
(8,030) |
125,411 |
For
the purpose of the unaudited condensed consolidated statement of comprehensive income, depreciation, as stated in the income statement
component, comprises the following:
Vessels,
net - Consolidated Statement of Comprehensive Income/ (loss)
|
For
the Three months ended June 30, 2024 |
|
For
the Three months ended June 30, 2023 |
For
the Six months ended June 30, 2024 |
For
the Six months ended June 30, 2023 |
Vessels` depreciation |
1,248 |
|
1,128 |
2,443 |
2,315 |
Depreciation on office
furniture and equipment |
9 |
|
12 |
17 |
22 |
Depreciation of right of
use asset |
78 |
|
78 |
156 |
156 |
Total |
1,335 |
|
1,218 |
2,616 |
2,493 |
On
May 28, 2024, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2005-built
Moon Globe for a gross price of $11.5
million (absolute amount), before commissions,
to an unaffiliated third party.
Following
the agreement to sell Moon Globe and given the significant increase in the vessel’s market value, the Company assessed that there
were indications that impairment losses recognised in the previous periods with respect to this vessel have decreased. Therefore, the
carrying amount of the vessel was increased to its recoverable amount, determined based on selling price less cost to sell, and the Company
recorded reversal of impairment amounting $1,891,
during the second quarter of 2024. On the date of agreement, the Company also assessed and concluded that the vessel Moon Globe met the
criteria to be classified as held for sale and reclassified the amount of $11,368 in
Assets held for sale. The vessel was delivered to its new owners on July
8, 2024. At December 31, 2023, there were no
vessels held for sale.
As
of June 30, 2024 the Company assessed that no indication for impairment or reversal existed for the remaining vessels in the fleet.
Reversal
of impairment was recognized for the first half of 2023 amounting to $4,400
following the agreement to sell Sun Globe.
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v3.24.2.u1
Share Capital and Share Premium
|
6 Months Ended |
Jun. 30, 2024 |
Disclosure of classes of share capital [abstract] |
|
Share Capital and Share Premium |
6. Share
Capital and Share Premium
The
authorised share capital of Globus consisted of the following:
Share
Capital and Share Premium - Authorised share capital
|
June
30, |
|
December
31, |
|
2024 |
|
2023 |
Authorised
share capital: |
|
|
|
500,000,000
Common Shares of par value $0.004
each |
2,000 |
|
2,000 |
100,000,000
Class B common shares of par value $0.001
each |
100 |
|
100 |
100,000,000
Preferred shares of par value $0.001
each |
100 |
|
100 |
Total
authorised share capital |
2,200 |
|
2,200 |
Holders
of the Company’s common shares and Class B shares have equivalent economic rights, but holders of Company’s common shares
are entitled to one vote per share and holders of the Company’s Class B shares are entitled to twenty votes per share. Each holder
of Class B shares may convert, at its option, any or all of the Class B shares held by such holder into an equal number of common shares.
6. Share
Capital and Share Premium (continued)
As
at June 30, 2024 and 2023 the Company had 20,582,301 shares issued and fully paid. During the periods ended June 30, 2024 and 2023 no
new shares were issued.
As
at June 30, 2024, the Company had no Class B common shares and 10,300 Series B Preferred Shares outstanding.
Share
premium includes the contribution of Globus’ shareholders for the acquisition of the Company’s vessels. Additionally, share
premium includes the effects of the acquisition of non-controlling interest, the effects of the Globus initial and follow-on public offerings
and the effects of the share-based payments. At June 30, 2024 and December 31, 2023, Globus share premium amounted
to $284,406.
As
at June 30, 2024 and December 31, 2023, the Company had issued 5,550 common shares pursuant to exercise of outstanding Class A Warrants
as defined in the 2023 Annual Report and had 388,700 Class A Warrants outstanding to purchase an aggregate of 388,700 common
shares.
As
at June 30, 2024 and December 31, 2023, no PP Warrants, as defined in the 2023 Annual Report , had been exercised and the
Company had 1,291,833 PP Warrants outstanding to purchase an aggregate of 1,291,833 common shares.
As
at June 30, 2024 and December 31, 2023, no December 2020 Warrants, as defined in the 2023 Annual Report , had been exercised
and the Company had December 2020 Warrants outstanding to purchase an aggregate of 1,270,587 common shares.
As
at June 30, 2024 and December 31, 2023, no January 2021 Warrants, as defined in the 2023 Annual Report , had been exercised
and the Company had January 2021 Warrants outstanding to purchase an aggregate of 1,950,000 common shares.
As
at June 30, 2024 and December 31, 2023, no February 2021 Warrants, as defined in the 2023 Annual Report , had been exercised
and the Company had February 2021 Warrants outstanding to purchase an aggregate of 4,800,000 common shares.
As
at June 30, 2024 and December 31, 2023, no June 2021 Warrants, as defined in the 2023 Annual Report , had been exercised and
the Company had June 2021 Warrants outstanding to purchase an aggregate of 10,000,000 common shares.
The
Company’s warrants are classified in equity, following the Company’s assessment that warrants meet the equity classification
criteria as per IAS 32. The total outstanding number of warrants as at June 30, 2024, was 19,701,120 to purchase an aggregate of 19,701,120
common shares.
On
March 13, 2024, the Board of Directors adopted the Globus Maritime Limited 2024 Equity Incentive Plan, or the Plan. The purpose of the
Plan is to provide Company’s officers, key employees, directors, consultants and service provider, whose initiative and efforts
are deemed to be important to the successful conduct of Company’s business, with incentives to (a) enter into and remain in the
service of the Company or affiliates, (b) acquire a proprietary interest in the success of the Company, (c) maximize their performance
and (d) enhance the long-term performance of the Company. The number of common shares reserved for issuance under the Plan is 2,000,000
shares.
As
at June 30, 2024, the Company had no common shares
issued under the Plan.
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v3.24.2.u1
Earnings/(Loss) per Share
|
6 Months Ended |
Jun. 30, 2024 |
Earnings per share [abstract] |
|
Earnings/(Loss) per Share |
7. Earnings/(Loss)
per Share
Basic
earnings / (loss) per share (“EPS” / “LPS”) is calculated by dividing the net income / (loss) for the period
attributable to Globus common shareholders by the weighted average number of common shares issued, paid and outstanding.
Diluted
earnings per share is calculated by dividing the net income / (loss) attributable to common equity holders of the parent by the weighted
average shares outstanding during the period plus the weighted average number of common shares that would be issued on the conversion
of all the dilutive potential common shares into common shares. The incremental shares (the difference between the number of shares assumed
issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings/(losses) per share computation
unless such inclusion would be anti-dilutive.
As
for the three-month ended June 30, 2024, the securities that could potentially dilute basic EPS in the future are any incremental shares
of unexercised warrants (Note 6). As the warrants were out-of-the money during the three-month period ended June 30, 2024, these were
not included in the computation of diluted EPS, because to do so would have anti-dilutive effect. As the Company reported losses for
the three-month ended June 30, 2023, the effect of any incremental shares would be antidilutive and thus excluded from the computation
of the LPS.
7. Earnings/(Loss)
per Share (continued)
As
for the six-month ended June 30, 2024 and 2023, the securities that could potentially dilute basic EPS in the future are any incremental
shares of unexercised warrants (Note 6). As the warrants were out-of-the money during the six-month periods ended June 30, 2024 and 2023,
these were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect.
The
following reflects the net income per common share:
Earnings/(Loss)
per Share
|
|
|
|
|
|
|
|
|
For
the Three months ended June 30, |
|
For
the Six months ended June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Income
/ (Loss) attributable to common equity holders |
3,279 |
|
(1,161) |
|
2,980 |
|
1,425 |
Weighted
average number of shares - basic and diluted |
20,582,301 |
|
20,582,301 |
|
20,582,301 |
|
20,582,301 |
Net
income/(loss) per common share - basic and diluted |
$0.16 |
|
$(0.06) |
|
$0.14 |
|
$0.07 |
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v3.24.2.u1
Long-Term Debt and Finance Liabilities, net
|
6 Months Ended |
Jun. 30, 2024 |
Notes and other explanatory information [abstract] |
|
Long-Term Debt and Finance Liabilities, net |
8. Long-Term
Debt and Finance Liabilities, net
Long-term
debt (a&b) and financial liabilities (c) in the condensed consolidated statement of financial position is analysed as follows:
Long-Term
Debt, net - Consolidated statement of financial position
|
Borrower |
|
Principal |
|
Deferred
finance costs |
|
Modification
of Loan |
|
Accrued
Interest |
|
Amortized
cost |
(a) |
Devocean
Maritime Ltd., Serena Maritime Limited, Salaminia Maritime Limited, Talisman Maritime Limited and Argo Maritime Limited. |
|
46,925 |
|
(491) |
|
(266) |
|
551 |
|
46,719 |
(b) |
Calypso
Shipholding S.A. |
|
23,000 |
|
(370) |
|
— |
|
156 |
|
22,786 |
|
Total
Long-term debt at June 30, 2024 |
|
69,925 |
|
(861) |
|
(266) |
|
707 |
|
69,505 |
|
Less:
Current Portion |
|
(6,771) |
|
279 |
|
143 |
|
(707) |
|
(7,056) |
|
Long-Term
Portion |
|
63,154 |
|
(582) |
|
(123) |
|
— |
|
62,449 |
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
Daxos
Maritime Limited |
|
2,800 |
|
— |
|
— |
|
— |
|
2,800 |
|
Total
Financial liabilities at June 30, 2024 |
|
2,800 |
|
— |
|
— |
|
— |
|
2,800 |
|
Less:
Current Portion |
|
(82) |
|
— |
|
— |
|
— |
|
(82) |
|
Long-Term
Portion |
|
2,718 |
|
— |
|
— |
|
— |
|
2,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-term debt at December 31,2023 |
|
52,620 |
|
(624) |
|
(358) |
|
621 |
|
52,259 |
|
Less:
Current Portion |
|
(6,258) |
|
227 |
|
152 |
|
(621) |
|
(6,500) |
|
Long-Term
Portion |
|
46,362 |
|
(397) |
|
(206) |
|
— |
|
45,759 |
Details
of the Company’s credit facilities are discussed in Note 11 of the Company’s consolidated financial statements for the year
ended December 31, 2023, included in the 2023 Annual Report.
In
more detail:
(a)
In May 2021, Globus through its wholly owned subsidiaries, Devocean Maritime Ltd.(the “Borrower A”), Domina Maritime Ltd.
(the “Borrower B”), Dulac Maritime S.A. (the “Borrower C”), Artful Shipholding S.A. (the “Borrower D”),
Longevity Maritime Limited (the “Borrower E”) and Serena Maritime Limited (the “Borrower F”), vessel owning companies
of m/v River Globe, m/v Sky Globe, m/v Star Globe, m/v Moon Globe, m/v Sun Globe and m/v Galaxy Globe, respectively, entered a new term
loan facility for up to $34,250 with First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) for the purpose of refinancing
the existing indebtedness secured on the ships. The loan facility is in the names of Devocean Maritime Ltd., Domina Maritime Ltd, Dulac
Maritime S.A., Artful Shipholding S.A., Longevity Maritime Limited and Serena Maritime Limited as the borrowers and is guaranteed by
Globus. This loan facility is referred to as the “CIT loan facility”. The loan facility bore interest at LIBOR plus a margin
of 3.75% for interest periods of three months.
8. Long-term
Debt and Finance Liabilities, net (continued)
Following
the agreement reached in August 2022 the benchmark rate was amended from LIBOR to SOFR and the applicable margin was decreased from 3.75%
to 3.35%. This amendment to the loan agreement falls within the scope of Interest Rate Benchmark Reform – Phase 2, Amendments to
IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (“Amendments”), which have been published by IASB in August 2020 and adopted by
the Company as of January 1, 2021. In particular, the Company applied the practical expedient available under the Amendments and adjusted
the effective interest rate when accounting for changes in the basis for determining the contractual cash flows under CIT loan facility.
No adjustment to the carrying amount of the loan was necessary. The Company has also amended its interest rate swap agreement with First
Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) and replaced the respective benchmark rate from LIBOR to SOFR in
order to depict the change of base rate of the CIT loan facility.
In
August 2023, the Company reached an agreement with First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) for a deed
of accession, amendment and restatement of the CIT loan facility by the accession of two additional borrowers in order to increase the
loan facility from a total of $52.25 million to $77.25
million, by a top up loan amount of $25
million for
the purpose of financing vessels Diamond Globe and Power Globe and for general corporate and working capital purposes of all the borrowers
and Globus. The CIT loan facility (including
the new top up loan amount) is now further secured by a first preferred mortgage over the vessels Diamond Globe and Power Globe. Furthermore,
the applicable margin was amended from 3.35% to 2.70%
for the whole CIT loan facility. The Company considered that the August 2023 amendments to the CIT Loan Facility did not substantially
modify CIT Loan Facility’s terms and the Company recognised a gain on modification amounted to $417 that had adjusted the carrying
value of the loan and classified under Gain from the modification of the Loan in the consolidated statement of comprehensive income.
On August 10, 2023, the Company fully drew the top up amount of $25
million.
On
March 6, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2007-built Sun Globe. On May 10,
2023 the Company prepaid the total remaining amount of $3,674 of the loan of Longevity Maritime Limited (the owning company of the vessel
Sun Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place on June 5, 2023.
On
August 11, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2009-built Sky Globe. On August
29, 2023 the Company prepaid the total remaining amount of $3,276 of the loan of Domina Maritime Ltd (the owning company of the vessel
Sky Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place on September 7, 2023.
On
August 16, 2023, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2010-built Star Globe. On September
7, 2023 the Company prepaid the total remaining amount of $3,555 of the loan of Dulac Maritime S.A. (the owning company of the vessel
Star Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place on September 13, 2023.
On
May 28, 2024, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2005-built Moon Globe. On June 27,
2024 the Company prepaid the total remaining amount of $2,567 of the loan of Artful Shipholding S.A. (the owning company of the vessel
Moon Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place on July 8, 2024.
The
Company was in compliance with the covenants of CIT loan facility as at June 30, 2024.
(b)
On
May 23, 2024, the Company reached an agreement
with Marguerite Maritime S.A., a Panamanian subsidiary of a Japanese leasing company unaffiliated with us, for a loan facility of $23
million (absolute amount) bearing interest at
Term SOFR plus a margin of 2.3%
per annum. This loan agreement provides that it is to be repaid by 20
consecutive quarterly
instalments of $295
each, and $17.1
million (absolute amount) to be paid together
with the 20th (and last) instalment. The proceeds of this financing will be used for general corporate purposes. As collateral for the
loan, among other things, a mortgage over the m/v GLBS Hero was granted, and a general assignment was granted over the earnings, the
insurances, any requisition compensation, any charter and any charter guarantee with respect to the m/v GLBS Hero. Globus Maritime Limited
guaranteed the loan. On May 30, 2024, the Company drew down the amount of $22.65
million (absolute amount), being the loan amount
minus the upfront fee of $0.35
million (absolute amount).
The
loan agreement with Marguerite Maritime S.A. includes a minimum required security cover, meaning that the market value of the vessel
plus the net realizable value of any additional security is below 120% of the outstanding balance of the loan.
The
Company was in compliance with the covenant of Marguerite Maritime S.A. loan facility as at June 30, 2024.
8. Long-term
Debt and Finance Liabilities, net (continued)
(c)
On February 23, 2024, Globus, through its subsidiary Daxos Maritime Limited, entered into a $28
million(absolute amount) sale and leaseback agreement with SK Shipholding S.A.
("buyer-lessor"), a subsidiary of Shinken Bussan Co., Ltd. of Japan, with respect to the approximately 64,000
dwt bulk carrier to be named “GLBS Might,”
which was delivered from the relevant shipyard on August
20, 2024. The
Company will transfer the legal ownership of the vessel to the buyer-lessor upon delivery of the vessel from the shipyard (refer to Note
10) and agreed to charter the vessel back on a bareboat basis under daily rate plus SOFR and margin for the period of 10 years.
The Company has an obligation to purchase back the vessel at the end of the ten-year charter period. On February 28, 2024, the Company
received $2.8
million, being the 10% advance deposit of the
sale price as per MOA. The Company assessed that the transaction does not meet the criteria to be accounted for as a sale under IFRS
15, and therefore the outstanding amount received from the buyer has been included under Financial Liability, current and non-current,
in the condensed consolidated statement of financial position as of June 30, 2024.
The
contractual annual loan principal payments to First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) loan facility
and Marguerite Maritime S.A. loan agreement to be made subsequent to June 30, 2024, were as follows:
Long-Term Debt, net - Annual loan principal payments
|
|
|
|
|
June
30, |
|
First
Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) |
|
Marguerite
Maritime S.A. |
2025 |
|
5,591 |
|
1,180 |
2026 |
|
21,834 |
|
1,180 |
2027 |
|
2,000 |
|
1,180 |
2028 |
|
17,500 |
|
1,180 |
2029
and thereafter |
|
- |
|
18,280 |
Total |
|
46,925 |
|
23,000 |
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v3.24.2.u1
Contigencies
|
6 Months Ended |
Jun. 30, 2024 |
Notes and other explanatory information [abstract] |
|
Contigencies |
9. Contigencies
Various
claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business.
In addition, losses may arise from disputes with charterers, environmental claims, agents, and insurers and from claims with suppliers
relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims or contingent liabilities,
which are material for disclosure.
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v3.24.2.u1
Commitments
|
6 Months Ended |
Jun. 30, 2024 |
Commitments |
|
Commitments |
10. Commitments
Voyage
revenue
The
Company enters into time charter arrangements on its vessels. These non-cancellable arrangements had remaining terms between one day
to approximately eleven months as at June 30, 2024, assuming redelivery at the earliest possible date. As at December 31, 2023, the non-cancellable
arrangements had remaining terms between nil days to eight months, assuming redelivery at the earliest possible date. Future net minimum
revenues receivable under non-cancellable operating leases as at June 30, 2024 and December 31, 2023, were as follows (vessel off-hires
and dry-docking days that could occur but are not currently known are not taken into consideration; in addition early delivery of the
vessels by the charterers is not accounted for):
Commitments
- Future minimum lease revenues receivable under non-cancellable operating leases
|
June
30, 2024 |
|
December
31, 2023 |
Within
one year |
10,076 |
|
8,060 |
Total |
10,076 |
|
8,060 |
These
amounts include consideration for other elements of the arrangement apart from the right to use the vessel such as maintenance and crewing
and its related costs.
10. Commitments
(continued)
For
time charters that qualify as leases, the Company is required to disclose lease and non-lease components of lease revenue. The revenue
earned under time charters is not negotiated in its two separate components, but as a whole. For purposes of determining the standalone
selling price of the vessel lease and technical management service components of the Company’s time charters, the Company concluded
that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on
shipping market conditions, the duration of such charters and the age of the vessel. The Company believes that the standalone transaction
price attributable to the technical management service component, including crewing services, is more readily determinable than the price
of the lease component and, accordingly, the price of the service component is estimated using data provided by its technical department,
which consist of the crew expenses, maintenance and consumable costs and was approximately $3,302 and $4,441 for the three-month
periods ended June 30, 2024 and 2023, respectively and $6,470 and $9,062 for the six-month periods ended June 30, 2024 and
2023, respectively. The lease component that is disclosed then is calculated as the difference between total revenue and the non-lease
component revenue and was $6,122 and $3,303 for the three-month periods ended June 30, 2024 and 2023 and $10,577 and
$7,171 for the six-month periods ended June 30, 2024 and 2023, respectively.
Office
lease contract
As
further discussed in Note 4 of the 2023 Annual Report the Company has recognised a right of use asset and a corresponding liability with
respect to the rental agreement of office space for its operations within a building leased by FG Europe (an affiliate of Globus’s
chairman).
The
depreciation charge for right-of-use assets for the three-month period ended June 30, 2024 and 2023, was approximately $78
for both periods and for the six-month period ended June 30, 2024 and 2023, was approximately $156
for both periods. The interest expense on lease liability for the three-month period ended June 30, 2024 and 2023, was approximately
$2
and $8,
respectively and for the six-month period ended June 30, 2024 and 2023, was approximately $5
and $17,
respectively, and recognised in the income statement component of the condensed consolidated statement of comprehensive income under
depreciation and interest expense and finance costs, respectively.
At
June 30, 2024 and December 31, 2023, the current lease liabilities amounted to $18 and $188, respectively, and the non-current lease
liabilities amounted to nil0 for both periods, and are included in the accompanying condensed consolidated statements of financial position.
Commitments
under shipbuilding contracts
On
May 13, 2022, the Company has signed two contracts, through its subsidiaries, Daxos Maritime Limited and Paralus Shipholding S.A.,
for the construction and purchase of two fuel efficient bulk
carrier of about 64,000 dwt
each. The sister vessels will be built at Nantong COSCO KHI Ship Engineering Co. in China with the first one scheduled to be
delivered during
the third quarter of 2024 and the second one
scheduled during
the fourth quarter of 2024. The total
consideration for the construction of both vessels is approximately $70.3 million
(absolute amount), which the Company intends to finance with a combination of debt and equity. In May 2022 the Company paid the
first instalment of $13.8 million
(absolute amount), in November 2022 paid the second instalment of $6.9 million
(absolute amount) for both vessels under construction and during the second quarter of 2024 paid the third and fourth instalments
of $6.9 million
(absolute amount) for the vessel of Daxos Maritime Limited and the third instalment of $3.5 million
(absolute amount) for the vessel of Paralus Shipholding S.A.. All instalments are included under Advances for vessel purchase in the
condensed consolidated statement of financial position. The delivery for the vessel of Daxos Maritime Limited was on August
20, 2024 and for the vessel of Paralus
Shipholding S.A. is expected on September
20, 2024. On February 23, 2024, Globus,
through its subsidiary Daxos Maritime Limited, entered into a $28
million(absolute amount) sale and leaseback agreement with SK Shipholding S.A. ("buyer-lessor") with respect to
vessel to be named “GLBS MIGHT” and agreed to sell the vessel to the buyer-lessor upon its delivery from the shipyard
and chartered it back on a bareboat basis for 10 years (refer to Note 8(c)).
On
August 18, 2023, the Company signed two contracts through its subsidiaries, Olympia Shipholding S.A. and Thalia Shipholding S.A. for
the construction and purchase of two fuel efficient bulk
carrier of about 64,000
dwt each. The two vessels will be built at a reputable shipyard in Japan and are scheduled to be delivered between
April 2026 and September 2026. The total consideration for the construction of both vessels is approximately $75.5
million (absolute amount), which the Company intends to finance with a combination of debt and equity. In August 2023 the Company
paid the first instalment of $7.5
million (absolute amount) for both vessels under construction.
10. Commitments
(continued)
The
contractual annual payments per subsidiary to be made subsequent to June 30, 2024, were as follows:
Commitments
- Future minimum contractual obligations
|
|
Daxos
Maritime Limited |
|
Paralus
Shipholding S.A. |
|
Olympia
Shipholding S.A. |
|
Thalia
Shipholding S.A. |
|
Total |
July
1, 2024 to June 30, 2025 |
|
17,875 |
|
21,330 |
|
3,760 |
|
3,760 |
|
46,725 |
July 1, 2025 to June 30, 2026 |
|
- |
|
- |
|
7,520 |
|
3,760 |
|
11,280 |
July
1, 2026 to November 30, 2026 |
|
- |
|
- |
|
22,770 |
|
26,530 |
|
49,300
|
Total |
|
17,875 |
|
21,330 |
|
34,050 |
|
34,050 |
|
107,305 |
|
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v3.24.2.u1
Fair values
|
6 Months Ended |
Jun. 30, 2024 |
Disclosure of fair value measurement of assets [abstract] |
|
Fair values |
11. Fair
values
Carrying
amounts and fair values
The
following table shows the carrying amounts and fair values of assets and liabilities measured or disclosed at fair value, including their
levels in the fair value hierarchy (as defined in note 2.22 of the 2023 Annual Report). It does not include fair value information for
financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value,
such as cash and cash equivalents, restricted cash, trade receivables and trade payables.
Fair
values measurement
|
|
Carrying
amount |
|
Fair
value |
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Total |
June
30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
Financial
assets |
|
|
|
|
|
|
|
|
Financial
assets measured at fair value |
|
|
|
|
|
|
|
|
|
|
Non-current
portion of fair value of derivative financial instruments |
|
484 |
|
— |
|
484 |
|
— |
|
484 |
Current
portion of fair value of derivative financial instruments |
|
776 |
|
— |
|
776 |
|
— |
|
776 |
|
|
1,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
liabilities |
|
|
|
|
|
|
|
|
Financial
liabilities not measured at fair value |
|
|
|
|
|
|
|
|
|
|
Long-term
borrowings |
|
69,925 |
|
— |
|
71,904 |
|
— |
|
71,904 |
Financial
liabilities |
|
2,800 |
|
— |
|
2,800 |
|
— |
|
2,800 |
|
|
72,725 |
|
|
|
|
|
|
|
|
11. Fair
values (continued)
|
|
Carrying
amount |
|
Fair
value |
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Total |
December 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Financial
assets |
|
|
|
|
|
|
|
|
Financial
assets measured at fair value |
|
|
|
|
|
|
|
|
|
|
Non-current
portion of fair value of derivative financial instruments |
|
495 |
|
— |
|
495 |
|
— |
|
495 |
Current
portion of fair value of derivative financial instruments |
|
808 |
|
— |
|
808 |
|
— |
|
808 |
|
|
1,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
liabilities |
|
|
|
|
|
|
|
|
Financial
liabilities not measured at fair value |
|
|
|
|
|
|
|
|
|
|
Long-term
borrowings |
|
52,620 |
|
— |
|
54,107 |
|
— |
|
54,107 |
|
|
52,620 |
|
|
|
|
|
|
|
|
Measurement
of fair values
Valuation
techniques and significant unobservable inputs
The
following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant
unobservable inputs used.
Valuation
techniques and significant unobservable inputs
Financial
instruments measured at fair value |
|
|
|
|
|
|
|
|
|
Type |
|
Valuation
Techniques |
|
Significant
unobservable inputs |
|
|
|
|
|
Derivative
financial instruments: |
|
|
|
|
Interest
Rate Swap |
|
Discounted
cash flow |
|
Discount
rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
instruments not measured at fair value |
|
|
|
|
Asset
and liabilities not measured at fair value |
|
|
|
|
Type |
|
Valuation
Techniques |
|
Significant
unobservable inputs |
|
|
|
|
|
Long-term
borrowings |
|
Discounted
cash flow |
|
Discount
rate |
Transfers
between Level 1, 2 and 3
There
have been no transfers between Level 1, Level 2 and Level 3 during the period.
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v3.24.2.u1
Events after the reporting date
|
6 Months Ended |
Jun. 30, 2024 |
Disclosure of non-adjusting events after reporting period [abstract] |
|
Events after the reporting date |
12. Events
after the reporting date
Sale
of vessel
On
May 28, 2024, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2005-built Moon Globe for a gross
price of $11.5 million, before commissions, to an unaffiliated third party. The vessel was delivered to its new owners on July 8, 2024.
Debt
financing & Financial Liability
On
February 23, 2024, the Company, through its subsidiary Daxos Maritime Limited, entered into a $28 million sale and leaseback agreement
with SK Shipholding S.A., a subsidiary of Shinken Bussan Co., Ltd. of Japan, with respect to the approximately 64,000 dwt bulk carrier
“GLBS Might” which was delivered from the relevant shipyard on August 20, 2024. The Company has an obligation to purchase
back the vessel at the end of the ten-year charter period. On February 28, 2024, the Company drew down the amount of $2.8 million, being
the 10% deposit of the purchase price and on August 16, 2024, the Company drew down the remaining 90% of the purchase price, being $25.2
million.
Delivery
of new building vessel
On
August 12, 2024, the Company paid the remaining $18
million at Nantong Cosco KHI Ship Engineering
Co., Ltd. and on August
20, 2024 the Company took delivery of a new Ultramax
with carrying capacity of approximately 64,000
DWT, of which the Company had previously announced
on August 23, 2023 and was named “m/v GLBS Might”. The total cost of the new vessel was approximately $35.3
million.
Miscellaneous
Developments
On
March 13, 2024, the Company awarded a consultant affiliated with our chief executive officer a one-time bonus of $3
million, half of which is payable immediately upon the delivery of the newbuilding vessel Hull NE442 (i.e., the vessel being
constructed by Nantong Cosco Khi Ship Engineering pursuant to the agreement dated May 13, 2022) and the balance at the delivery of
Hull NE443 (i.e., the vessel being constructed by Nantong Cosco Khi Ship Engineering pursuant to the other agreement dated May 13,
2022), in each case assuming Athanasios Feidakis remains Chief Executive Officer at each such relevant time, i.e. August 20, 2024
and September 20, 2024, respectively. Following the successful delivery of the newbuilding vessel Hull NE442, named GLBS Might, the
Company paid the $1.5
million bonus on August 26, 2024 to the consultant as per the aforementioned award.
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v3.24.2.u1
Changes in Accounting policies and Recent accounting pronouncements (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Notes and other explanatory information [abstract] |
|
Changes in Accounting policies and Recent accounting pronouncements |
Changes
in Accounting policies and Recent accounting pronouncements
The
accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed
in the preparation of the Company’s annual consolidated financial statements for the year ended 31 December 2023, as included in
Note 2 to the Company’s consolidated financial statements included in the 2023 Annual Report. There have been no changes to the
Company’s accounting policies and recent accounting pronouncements in the six-month period ended June 30, 2024 other than the
IFRS amendments which have been adopted by the Company as of 1 January 2024 and accounting policy for the Sale and leaseback transactions
as indicated below:
| · | Amendments
to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier
Finance Arrangements. The amendments introduce supplemental disclosure requirements for
the entities’ supplier finance arrangements |
| · | IAS
1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
(Amendments). The amendments clarify the principles in IAS 1 for the classification of
liabilities as either current or non-current. |
| · | IFRS
16 Leases: Lease Liability in a Sale and Leaseback (amendments). The amendments improve
the requirements that a seller-lessee uses in measuring the lease liability arising in a
sale and leaseback transaction in IFRS 16, while it does not change the accounting for leases
unrelated to sale and leaseback transactions |
The
newly adopted amendments did not have a material impact on the Company’s accounting policies.
Below
the recent accounting pronouncements issued, but not yet effective and not early adopted by the Company:
| · | IFRS
18 Presentation and Disclosure in Financial Statements. On April 2024, the IASB issued
the IFRS 18 - Presentation and Disclosure in Financial Statements which replaces IAS 1 -
Presentation of Financial Statements and it becomes effective for annual reporting periods
beginning on or after January 1, 2027. |
2. Changes
in Accounting policies and Recent accounting pronouncements (continued)
| · | Amendment
in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint
Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint
Venture. In December 2015 the IASB postponed the effective date of this amendment indefinitely
pending the outcome of its research project on the equity method of accounting. |
| · | IAS
21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments).
The amendments are effective for annual reporting periods beginning on or after January
1, 2025, with earlier application permitted. The amendments will require companies to apply
a consistent approach in assessing whether a currency can be exchanged into another currency
and, when it cannot, in determining the exchange rate to use and the disclosures to provide.
|
| · | IFRS
19 Subsidiaries without Public Accountability: Disclosures. On May 2024, the IASB issued
the IFRS 19 - Subsidiaries without Public Accountability: Disclosures, and becomes effective
for annual reporting periods beginning on or after January 1, 2027 |
The
Company has not early adopted the above amendments and is in process of assessing the potential impact on the financial statements.
Sale
and leaseback transactions
When
a vessel is sold and subsequently leased back by the Company, pursuant to a memorandum of agreement (MoA) and a bareboat charter
agreement, the Company determines when a performance obligation is satisfied in IFRS 15, to determine whether the transfer of a
vessel is accounted for as a sale. If the transfer of a vessel satisfies the requirements of IFRS 15 to be accounted for as a sale,
the Company measures the right-of- use asset arising from the leaseback at the proportion of the previous carrying amount of the
asset that relates to the right of use retained and recognizes only the amount of any gain or loss that relates to the rights
transferred to the buyer-lessor. If the transfer of a vessel does not satisfy the requirements of IFRS 15 to be accounted for as a
sale, the Company continues to recognize the transferred vessel and recognizes a financial liability equal to the transferred
proceeds. Please refer to Note 8(c), for the description of the nature of the sale and leaseback arrangement the Company entered
into in the six months period ended June 30, 2024.
Reporting
Assets held for sale
It
is the Company’s policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end
of their useful life. Non – current assets are classified as held for sale when all applicable criteria enumerated under IFRS
5 are met and are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated
once they meet the criteria to be held for sale and are presented separately in the statement of financial position.
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v3.24.2.u1
Basis of presentation and general information (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Disclosure of subsidiaries [abstract] |
|
Basis of presentation and general information |
Basis
of presentation and general information
|
|
|
|
|
|
|
Company |
|
Country
of Incorporation |
|
Vessel
Delivery Date |
|
Vessel
Owned |
Globus
Shipmanagement Corp. |
|
Marshall Islands |
|
– |
|
Management Co. |
Devocean
Maritime Ltd. |
|
Marshall Islands |
|
December 18, 2007 |
|
m/v River Globe |
Artful
Shipholding S.A. |
|
Marshall Islands |
|
June 22, 2011 |
|
m/v Moon Globe*** |
Serena
Maritime Limited |
|
Marshall Islands |
|
October 29,2020 |
|
m/v Galaxy Globe |
Talisman
Maritime Limited |
|
Marshall Islands |
|
July 20,2021 |
|
m/v Power Globe |
Argo
Maritime Limited |
|
Marshall Islands |
|
June 9, 2021 |
|
m/v Diamond Globe |
Salaminia
Maritime Limited |
|
Marshall Islands |
|
November 29, 2021 |
|
m/v Orion Globe |
Calypso
Shipholding S.A. |
|
Marshall Islands |
|
January 25, 2024 |
|
m/v GLBS Hero |
Daxos
Maritime Limited |
|
Marshall Islands |
|
– |
|
Hull No: NE-442** |
Paralus
Shipholding S.A. |
|
Marshall Islands |
|
– |
|
Hull No: NE-443* |
Olympia
Shipholding S.A. |
|
Marshall Islands |
|
– |
|
Hull No: S-K192* |
Thalia
Shipholding S.A. |
|
Marshall Islands |
|
– |
|
Hull No: S-3012* |
Domina
Maritime Ltd. |
|
Marshall Islands |
|
– |
|
– |
Dulac
Maritime S.A. |
|
Marshall Islands |
|
– |
|
– |
Longevity
Maritime Limited |
|
Malta |
|
– |
|
– |
* |
New building vessels |
** |
New building vessel. On February
23, 2024, Globus, through its subsidiary Daxos Maritime Limited, entered into a $28 million (absolute amount) sale and leaseback agreement
(refer to Note 8(c)). On August 20, 2024, the Company took delivery of the newbuilding vessel, named “m/v GLBS Might”. |
*** |
On May 28, 2024, the Company, through its subsidiary
Artful Shipholding S.A., entered into an agreement to sell the 2005-built Moon Globe, the vessel was delivered to her new owners on
July 8, 2024 (refer to Note 5). |
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v3.24.2.u1
Vessels, net and Advances for vessel acquisition (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Disclosure of detailed information about property, plant and equipment [abstract] |
|
Vessels, net - Consolidated Statement of Financial Position |
Vessels,
net - Consolidated Statement of Financial Position
|
Vessels
cost |
Vessels
depreciation |
Dry
docking costs |
Depreciation
of dry-docking costs |
Net
Book Value |
Balance
at January 1, 2024 |
181,258 |
(86,232) |
16,245 |
(10,714) |
100,557 |
Additions |
37,557 |
– |
986 |
– |
38,543 |
Reversal of Impairment |
1,891 |
– |
– |
– |
1,891 |
Depreciation & Amortization |
– |
(2,443) |
– |
(1,769) |
(4,212) |
Transfer to Assets Held
for sale |
(21,282) |
10,694 |
(5,233) |
4,453 |
(11,368) |
Balance
at June 30, 2024 |
199,424 |
(77,981) |
11,998 |
(8,030) |
125,411 |
|
Vessels, net - Consolidated Statement of Comprehensive Income/ (loss) |
Vessels,
net - Consolidated Statement of Comprehensive Income/ (loss)
|
For
the Three months ended June 30, 2024 |
|
For
the Three months ended June 30, 2023 |
For
the Six months ended June 30, 2024 |
For
the Six months ended June 30, 2023 |
Vessels` depreciation |
1,248 |
|
1,128 |
2,443 |
2,315 |
Depreciation on office
furniture and equipment |
9 |
|
12 |
17 |
22 |
Depreciation of right of
use asset |
78 |
|
78 |
156 |
156 |
Total |
1,335 |
|
1,218 |
2,616 |
2,493 |
|
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v3.24.2.u1
Share Capital and Share Premium (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Disclosure of classes of share capital [abstract] |
|
Share Capital and Share Premium - Authorised share capital |
Share
Capital and Share Premium - Authorised share capital
|
June
30, |
|
December
31, |
|
2024 |
|
2023 |
Authorised
share capital: |
|
|
|
500,000,000
Common Shares of par value $0.004
each |
2,000 |
|
2,000 |
100,000,000
Class B common shares of par value $0.001
each |
100 |
|
100 |
100,000,000
Preferred shares of par value $0.001
each |
100 |
|
100 |
Total
authorised share capital |
2,200 |
|
2,200 |
|
X |
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v3.24.2.u1
Earnings/(Loss) per Share (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings per share [abstract] |
|
Earnings/(Loss) per Share |
Earnings/(Loss)
per Share
|
|
|
|
|
|
|
|
|
For
the Three months ended June 30, |
|
For
the Six months ended June 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Income
/ (Loss) attributable to common equity holders |
3,279 |
|
(1,161) |
|
2,980 |
|
1,425 |
Weighted
average number of shares - basic and diluted |
20,582,301 |
|
20,582,301 |
|
20,582,301 |
|
20,582,301 |
Net
income/(loss) per common share - basic and diluted |
$0.16 |
|
$(0.06) |
|
$0.14 |
|
$0.07 |
|
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- DefinitionThe disclosure for earnings per share.
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v3.24.2.u1
Long-Term Debt and Finance Liabilities, net (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Notes and other explanatory information [abstract] |
|
Long-Term Debt, net - Consolidated statement of financial position |
Long-Term
Debt, net - Consolidated statement of financial position
|
Borrower |
|
Principal |
|
Deferred
finance costs |
|
Modification
of Loan |
|
Accrued
Interest |
|
Amortized
cost |
(a) |
Devocean
Maritime Ltd., Serena Maritime Limited, Salaminia Maritime Limited, Talisman Maritime Limited and Argo Maritime Limited. |
|
46,925 |
|
(491) |
|
(266) |
|
551 |
|
46,719 |
(b) |
Calypso
Shipholding S.A. |
|
23,000 |
|
(370) |
|
— |
|
156 |
|
22,786 |
|
Total
Long-term debt at June 30, 2024 |
|
69,925 |
|
(861) |
|
(266) |
|
707 |
|
69,505 |
|
Less:
Current Portion |
|
(6,771) |
|
279 |
|
143 |
|
(707) |
|
(7,056) |
|
Long-Term
Portion |
|
63,154 |
|
(582) |
|
(123) |
|
— |
|
62,449 |
|
|
|
|
|
|
|
|
|
|
|
|
(c) |
Daxos
Maritime Limited |
|
2,800 |
|
— |
|
— |
|
— |
|
2,800 |
|
Total
Financial liabilities at June 30, 2024 |
|
2,800 |
|
— |
|
— |
|
— |
|
2,800 |
|
Less:
Current Portion |
|
(82) |
|
— |
|
— |
|
— |
|
(82) |
|
Long-Term
Portion |
|
2,718 |
|
— |
|
— |
|
— |
|
2,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-term debt at December 31,2023 |
|
52,620 |
|
(624) |
|
(358) |
|
621 |
|
52,259 |
|
Less:
Current Portion |
|
(6,258) |
|
227 |
|
152 |
|
(621) |
|
(6,500) |
|
Long-Term
Portion |
|
46,362 |
|
(397) |
|
(206) |
|
— |
|
45,759 |
|
Long-Term Debt, net - Annual loan principal payments |
Long-Term Debt, net - Annual loan principal payments
|
|
|
|
|
June
30, |
|
First
Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) |
|
Marguerite
Maritime S.A. |
2025 |
|
5,591 |
|
1,180 |
2026 |
|
21,834 |
|
1,180 |
2027 |
|
2,000 |
|
1,180 |
2028 |
|
17,500 |
|
1,180 |
2029
and thereafter |
|
- |
|
18,280 |
Total |
|
46,925 |
|
23,000 |
|
X |
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v3.24.2.u1
Commitments (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Commitments |
|
Commitments - Future minimum lease revenues receivable under non-cancellable operating leases |
Commitments
- Future minimum lease revenues receivable under non-cancellable operating leases
|
June
30, 2024 |
|
December
31, 2023 |
Within
one year |
10,076 |
|
8,060 |
Total |
10,076 |
|
8,060 |
|
Commitments - Future minimum contractual obligations |
Commitments
- Future minimum contractual obligations
|
|
Daxos
Maritime Limited |
|
Paralus
Shipholding S.A. |
|
Olympia
Shipholding S.A. |
|
Thalia
Shipholding S.A. |
|
Total |
July
1, 2024 to June 30, 2025 |
|
17,875 |
|
21,330 |
|
3,760 |
|
3,760 |
|
46,725 |
July 1, 2025 to June 30, 2026 |
|
- |
|
- |
|
7,520 |
|
3,760 |
|
11,280 |
July
1, 2026 to November 30, 2026 |
|
- |
|
- |
|
22,770 |
|
26,530 |
|
49,300
|
Total |
|
17,875 |
|
21,330 |
|
34,050 |
|
34,050 |
|
107,305 |
|
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v3.24.2.u1
Fair values (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Disclosure of fair value measurement of assets [abstract] |
|
Fair values measurement |
Fair
values measurement
|
|
Carrying
amount |
|
Fair
value |
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Total |
June
30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
Financial
assets |
|
|
|
|
|
|
|
|
Financial
assets measured at fair value |
|
|
|
|
|
|
|
|
|
|
Non-current
portion of fair value of derivative financial instruments |
|
484 |
|
— |
|
484 |
|
— |
|
484 |
Current
portion of fair value of derivative financial instruments |
|
776 |
|
— |
|
776 |
|
— |
|
776 |
|
|
1,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
liabilities |
|
|
|
|
|
|
|
|
Financial
liabilities not measured at fair value |
|
|
|
|
|
|
|
|
|
|
Long-term
borrowings |
|
69,925 |
|
— |
|
71,904 |
|
— |
|
71,904 |
Financial
liabilities |
|
2,800 |
|
— |
|
2,800 |
|
— |
|
2,800 |
|
|
72,725 |
|
|
|
|
|
|
|
|
11. Fair
values (continued)
|
|
Carrying
amount |
|
Fair
value |
|
|
|
|
Level
1 |
|
Level
2 |
|
Level
3 |
|
Total |
December 31,
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Financial
assets |
|
|
|
|
|
|
|
|
Financial
assets measured at fair value |
|
|
|
|
|
|
|
|
|
|
Non-current
portion of fair value of derivative financial instruments |
|
495 |
|
— |
|
495 |
|
— |
|
495 |
Current
portion of fair value of derivative financial instruments |
|
808 |
|
— |
|
808 |
|
— |
|
808 |
|
|
1,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
liabilities |
|
|
|
|
|
|
|
|
Financial
liabilities not measured at fair value |
|
|
|
|
|
|
|
|
|
|
Long-term
borrowings |
|
52,620 |
|
— |
|
54,107 |
|
— |
|
54,107 |
|
|
52,620 |
|
|
|
|
|
|
|
|
|
Valuation techniques and significant unobservable inputs |
Valuation
techniques and significant unobservable inputs
Financial
instruments measured at fair value |
|
|
|
|
|
|
|
|
|
Type |
|
Valuation
Techniques |
|
Significant
unobservable inputs |
|
|
|
|
|
Derivative
financial instruments: |
|
|
|
|
Interest
Rate Swap |
|
Discounted
cash flow |
|
Discount
rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
instruments not measured at fair value |
|
|
|
|
Asset
and liabilities not measured at fair value |
|
|
|
|
Type |
|
Valuation
Techniques |
|
Significant
unobservable inputs |
|
|
|
|
|
Long-term
borrowings |
|
Discounted
cash flow |
|
Discount
rate |
|
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v3.24.2.u1
Basis of presentation and general information (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Disclosure of subsidiaries [abstract] |
|
|
|
|
|
|
Name of reporting entity or other means of identification |
|
|
Globus Maritime Limited
|
|
|
|
Domicile of entity |
|
|
Marshall Islands
|
|
|
|
Description of nature of entity's operations and principal activities |
|
|
The
principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (“m/v”), providing
maritime services for the transportation of dry cargo products on a worldwide basis
|
|
|
|
Description of compliance with IFRSs if applied for interim financial report |
|
|
IAS 34
|
|
|
|
Comprehensive income |
$ 3,279,000
|
$ (1,161,000)
|
$ 2,980,000
|
$ 1,425,000
|
|
|
Cash and cash equivalents |
70,765,000
|
$ 53,234,000
|
70,765,000
|
$ 53,234,000
|
$ 74,202,000
|
$ 52,833,000
|
Working capital surplus |
$ 76,000,000
|
|
$ 76,000,000
|
|
|
|
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v3.24.2.u1
Cash and cash equivalents and Restricted cash (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Cash and cash equivalents [abstract] |
|
|
|
|
Cash on hand |
$ 19
|
$ 11
|
|
|
Cash at banks |
70,746
|
74,191
|
|
|
Total cash and cash equivalents |
$ 70,765
|
$ 74,202
|
$ 53,234
|
$ 52,833
|
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v3.24.2.u1
Cash and cash equivalents and Restricted cash (Details Narrative) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Cash and cash equivalents [abstract] |
|
|
Cash and cash equivalents at fair value |
$ 70,765
|
$ 74,202
|
Amount pledged as collaterals |
3,605
|
3,620
|
Restricted cash at fair value |
3,605
|
3,620
|
Non current restricted cash |
2,905
|
3,530
|
Current restricted cash |
$ 700
|
$ 90
|
X |
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v3.24.2.u1
Transactions with Related Parties (Details Narrative) - USD ($)
|
Aug. 26, 2024 |
Jun. 30, 2024 |
Mar. 13, 2024 |
Dec. 31, 2023 |
Disclosure of transactions between related parties [line items] |
|
|
|
|
Balance due to related parties |
|
$ 384,000
|
|
$ 184,000
|
GLBS MIGHT [member] | Consultant affiliated with Chief Executive Officer [member] |
|
|
|
|
Disclosure of transactions between related parties [line items] |
|
|
|
|
Amount of one-time cash bonus |
$ 1,500,000
|
|
$ 3,000,000
|
|
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v3.24.2.u1
Vessels, net - Consolidated Statement of Financial Position (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
Balance beginning of period |
|
|
$ 100,557
|
|
Reversal of Impairment |
$ 1,891
|
$ 0
|
1,891
|
$ 4,400
|
Balance ending of period |
125,411
|
|
125,411
|
|
Carrying Amount [member] |
|
|
|
|
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
Balance beginning of period |
|
|
100,557
|
|
Additions/ (Dry Docking Component) |
|
|
38,543
|
|
Reversal of Impairment |
|
|
1,891
|
|
Depreciation expense |
|
|
(4,212)
|
|
Transfer to Assets Held for sale |
|
|
(11,368)
|
|
Balance ending of period |
125,411
|
|
125,411
|
|
Vessels [member] | Gross carrying amount [member] |
|
|
|
|
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
Balance beginning of period |
|
|
181,258
|
|
Additions/ (Dry Docking Component) |
|
|
37,557
|
|
Reversal of Impairment |
|
|
1,891
|
|
Transfer to Assets Held for sale |
|
|
(21,282)
|
|
Balance ending of period |
199,424
|
|
199,424
|
|
Vessels [member] | Accumulated depreciation, amortisation and impairment [member] |
|
|
|
|
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
Balance beginning of period |
|
|
(86,232)
|
|
Depreciation expense |
|
|
(2,443)
|
|
Transfer to Assets Held for sale |
|
|
10,694
|
|
Balance ending of period |
(77,981)
|
|
(77,981)
|
|
Dry docking [member] | Gross carrying amount [member] |
|
|
|
|
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
Balance beginning of period |
|
|
16,245
|
|
Additions/ (Dry Docking Component) |
|
|
986
|
|
Transfer to Assets Held for sale |
|
|
(5,233)
|
|
Balance ending of period |
11,998
|
|
11,998
|
|
Dry docking [member] | Accumulated depreciation, amortisation and impairment [member] |
|
|
|
|
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
Balance beginning of period |
|
|
(10,714)
|
|
Depreciation expense |
|
|
(1,769)
|
|
Transfer to Assets Held for sale |
|
|
4,453
|
|
Balance ending of period |
$ (8,030)
|
|
$ (8,030)
|
|
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v3.24.2.u1
Vessels, net - Consolidated Statement of Comprehensive Income/ (loss) (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Disclosure of detailed information about property, plant and equipment [abstract] |
|
|
|
|
Vessels` depreciation |
$ 1,248
|
$ 1,128
|
$ 2,443
|
$ 2,315
|
Depreciation on office furniture and equipment |
9
|
12
|
17
|
22
|
Depreciation of right of use asset |
78
|
78
|
156
|
156
|
Total |
$ 1,335
|
$ 1,218
|
$ 2,616
|
$ 2,493
|
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v3.24.2.u1
Vessels, net and Advances for vessel acquisition (Details Narrative) - USD ($)
|
3 Months Ended |
5 Months Ended |
6 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
May 28, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
IfrsStatementLineItems [Line Items] |
|
|
|
|
|
|
Vessel sale gross price |
|
|
|
$ 0
|
$ 13,694,000
|
|
Reversal of impairment |
$ 1,891,000
|
$ 0
|
|
1,891,000
|
4,400,000
|
|
Assets held for sale |
$ 11,368,000
|
|
|
$ 11,368,000
|
|
$ 0
|
Moon Globe Member [member] |
|
|
|
|
|
|
IfrsStatementLineItems [Line Items] |
|
|
|
|
|
|
Vessel year built |
|
|
2005-built
|
|
|
|
Vessel sale gross price |
|
|
$ 11,500,000
|
|
|
|
Reversal of impairment |
|
|
1,891,000
|
|
$ 4,400
|
|
Assets held for sale |
|
|
$ 11,368,000
|
|
|
|
Vessel Delivery Date |
|
|
Jul. 08, 2024
|
|
|
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v3.24.2.u1
Share Capital and Share Premium - Authorised share capital (Details) - USD ($) $ / shares in Units, $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Disclosure of classes of share capital [line items] |
|
|
Value Of Shares Authorised |
$ 2,200
|
$ 2,200
|
Common Shares [member] |
|
|
Disclosure of classes of share capital [line items] |
|
|
Number of shares authorised |
500,000,000
|
500,000,000
|
Par value per share |
$ 0.004
|
$ 0.004
|
Value Of Shares Authorised |
$ 2,000
|
$ 2,000
|
Class B Common Shares [member] |
|
|
Disclosure of classes of share capital [line items] |
|
|
Number of shares authorised |
100,000,000
|
100,000,000
|
Par value per share |
$ 0.001
|
$ 0.001
|
Value Of Shares Authorised |
$ 100
|
$ 100
|
Series B Preferred Shares [member] |
|
|
Disclosure of classes of share capital [line items] |
|
|
Number of shares authorised |
100,000,000
|
100,000,000
|
Par value per share |
$ 0.001
|
$ 0.001
|
Value Of Shares Authorised |
$ 100
|
$ 100
|
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v3.24.2.u1
Share Capital and Share Premium (Details Narrative) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Disclosure of classes of share capital [line items] |
|
|
|
Voting Rights |
Holders
of the Company’s common shares and Class B shares have equivalent economic rights, but holders of Company’s common shares
are entitled to one vote per share and holders of the Company’s Class B shares are entitled to twenty votes per share
|
|
|
Share premium |
$ 284,406
|
$ 284,406
|
|
Number of outstanding warrants |
19,701,120
|
|
|
Number of shares called by warrants |
19,701,120
|
|
|
Globus Maritime Limited 2024 Equity Incentive Plan [member] |
|
|
|
Disclosure of classes of share capital [line items] |
|
|
|
Number of shares outstanding |
0
|
|
|
Common shares reserved |
The number of common shares reserved for issuance under the Plan is 2,000,000
shares
|
|
|
Common Shares [member] |
|
|
|
Disclosure of classes of share capital [line items] |
|
|
|
Number of shares issued and fully paid |
20,582,301
|
|
20,582,301
|
Number of shares issued |
0
|
|
0
|
Class B Common Shares [member] |
|
|
|
Disclosure of classes of share capital [line items] |
|
|
|
Number of shares outstanding |
0
|
|
|
Series B Preferred Shares [Member] |
|
|
|
Disclosure of classes of share capital [line items] |
|
|
|
Number of shares outstanding |
10,300
|
|
|
Class A Warrants [member] |
|
|
|
Disclosure of classes of share capital [line items] |
|
|
|
Increase Decrease In Number Of Ordinary Shares Issued Through Exercise Of Warrants Equity |
5,550
|
5,550
|
|
Number of outstanding warrants |
388,700
|
388,700
|
|
Number of shares called by warrants |
388,700
|
388,700
|
|
PP Warrants [member] |
|
|
|
Disclosure of classes of share capital [line items] |
|
|
|
Number of outstanding warrants |
1,291,833
|
1,291,833
|
|
Number of shares called by warrants |
1,291,833
|
1,291,833
|
|
December Warrants [member] | Institutional investors [member] |
|
|
|
Disclosure of classes of share capital [line items] |
|
|
|
Number of outstanding warrants |
1,270,587
|
1,270,587
|
|
Number of shares called by warrants |
1,270,587
|
1,270,587
|
|
January 2021 Warrants [member] | Institutional investors [member] |
|
|
|
Disclosure of classes of share capital [line items] |
|
|
|
Number of outstanding warrants |
1,950,000
|
1,950,000
|
|
Number of shares called by warrants |
1,950,000
|
1,950,000
|
|
February 2021 Warrants [member] | Institutional investors [member] |
|
|
|
Disclosure of classes of share capital [line items] |
|
|
|
Number of outstanding warrants |
4,800,000
|
4,800,000
|
|
Number of shares called by warrants |
4,800,000
|
4,800,000
|
|
June 2021 Warrants [member] |
|
|
|
Disclosure of classes of share capital [line items] |
|
|
|
Number of outstanding warrants |
10,000,000
|
10,000,000
|
|
Number of shares called by warrants |
10,000,000
|
10,000,000
|
|
X |
- DefinitionThe increase (decrease) in the number of ordinary shares resulting from the exercise of warrants.
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v3.24.2.u1
Earnings/(Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Earnings per share [abstract] |
|
|
|
|
Income / (Loss) attributable to common equity holders |
$ 3,279
|
$ (1,161)
|
$ 2,980
|
$ 1,425
|
Weighted average number of shares - basic and diluted |
20,582,301
|
20,582,301
|
20,582,301
|
20,582,301
|
Basic earnings (loss) per share |
$ 0.16
|
$ (0.06)
|
$ 0.14
|
$ 0.07
|
Diluted earnings (loss) per share |
$ 0.16
|
$ (0.06)
|
$ 0.14
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$ 0.07
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Long-Term Debt, net - Consolidated statement of financial position (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Disclosure of detailed information about borrowings [line items] |
|
|
Amortized Cost - Current Portion |
$ (7,056)
|
$ (6,500)
|
Amortized Cost - Long-Term Portion |
62,449
|
45,759
|
Principal - Current Portion |
82
|
0
|
Principal - Long-Term Portion |
2,718
|
0
|
Principal [Member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Principal |
69,925
|
52,620
|
Principal - Current Portion |
(6,771)
|
(6,258)
|
Principal - Long-Term Portion |
63,154
|
46,362
|
Principal [Member] | Financial Liabilites [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Principal - Financial liabilites |
2,800
|
|
Principal - Current Portion |
(82)
|
|
Principal - Long-Term Portion |
2,718
|
|
Deferred Finance Costs [Member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Deferred finance costs |
(861)
|
(624)
|
Deferred Finance Costs - Current Portion |
279
|
227
|
Deferred Finance Costs - Long Term Portion |
(582)
|
(397)
|
Deferred Finance Costs [Member] | Financial Liabilites [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Deferred finance costs |
0
|
|
Deferred Finance Costs - Current Portion |
0
|
|
Deferred Finance Costs - Long Term Portion |
0
|
|
Modification Of Loan [Member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Modification of loan |
(266)
|
(358)
|
Modification of Loan - Current Portion |
143
|
152
|
Modification of Loan - Long-Term Portion |
(123)
|
(206)
|
Modification Of Loan [Member] | Financial Liabilites [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Modification of loan |
0
|
|
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0
|
|
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0
|
|
Accrued Interest [Member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Accrued interest |
707
|
621
|
Accrued Interest - Current Portion |
(707)
|
(621)
|
Accrued Interest - Long-Term Portion |
0
|
0
|
Accrued Interest [Member] | Financial Liabilites [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Accrued interest |
0
|
|
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0
|
|
Accrued Interest - Long-Term Portion |
0
|
|
Amortized Cost [Member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Amortized cost |
69,505
|
52,259
|
Amortized Cost - Current Portion |
(7,056)
|
(6,500)
|
Amortized Cost - Long-Term Portion |
62,449
|
$ 45,759
|
Amortized Cost [Member] | Financial liabilities at amortised cost, category [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Amortized cost - Financial liabilites |
2,800
|
|
Amortized Cost - Current Portion |
(82)
|
|
Amortized Cost - Long-Term Portion |
2,718
|
|
Devocean Maritime L T D Serena Maritime Limited Salaminia Maritime Limited Talisman Maritime Limited Argo Maritime Limited [Member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Principal |
46,925
|
|
Deferred finance costs |
(491)
|
|
Modification of loan |
(266)
|
|
Accrued interest |
551
|
|
Amortized cost |
46,719
|
|
Calypso Shipholding S.A. [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Principal |
23,000
|
|
Deferred finance costs |
(370)
|
|
Modification of loan |
0
|
|
Accrued interest |
156
|
|
Amortized cost |
22,786
|
|
Daxos Maritime Limited [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Deferred finance costs |
0
|
|
Modification of loan |
0
|
|
Accrued interest |
0
|
|
Principal - Financial liabilites |
2,800
|
|
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$ 2,800
|
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v3.24.2.u1
Long-Term Debt, net - Annual loan principal payments (Details) - USD ($)
|
Jun. 30, 2024 |
May 23, 2024 |
First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Borrowings |
$ 46,925,000
|
|
Marguerite Maritime S.A. [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Borrowings |
23,000,000
|
$ 23,000,000
|
Later than two years and not later than three years [member] | First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Borrowings |
5,591,000
|
|
Later than two years and not later than three years [member] | Marguerite Maritime S.A. [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Borrowings |
1,180,000
|
|
Later than three years and not later than four years [member] | First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Borrowings |
21,834,000
|
|
Later than three years and not later than four years [member] | Marguerite Maritime S.A. [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Borrowings |
1,180,000
|
|
Later than four years and not later than five years [member] | First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Borrowings |
2,000,000
|
|
Later than four years and not later than five years [member] | Marguerite Maritime S.A. [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Borrowings |
1,180,000
|
|
Later Than Five Years And Not Later Than Six Years [Member] | First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Borrowings |
17,500,000
|
|
Later Than Five Years And Not Later Than Six Years [Member] | Marguerite Maritime S.A. [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Borrowings |
1,180,000
|
|
Later Than Six Years And Not Later Than Seven Years [Member] | First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Borrowings |
(0)
|
|
Later Than Six Years And Not Later Than Seven Years [Member] | Marguerite Maritime S.A. [member] |
|
|
Disclosure of detailed information about borrowings [line items] |
|
|
Borrowings |
$ 18,280,000
|
|
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ifrs-full_MaturityAxis=glbs_LaterThanSixYearsAndNotLaterThanSevenYearsMember |
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v3.24.2.u1
Long-Term Debt and Finance Liabilities, net (Details Narrative)
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2 Months Ended |
4 Months Ended |
5 Months Ended |
6 Months Ended |
7 Months Ended |
8 Months Ended |
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Feb. 28, 2024
USD ($)
|
Feb. 23, 2024 |
Mar. 06, 2023 |
May 10, 2023
USD ($)
|
May 30, 2024
USD ($)
|
May 28, 2024 |
May 23, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
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Jun. 27, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Aug. 11, 2023 |
Aug. 10, 2023
USD ($)
|
Sep. 07, 2023
USD ($)
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Aug. 31, 2023
USD ($)
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Aug. 29, 2023
USD ($)
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Aug. 16, 2023 |
Jul. 31, 2023 |
Jul. 31, 2022 |
IfrsStatementLineItems [Line Items] |
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Proceeds from borrowings, classified as financing activities |
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$ 25,800,000
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$ 0
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Prepayments of borrowing |
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$ 2,567,000
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$ 3,674,000
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Sun Globe [Member] |
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IfrsStatementLineItems [Line Items] |
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Vessel year built |
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2007-built
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Prepayments of borrowing |
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$ 3,674,000
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Vessel Delivery Date |
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Jun. 05, 2023
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Sky Globe [Member] |
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IfrsStatementLineItems [Line Items] |
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Vessel year built |
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2009-built
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Prepayments of borrowing |
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$ 3,276,000
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Vessel Delivery Date |
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Sep. 07, 2023
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Star Globe [Member] |
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IfrsStatementLineItems [Line Items] |
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Vessel year built |
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2010-built
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Prepayments of borrowing |
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$ 3,555,000
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Vessel Delivery Date |
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Sep. 13, 2023
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Moon Globe Member [member] |
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IfrsStatementLineItems [Line Items] |
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Vessel year built |
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2005-built
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Prepayments of borrowing |
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$ 2,567,000
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Vessel Delivery Date |
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Jul. 08, 2024
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Vessel Delivery Date |
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July 8, 2024
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CIT Loan Facility [member] |
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IfrsStatementLineItems [Line Items] |
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Line of Credit Facility, Initiation Date |
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In May 2021
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Line Of Credit Facility Borrowing Capacity |
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$ 34,250,000
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Description of borrowings |
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for the purpose of refinancing
the existing indebtedness secured on the ships
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Borrowings, interest rate basis |
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LIBOR
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Borrowings, interest rate |
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3.75%
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CIT Loan Facility [member] | August 2022 Agreement [Member] |
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IfrsStatementLineItems [Line Items] |
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Line of Credit Facility, Initiation Date |
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August 2022
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Borrowings, interest rate basis |
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SOFR
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Borrowings, interest rate |
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3.35%
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CIT Loan Facility [member] | August 2023 Agreement [Member] |
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IfrsStatementLineItems [Line Items] |
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Description of borrowings |
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for
the purpose of financing vessels Diamond Globe and Power Globe and for general corporate and working capital purposes of all the borrowers
and Globus
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Borrowings |
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$ 77,250,000
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Increase (decrease) in exposure to credit risk on loan commitments and financial guarantee contracts |
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$ 25,000,000
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Borrowings, adjustment to interest rate basis |
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2.70%
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Proceeds from borrowings, classified as financing activities |
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$ 25,000,000
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Marguerite Maritime S.A. [member] |
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IfrsStatementLineItems [Line Items] |
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Borrowings, interest rate |
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2.30%
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Borrowings |
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$ 23,000,000
|
$ 23,000,000
|
|
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Proceeds from borrowings, classified as financing activities |
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|
|
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$ 22,650,000
|
|
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Number of repayment installments |
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20
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Borrowings Frequency Of Periodic Payment |
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quarterly
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Periodic Payment |
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$ 295,000
|
|
|
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Balloon payment to be paid |
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$ 17,100,000
|
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Upfront fee |
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$ 350,000
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SK Shipholding S.A| GLBS MIGHT [Member] |
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IfrsStatementLineItems [Line Items] |
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Proceeds from borrowings, classified as financing activities |
$ 2,800,000
|
|
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Information about sale and leaseback transactions |
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$28
million(absolute amount) sale and leaseback agreement with SK Shipholding S.A
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Vessel Capacity |
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64,000
|
|
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Vessel Delivery Date |
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August
20, 2024
|
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Information about nature of lessee's leasing activities |
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The
Company will transfer the legal ownership of the vessel to the buyer-lessor upon delivery of the vessel from the shipyard (refer to Note
10) and agreed to charter the vessel back on a bareboat basis under daily rate plus SOFR and margin for the period of 10 years
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v3.24.2.u1
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v3.24.2.u1
Commitments - Future minimum contractual obligations (Details) $ in Thousands |
Jun. 30, 2024
USD ($)
|
Daxos Maritime Limited and Paralus Shipholding S.A. [member] |
|
IfrsStatementLineItems [Line Items] |
|
July 1, 2024 to June 30, 2025 |
$ 17,875
|
July 1, 2025 to June 30, 2026 |
(0)
|
July 1, 2026 to November 30, 2026 |
(0)
|
Total |
17,875
|
Paralus Shipholding S.A. [member] |
|
IfrsStatementLineItems [Line Items] |
|
July 1, 2024 to June 30, 2025 |
21,330
|
July 1, 2025 to June 30, 2026 |
(0)
|
July 1, 2026 to November 30, 2026 |
(0)
|
Total |
21,330
|
Olympia Shipholding S.A. [member] |
|
IfrsStatementLineItems [Line Items] |
|
July 1, 2024 to June 30, 2025 |
3,760
|
July 1, 2025 to June 30, 2026 |
7,520
|
July 1, 2026 to November 30, 2026 |
22,770
|
Total |
34,050
|
Thalia Shipholding S.A. [member] |
|
IfrsStatementLineItems [Line Items] |
|
July 1, 2024 to June 30, 2025 |
3,760
|
July 1, 2025 to June 30, 2026 |
3,760
|
July 1, 2026 to November 30, 2026 |
26,530
|
Total |
34,050
|
Total [member] |
|
IfrsStatementLineItems [Line Items] |
|
July 1, 2024 to June 30, 2025 |
46,725
|
July 1, 2025 to June 30, 2026 |
11,280
|
July 1, 2026 to November 30, 2026 |
49,300
|
Total |
$ 107,305
|
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v3.24.2.u1
Commitments (Details Narrative)
|
2 Months Ended |
3 Months Ended |
4 Months Ended |
5 Months Ended |
6 Months Ended |
8 Months Ended |
9 Months Ended |
|
Feb. 23, 2024 |
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
May 13, 2022
USD ($)
|
May 31, 2022
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Nov. 30, 2022
USD ($)
|
Aug. 20, 2024 |
Aug. 18, 2023
USD ($)
|
Sep. 20, 2024 |
Dec. 31, 2023
USD ($)
|
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from rendering of services |
|
$ 9,425,000
|
$ 7,744,000
|
|
|
$ 17,047,000
|
$ 16,233,000
|
|
|
|
|
|
Depreciation, right-of-use assets |
|
78,000
|
78,000
|
|
|
156,000
|
156,000
|
|
|
|
|
|
Current lease liabilities |
|
18,000
|
|
|
|
18,000
|
|
|
|
|
|
$ 188,000
|
Non-current lease liabilities |
|
0
|
|
|
|
0
|
|
|
|
|
|
$ 0
|
Installment amount |
|
|
|
|
|
10,921,000
|
3,747,000
|
|
|
|
|
|
SK Shipholding S.A| GLBS MIGHT [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
|
|
|
|
|
|
|
|
Vessel Capacity |
64,000
|
|
|
|
|
|
|
|
|
|
|
|
Vessel Delivery Date |
August
20, 2024
|
|
|
|
|
|
|
|
|
|
|
|
Information about sale and leaseback transactions |
$28
million(absolute amount) sale and leaseback agreement with SK Shipholding S.A
|
|
|
|
|
|
|
|
|
|
|
|
Daxos Maritime Limited [member] |
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
|
|
|
|
|
|
|
|
Vessel type |
|
|
|
bulk
carrier
|
|
|
|
|
|
|
|
|
Vessel Capacity |
|
|
|
64,000
|
|
|
|
|
|
|
|
|
Vessel Delivery Date |
|
|
|
during
the third quarter of 2024
|
|
|
|
|
|
|
|
|
Installment amount |
|
6,900,000
|
|
|
|
|
|
|
|
|
|
|
Vessel Delivery Date |
|
|
|
|
|
|
|
|
Aug. 20, 2024
|
|
|
|
Paralus Shipholding S.A. [member] |
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
|
|
|
|
|
|
|
|
Vessel Delivery Date |
|
|
|
during
the fourth quarter of 2024
|
|
|
|
|
|
|
|
|
Installment amount |
|
|
|
|
|
3,500,000
|
|
|
|
|
|
|
Vessel Delivery Date |
|
|
|
|
|
|
|
|
|
|
Sep. 20, 2024
|
|
Daxos Maritime Limited and Paralus Shipholding S.A. [member] |
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
|
|
|
|
|
|
|
|
Consideration amount |
|
|
|
$ 70,300,000
|
|
|
|
|
|
|
|
|
Installment amount |
|
|
|
|
$ 13,800,000
|
|
|
$ 6,900,000
|
|
|
|
|
Two fuel efficient bulk carrier vessels [member] |
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
|
|
|
|
|
|
|
|
Vessel type |
|
|
|
|
|
|
|
|
|
bulk
carrier
|
|
|
Vessel Capacity |
|
|
|
|
|
|
|
|
|
64,000
|
|
|
Vessel Delivery Date |
|
|
|
|
|
|
|
|
|
between
April 2026 and September 2026
|
|
|
Consideration amount |
|
|
|
|
|
|
|
|
|
$ 75,500,000
|
|
|
Installment amount |
|
|
|
|
|
|
|
|
|
$ 7,500,000
|
|
|
Office Lease Contract [member] |
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation, right-of-use assets |
|
78,000
|
78,000
|
|
|
156,000
|
156,000
|
|
|
|
|
|
Interest expense on lease liabilities |
|
2,000
|
8,000
|
|
|
5,000
|
17,000
|
|
|
|
|
|
Property, plant and equipment subject to operating leases [member] |
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of detailed information about property, plant and equipment [line items] |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from rendering of services |
|
3,302,000
|
4,441,000
|
|
|
6,470,000
|
9,062,000
|
|
|
|
|
|
Operating lease income |
|
$ 6,122,000
|
$ 3,303,000
|
|
|
$ 10,577,000
|
$ 7,171,000
|
|
|
|
|
|
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v3.24.2.u1
Fair values measurement (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Disclosure of fair value measurement of assets [line items] |
|
|
Non-current portion of fair value of derivative financial instruments |
$ 484
|
$ 495
|
Current portion of fair value of derivative financial instruments |
776
|
808
|
Liabilities |
77,365
|
55,431
|
At fair value [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] |
|
|
Disclosure of fair value measurement of assets [line items] |
|
|
Long-term borrowings |
71,904
|
54,107
|
Financial liabilities |
2,800
|
|
At fair value [member] | Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] |
|
|
Disclosure of fair value measurement of assets [line items] |
|
|
Long-term borrowings |
71,904
|
54,107
|
Financial liabilities |
2,800
|
|
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] |
|
|
Disclosure of fair value measurement of assets [line items] |
|
|
Long-term borrowings |
69,925
|
52,620
|
Financial liabilities |
2,800
|
|
Liabilities |
72,725
|
52,620
|
Financial assets measured at fair value [member] |
|
|
Disclosure of fair value measurement of assets [line items] |
|
|
Non-current portion of fair value of derivative financial instruments |
484
|
495
|
Current portion of fair value of derivative financial instruments |
776
|
808
|
Financial assets, at fair value |
1,260
|
1,303
|
Financial assets measured at fair value [member] | At fair value [member] |
|
|
Disclosure of fair value measurement of assets [line items] |
|
|
Non-current portion of fair value of derivative financial instruments |
484
|
495
|
Current portion of fair value of derivative financial instruments |
776
|
808
|
Financial assets measured at fair value [member] | At fair value [member] | Level 1 of fair value hierarchy [member] |
|
|
Disclosure of fair value measurement of assets [line items] |
|
|
Non-current portion of fair value of derivative financial instruments |
0
|
0
|
Current portion of fair value of derivative financial instruments |
0
|
0
|
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|
|
Disclosure of fair value measurement of assets [line items] |
|
|
Non-current portion of fair value of derivative financial instruments |
484
|
495
|
Current portion of fair value of derivative financial instruments |
776
|
808
|
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|
|
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|
|
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|
0
|
Current portion of fair value of derivative financial instruments |
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|
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|
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|
|
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|
|
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|
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|
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|
|
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|
|
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|
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v3.24.2.u1
Events after the reporting date (Details Narrative)
|
2 Months Ended |
5 Months Ended |
6 Months Ended |
7 Months Ended |
8 Months Ended |
|
|
Feb. 28, 2024
USD ($)
|
Feb. 23, 2024 |
May 28, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Aug. 12, 2024
USD ($)
|
Aug. 16, 2024
USD ($)
|
Aug. 26, 2024
USD ($)
|
Mar. 13, 2024
USD ($)
|
Disclosure of non-adjusting events after reporting period [line items] |
|
|
|
|
|
|
|
|
|
Vessel sale gross price |
|
|
|
$ 0
|
$ 13,694,000
|
|
|
|
|
Proceeds from borrowings, classified as financing activities |
|
|
|
25,800,000
|
0
|
|
|
|
|
Purchase price |
|
|
|
$ 19,634,000
|
$ (0)
|
|
|
|
|
SK Shipholding S.A| GLBS MIGHT [Member] |
|
|
|
|
|
|
|
|
|
Disclosure of non-adjusting events after reporting period [line items] |
|
|
|
|
|
|
|
|
|
Vessel Delivery Date |
|
August 20, 2024
|
|
|
|
|
|
|
|
Information about sale and leaseback transactions |
|
28 million sale and leaseback agreement
with SK Shipholding S.A
|
|
|
|
|
|
|
|
Vessel Capacity |
|
64,000
|
|
|
|
|
|
|
|
Proceeds from borrowings, classified as financing activities |
$ 2,800,000
|
|
|
|
|
|
$ 25,200,000
|
|
|
m/v GLBS MIGHT [member] |
|
|
|
|
|
|
|
|
|
Disclosure of non-adjusting events after reporting period [line items] |
|
|
|
|
|
|
|
|
|
Vessel Delivery Date |
|
|
|
|
|
August
20, 2024
|
|
|
|
Vessel Capacity |
|
|
|
|
|
64,000
|
|
|
|
Purchase price |
|
|
|
|
|
$ 18,000,000
|
|
|
|
Vessel cost |
|
|
|
|
|
$ 35,300,000
|
|
|
|
Moon Globe Member [member] |
|
|
|
|
|
|
|
|
|
Disclosure of non-adjusting events after reporting period [line items] |
|
|
|
|
|
|
|
|
|
Vessel year built |
|
|
2005-built
|
|
|
|
|
|
|
Vessel sale gross price |
|
|
$ 11,500,000
|
|
|
|
|
|
|
Vessel Delivery Date |
|
|
July 8, 2024
|
|
|
|
|
|
|
GLBS MIGHT [member] | Consultant affiliated with Chief Executive Officer [member] |
|
|
|
|
|
|
|
|
|
Disclosure of non-adjusting events after reporting period [line items] |
|
|
|
|
|
|
|
|
|
Amount of one-time cash bonus |
|
|
|
|
|
|
|
$ 1,500,000
|
$ 3,000,000
|
X |
- DefinitionThe amount of cash bonus agreed the Company to pay to the CEO pursuant to his consultancy agreement.
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|
X |
- DefinitionThe vessel's capacity in deadweight tonnage ("dwt").
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Period Type: |
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|
X |
- DefinitionThe expected date of the vessel delivery to the Company.
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|
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- DefinitionThe year that the vessel was built.
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Globus Maritime (NASDAQ:GLBS)
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