Globus Maritime Limited (“Globus”, the “Company”, “we”, or “our”)
(NASDAQ: GLBS), a dry bulk shipping company, today reported its
unaudited consolidated operating and financial results for the
quarter and nine-month period ended September 30, 2021.
Financial Highlights
- In 9M2021, Total revenues
increased by about 217% compared to 9M2020.
- For the 9M2021 the Total
comprehensive income amounted to $4.8 million compared to a Total
comprehensive loss of $14.5 million for 9M2020.
- The Adjusted EBITDA for
9M2021 increased by about 14.3 million compared to
9M2020.
- As at September 30, 2021,
and December 31, 2020, our cash and bank balances and bank deposits
(including restricted cash) were $67.9 and $21.1 million,
respectively, an increase of 222%.
- As at September 30, 2021,
the total outstanding borrowings under our Loan agreements
decreased to $33 million compared to $37 million as at December 31,
2020, gross of unamortized debt discount, a decrease of about
11%.
|
Three months endedSeptember 30, |
|
Nine months endedSeptember 30, |
|
(Expressed in thousands of U.S dollars except for daily rates and
per share data) |
2021 |
2020 |
|
2021 |
2020 |
|
Total revenues |
12,755 |
3,183 |
|
24,751 |
7,772 |
|
Total comprehensive
income/(loss) |
5,576 |
(1,267 |
) |
4,787 |
(14,466 |
) |
Adjusted EBITDA (1) |
7,814 |
294 |
|
12,175 |
(2,153 |
) |
Basic and Diluted
income/(loss) per share (2) |
0.27 |
(0.80 |
) |
0.37 |
(24.76 |
) |
Daily Time charter equivalent
rate (“TCE”) (3) |
17,057 |
6,404 |
|
13,325 |
4,191 |
|
Average operating expenses per
vessel per day |
4,981 |
4,391 |
|
5,278 |
4,422 |
|
Average number of vessels |
7.8 |
5.0 |
|
6.7 |
5.0 |
|
(1) |
Adjusted EBITDA is a measure not in accordance with generally
accepted accounting principles (“GAAP”). See a later section of
this press release for a reconciliation of Adjusted EBITDA to total
comprehensive loss and net cash used in operating activities, which
are the most directly comparable financial measures calculated and
presented in accordance with the GAAP measures. |
(2) |
The basic and diluted weighted average number of shares for the
nine-month period ended September 30, 2021, was 12,865,496 compared
to 584,158 shares for the nine-month period ended September 30,
2020. The basic and diluted weighted average number of shares for
the three-month period ended September 30, 2021, was 20,467,086
compared to 1,574,877 shares for the three-month period ended
September 30, 2020. |
(3) |
Daily Time charter equivalent rate (“TCE”) is a measure not in
accordance with generally accepted accounting principles (“GAAP”).
See a later section of this press release for a reconciliation of
Daily TCE to Voyage revenues. |
|
|
Current Fleet ProfileAs at the
date of this press release, Globus’ subsidiaries own and operate
nine dry bulk carriers, consisting of four Supramax, one Panamax
and four Kamsarmax.
Vessel |
Year Built |
Yard |
Type |
Month/Year Delivered |
DWT |
Flag |
Moon Globe |
2005 |
Hudong-Zhonghua |
Panamax |
June 2011 |
74,432 |
Marshall Is. |
Sun Globe |
2007 |
Tsuneishi Cebu |
Supramax |
Sept 2011 |
58,790 |
Malta |
River Globe |
2007 |
Yangzhou Dayang |
Supramax |
Dec 2007 |
53,627 |
Marshall Is. |
Sky Globe |
2009 |
Taizhou Kouan |
Supramax |
May 2010 |
56,855 |
Marshall Is. |
Star Globe |
2010 |
Taizhou Kouan |
Supramax |
May 2010 |
56,867 |
Marshall Is. |
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. |
Weighted Average Age: 10.1 Years as at November 30, 2021 |
|
626,257 |
|
|
|
|
|
Current Fleet Deployment
All our vessels are currently operating on
short-term time charters (“on spot”).
Management Commentary
“The third quarter of 2021 was pivotal for our
company -- it signified the return to profit after a prolonged time
of depressed market conditions. We were pleased that the market
moved to higher territories and provided rates for our vessels not
seen in a long time. We remain optimistic on the supply and demand
fundamentals of the market for the near and medium term.
We continue to operate on short term spot
charters in order to try and fully utilize the market dynamics. We
expect short-term fluctuations and generally take into account the
volatility involved in market seasonality as we examine market
opportunities.
This quarter was the first quarter that we fully
benefited from our previously announced refinancing arrangements as
it is indicated in our financing costs stated for the period. We
continue to scan the market for financing options that best suit
our needs and plans for the future. At the same time, we are
evaluating possible vessel candidates in our constant effort for
fleet expansion and renewal.
COVID-19 continues to significantly affect our
market and our operations. We remain vigilant to the inefficiencies
and issues related to the pandemic that affect trade routes, ports
and charterer operations. We remain committed at these tough times
to support and help our crew on board of our vessels, and to take
care of their needs.
Last but not least we are confident that we are
well positioned to reap the benefits of a robust market and we
believe that our balance sheet is strong enough to support future
growth and expansion.”
Management Discussion and Analysis of the Results of
Operations
Recent Developments
Issuance of the Series B preferred
shares
On March 2, 2021, we issued an additional 10,000
of our Series B Preferred Shares to Goldenmare Limited in return
for $130,000. The $130,000 was paid by reducing, on a
dollar-for-dollar basis, the amount payable as compensation by the
Company to Goldenmare Limited pursuant to a consultancy
agreement.
The issuance of the Series B preferred shares to
Goldenmare Limited was approved by an independent committee of the
Board of Directors of the Company, which received a fairness
opinion from an independent financial advisor.
Each Series B preferred share entitles the
holder thereof to 25,000 votes per share on all matters submitted
to a vote of the shareholders of the Company, provided however,
that no holder of Series B preferred shares may exercise voting
rights pursuant to Series B preferred shares that would result in
the aggregate voting power of any beneficial owner of such shares
and its affiliates (whether pursuant to ownership of Series B
preferred shares, common shares or otherwise) to exceed 49.99% of
the total number of votes eligible to be cast on any matter
submitted to a vote of shareholders of the Company. To the fullest
extent permitted by law, the holders of Series B preferred shares
shall have no special voting or consent rights and shall vote
together as one class with the holders of the common shares on all
matters put before the shareholders. The Series B preferred shares
are not convertible into common shares or any other security. They
are not redeemable and have no dividend rights. Upon any
liquidation, dissolution or winding up of the Company, the Series B
preferred shares are entitled to receive a payment with priority
over the common shareholders equal to the par value of $0.001 per
share. The Series B preferred shareholder has no other rights to
distributions upon any liquidation, dissolution or winding up of
the Company. All issued and outstanding Series B preferred shares
must be held of record by one holder, and the Series B preferred
shares shall not be transferred without the prior approval of our
Board of Directors. Finally, in the event the Company (i) declares
any dividend on its common shares, payable in common shares, (ii)
subdivides the outstanding common shares or (iii) combines the
outstanding common shares into a smaller number of shares, there
shall be a proportional adjustment to the number of outstanding
Series B preferred shares.
As at September 30, 2021, Goldenmare Limited
owned 10,300 of the Company’s Series B preferred shares.
Public Offerings
On January 13, 2021, the remaining pre-funded
warrants from the December 2020 Pre-Funded Warrants were exercised
and 130,000 common shares, par value $0.004 per share were
issued.
On January 27, 2021, the Company entered into a
securities purchase agreement with certain unaffiliated
institutional investors to issue (a) 2,155,000 common shares, par
value $0.004 per share, (b) pre-funded warrants to purchase 445,000
common shares, par value $0.004 per share and (c) warrants (the
“January 2021 Warrants”) to purchase 1,950,000 common shares, par
value $0.004 per share, at an exercise price of $6.25 per share.
Total proceeds, net of commission retained by the placement agent,
amounted to $15,108,050, before issuance expenses of approximately
$122,000. The pre-funded warrants were all exercised subsequently,
and the total proceeds amounted to $4,450. No January 2021 Warrants
have been exercised as the date hereof.
The January 2021 Warrants are exercisable for a
period of five and one-half years commencing on the date of
issuance. The warrants will be exercisable, at the option of each
holder, in whole or in part by delivering to the Company a duly
executed exercise notice with payment in full in immediately
available funds for the number of common shares purchased upon such
exercise. If a registration statement registering the issuance of
the common shares underlying the warrants under the Securities Act
is not effective, the holder may, in its sole discretion, elect to
exercise the warrant through a cashless exercise, in which case the
holder would receive upon such exercise the net number of common
shares determined according to the formula set forth in the
warrant. If the Company does not issue the shares in a timely
fashion, the warrant contains certain liquidated damages
provisions.
On February 12, 2021, the Company entered into a
securities purchase agreement with certain unaffiliated
institutional investors to issue (a) 3,850,000 common shares par
value $0.004 per share, (b) pre-funded warrants to purchase 950,000
common shares, par value $0.004 par value, and (c) warrants (the
“February 2021 Warrants”) to purchase 4,800,000 common shares, par
value $0.004 per share, at an exercise price of $6.25 per share.
Total proceeds, net of commission retained by the placement agent,
amounted to $27,890,500 before issuance expenses of approximately
$150,000. The pre-funded warrants were all exercised subsequently,
and the total proceeds amounted to $9,500. No February 2021
Warrants have been exercised as the date hereof.
The February 2021 Warrants are exercisable for a
period of five and one-half years commencing on the date of
issuance. The warrants will be exercisable, at the option of each
holder, in whole or in part by delivering to the Company a duly
executed exercise notice with payment in full in immediately
available funds for the number of common shares purchased upon such
exercise. If a registration statement registering the issuance of
the common shares underlying the warrants under the Securities Act
is not effective, the holder may, in its sole discretion, elect to
exercise the warrant through a cashless exercise, in which case the
holder would receive upon such exercise the net number of common
shares determined according to the formula set forth in the
warrant. If the Company does not issue the shares in a timely
fashion, the warrant contains certain liquidated damages
provisions.
On June 25, 2021, the Company entered into a
securities purchase agreement with certain unaffiliated
institutional investors to issue (a) 8,900,000 common shares par
value $0.004 per share, (b) pre-funded warrants to purchase
1,100,000 common shares, par value $0.004 par value, and (c)
warrants (the “June 2021 Warrants”) to purchase 10,000,000 common
shares, par value $0.004 per share, at an exercise price of $5.00
per share. Total proceeds, net of commission retained by the
placement agent, amounted to $46,580,875 before issuance expenses
of approximately $129,000. The pre-funded warrants were all
exercised subsequently, and the total proceeds amounted to $11,000.
No June 2021 Warrants have been exercised as the date hereof.
The June 2021 Warrants are exercisable for a
period of five and one-half years commencing on the date of
issuance. The warrants will be exercisable, at the option of each
holder, in whole or in part by delivering to the Company a duly
executed exercise notice with payment in full in immediately
available funds for the number of common shares purchased upon such
exercise. If a registration statement registering the issuance of
the common shares underlying the warrants under the Securities Act
is not effective, the holder may, in its sole discretion, elect to
exercise the warrant through a cashless exercise, in which case the
holder would receive upon such exercise the net number of common
shares determined according to the formula set forth in the
warrant. If the Company does not issue the shares in a timely
fashion, the warrant contains certain liquidated damages
provisions.
The total outstanding number of warrants as at
September 30, 2021, was 19,701,120 to purchase an aggregate of
19,701,120 common shares.
Acquisition of new vessels
On June 9, 2021, the Company took delivery of
the m/v “Diamond Globe”, a 2018-built Kamsarmax dry bulk carrier,
through its subsidiary, Argo Maritime Limited, for a purchase price
of $27 million financed with available cash. The m/v “Diamond
Globe” was built at Jiangsu New Yangzi Shipbuilding Co., Ltd and
has a carrying capacity of 82,027 dwt.
On July 20, 2021, the Company took delivery of
the m/v “Power Globe”, a 2011-built Kamsarmax dry bulk carrier,
through its subsidiary, Talisman Maritime Limited, for a purchase
price of $16.2 million financed with available cash. The m/v “Power
Globe” was built at Universal Shipbuilding Corporation in Japan and
has a carrying capacity of 80,655 dwt.
On November 29, 2021, the Company took delivery
of the m/v “Orion Globe”, a 2015-built Kamsarmax dry bulk carrier,
through its subsidiary, Salaminia Maritime Limited, for a purchase
price of $28.4 million financed with available cash. The m/v “Orion
Globe” was built at Tsuneishi Zosen in Japan and has a carrying
capacity of 81,837 dwt.
Debt financing
In March 2021, the Company prepaid $6.0 million
of the Entrust loan facility, which represented all amounts that
would otherwise come due during calendar year 2021. As a result,
after this pre-payment we had an aggregate debt outstanding of $31
million, gross of unamortized debt costs, from the Entrust Loan
Facility.
On May 10, 2021, the Company reached an
agreement with CiT Bank N.A. for a loan facility of $34.25 million
bearing interest at LIBOR plus a margin of 3.75% per annum. This
loan facility is referred to as the CiT loan facility. The proceeds
of this financing were used to repay the outstanding balance of
EnTrust Loan Facility.
Impact of COVID-19 on the Company’s
Business
The spread of the COVID-19 virus, which has been
declared a pandemic by the World Health Organization in 2020 had
caused substantial disruptions in the global economy and the
shipping industry, as well as significant volatility in the
financial markets.
The measures taken by governments worldwide in
response to the outbreak, which included numerous factory closures,
self-quarantining, and restrictions on travel, as well as potential
labour shortages resulting from the outbreak, had slowed down
production of goods worldwide and decreased the amount of goods
exported and imported worldwide.
Crewing and Crew management
operations.
Due to COVID-19 there are restrictions on
travelling on many jurisdictions. We may face problems in the
embarkation and disembarkation our crew members. Many airports
around the world as well as many countries impose heavy travel
restrictions such as quarantine periods for incoming and outgoing
travelers. By extent it is increasingly hard, if not restrictive,
for our crews to be relieved by new crew members. We continue to
monitor the situation with respect and utmost care for our
seafarers, always communicating with the relevant authorities in
order to assist them as much as we can in these unprecedented
times.
Disruption in operations in case crew
members get infected.
In case one of our crew members is found to be
infected by COVID-19 this may lead to delays in cargo operations.
It may also need to a detention and quarantine of the ship for an
unspecified amount of time. Relevant authorities may require us to
perform disinfection and fumigation operations if a crew member
gets infected by COVID-19. Crew members may be quarantined if a
member is found to be infected. The above may lead to increased
costs and lower utilization of our fleet.
Dry docking and Repairs.
Repair yards and dry docks in the Far East,
usually selected for the scheduled maintenance of our vessels, may
be affected by the closures and travel restrictions in their
countries. Shipyard staff and third-party experts as well as spare
parts may be harder to procure and provide making the maintenance
process potentially lengthier, costlier or unfeasible. Spare parts
and supplies may be harder to produce and deliver to a shipyard
where they would be utilized for a scheduled maintenance. In
addition to the above, and always relating to COVID-19 travel
restrictions, it will be difficult for our in-house technical teams
to travel to the shipyards in order to monitor the maintenance
process, so the maintenance may have to be postponed or 3rd party
monitoring technical crews will be hired. Finally, classification
society surveyor attendance may be restricted thus not only
affecting the time spent within a repair facility but also causing
scheduled survey work to be postponed as far as this is
permissible.
Effect on the following technical department activities
yet not limited to:
- Logistics and supply of spares and
expert services may incur increased costs and disruption in Planned
Maintenance and consequently lead to increased failures /
incidents.
-
Office Personnel attendance is disrupted or impossible, which can
have as a result inadequate supervision and lead to increased
incidents in third party inspection and reduced maintenance
quality.
-
Long-Term planned maintenance (dry docking) unsupervised by company
personnel, that can result to lower quality and increased
costs.
-
Delays in class surveys, which can lead to postponements.
The above ultimately are translated to possible
increased costs and reduced maintenance quality which in the long
term shall spiral to cost increases again as the aftermath shall
have to be dealt with. However, there are presently insufficient
statistics to reach to prediction model as regards to the actual
increase in costs due to the above disruptions.
The Company has evaluated the impact of current
economic situation on the recoverability of the carrying amount of
its vessels. During the first nine months of 2020, the Company
concluded that events and circumstances triggered the existence of
potential impairment of its vessels. These indicators included
volatility in the charter market as well as the potential impact
the current marketplace may have on the future operations. As a
result, the Company performed an impairment assessment of the
Company’s vessels by comparing the discounted projected net
operating cash flows for each vessel to her carrying values. For
the first nine months of 2020, the Company concluded that the
recoverable amounts of the vessels were lower than their carrying
amounts and an impairment loss of $4.6 million was recorded. For
the first nine months of 2021 the Company re-evaluated the carrying
amount of its vessels and concluded that no further impairment of
its vessels should be recorded or previously recognized impairment
should be reversed.
Results of Operations
Third quarter of the year 2021 compared
to the third quarter of the year 2020
Total comprehensive income for the third quarter
of the year 2021 amounted to $5.6 million or $0.27 basic and
diluted income per share based on 20,467,086 weighted average
number of shares, compared to total comprehensive loss of $1.3
million for the same period last year or $0.8 basic and diluted
loss per share based on 1,574,877 weighted average number of
shares.
The following table corresponds to the breakdown
of the factors that led to the increase in total comprehensive
income during the third quarter of 2021 compared to the third
quarter of 2020 (expressed in $000’s):
3rd
Quarter of 2021 vs
3rd Quarter of
2020
Net loss for the 3rd
quarter of 2020 |
(1,267 |
) |
Increase in Voyage
revenues |
9,494 |
|
Increase in Management and
consulting fee income |
78 |
|
Increase in Voyage
expenses |
(297 |
) |
Increase in Vessels operating
expenses |
(1,551 |
) |
Increase in Depreciation |
(639 |
) |
Increase in Depreciation of
dry-docking costs |
(510 |
) |
Increase in Total
administrative expenses |
(228 |
) |
Increase in Other income,
net |
23 |
|
Decrease in Interest
income |
(1 |
) |
Decrease in Interest expense
and finance costs |
523 |
|
Decrease in Gain on derivative
financial instruments |
(156 |
) |
Decrease in Foreign exchange
losses |
107 |
|
Net income for the
3rd quarter of 2021 |
5,576 |
|
|
|
|
Voyage revenuesDuring the
three-month period ended September 30, 2021, and 2020, our Voyage
revenues reached $12.7 million and $3.2 million, respectively. The
297% increase in Voyage revenues was mainly attributed to the
increase in the average time charter rates achieved by our vessels
during the third quarter of 2021 compared to the same period in
2020. Daily Time Charter Equivalent rate (TCE) for the third
quarter of 2021 was $17,057 per vessel per day against $6,404 per
vessel per day during the same period in 2020 corresponding to an
increase of 166%.
Management and consulting fee
incomeOn July 15, 2021, the Company entered into a
consultancy agreement with Eolos Shipmanagement S.A., a related
party, for the purpose of providing consultancy services to Eolos
Shipmanagement S.A. For these services the Company receives a daily
fee of $1,000. The total income from these fees is classified in
the income statement component of the consolidated statement of
comprehensive income/(loss) under management and consulting fee
income.
Voyage expensesVoyage expenses
reached $0.5 million during the third quarter of 2021 compared to
$0.2 during the same period in 2020. 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 third quarter of 2021 and 2020
are analyzed as follows:
In $000’s |
2021 |
2020 |
Commissions |
181 |
47 |
Bunkers expenses |
131 |
190 |
Other voyage expenses |
222 |
- |
Total |
534 |
237 |
|
|
|
This increase is mainly attributed to the
increase of the fleet to average of 7.8 vessels during the
three-month period ended September 30, 2021, compared to average of
5 vessels during the same period in 2020.
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, increased by $1.6 million or 80% to $3.6 million during
the three-month period ended September 30, 2021, compared to $2
million during the same period in 2020. This increase is mainly
attributed to the increase of the fleet to average of 7.8 vessels
during the three-month period ended September 30, 2021, compared to
average of 5 vessels during the same period in 2020.The breakdown
of our operating expenses for the quarters ended September 30, 2021
and 2020 was as follows:
|
2021 |
|
2020 |
|
Crew expenses |
60 |
% |
55 |
% |
Repairs and spares |
12 |
% |
19 |
% |
Insurance |
9 |
% |
8 |
% |
Stores |
12 |
% |
10 |
% |
Lubricants |
4 |
% |
5 |
% |
Other |
3 |
% |
3 |
% |
|
|
|
|
|
Average daily operating expenses during the
three-month periods ended September 30, 2021 and 2020 were $4,981
per vessel per day and $4,391 per vessel per day respectively,
corresponding to an increase of 13%. The increased daily operating
expenses during the third quarter of 2021 is mainly attributed to
crew matters such as more frequent repatriations, rotations that
come with increased travelling, testing and quarantine compliance
costs, that could not be performed during the same period in 2020
as most countries were on lockdown due to COVID-19.
DepreciationDepreciation charge
during the third quarter of 2021 reached $1.2 million compared to
$0.6 million during the same period in 2020. This is mainly
attributed to the increase of the fleet from average of 5 vessels
during the three-month period ended September 30, 2020 to average
of 7.8 vessels for the same period in 2021.
Interest expense and finance
costsInterest expense and finance costs reached $0.4
million for the third quarter of 2021 compared to $0.9 million for
the same period of 2020. Interest expense and finance costs for the
third quarter of 2021 and 2020 are analyzed as follows:
In $000’s |
2021 |
|
2020 |
Interest payable on long-term
borrowings |
334 |
|
836 |
Bank charges |
8 |
|
7 |
Operating lease liability
interest |
(24 |
) |
11 |
Amortization of debt
discount |
38 |
|
75 |
Loss on Interest rate
Swap |
57 |
|
- |
Other finance expenses |
4 |
|
11 |
Total |
417 |
|
940 |
|
|
|
|
The decrease in interest payable is mainly
attributed to the decrease of the weighted interest rate, which is
attributed to the refinance of the EnTrust loan facility with CiT
loan facility in May 2021. The EnTrust loan facility had a margin
of 8.50% (plus Libor) whereas the CiT loan facility has a margin of
3.75% (plus Libor).
Nine-month period ended September 30, 2021, compared to
the nine-month period ended September 30, 2020
Total comprehensive income for the nine-month
period ended September 2021 amounted to $4.8 million or $0.37 basic
income per share based on 12,865,496 weighted average number of
shares, compared to total comprehensive loss of $14.5 million for
the same period last year or $24.76 basic and diluted loss per
share based on 584,158 weighted average number of shares.
The following table corresponds to the breakdown
of the factors that led to the decrease in total comprehensive loss
during the nine-month period ended September 30, 2021, compared to
the nine-month period ended September 30, 2020, (expressed in
$000’s):
9-month period of 2021 vs 9-month period
of 2020
Net loss and total comprehensive loss for the 9-month
period of 2020 |
(14,466 |
) |
Increase in voyage
revenues |
16,901 |
|
Increase in management and
consulting fee income |
78 |
|
Decrease in Voyage
expenses |
1,384 |
|
Increase in Vessels operating
expenses |
(3,573 |
) |
Increase in Depreciation |
(956 |
) |
Increase in Depreciation of
dry-docking costs |
(768 |
) |
Increase in Total
administrative expenses |
(608 |
) |
Decrease in Impairment
loss |
4,615 |
|
Increase in Other income,
net |
143 |
|
Decrease in Interest
income |
(7 |
) |
Decrease in Interest expense
and finance costs |
255 |
|
Decrease in Loss on derivative
financial instruments |
1,646 |
|
Decrease in Foreign exchange
loss |
143 |
|
Net income and total
comprehensive income for the 9-month period of 2021 |
4,787 |
|
|
|
|
Voyage revenuesDuring the
nine-month periods ended September 30, 2021 and 2020, our Voyage
revenues reached $24.7 million and $7.8 million respectively. The
217% increase in Voyage revenues was mainly attributed to the
increase in the average time charter rates achieved by our vessels
during the nine-month period ended September 30, 2021, compared to
the same period in 2020. Furthermore, the Company operated a fleet
of average 6.7 vessels during the first nine months of 2021
compared to 5 vessels for the same period in 2020. Daily Time
Charter Equivalent rate (TCE) for the nine-month period of 2021 was
$13,325 per vessel per day against $4,191 per vessel per day during
the same period in 2020 corresponding to an increase of 218%, which
is attributed to the better conditions throughout the bulk market
for the first nine months of 2021 compared with the low rates in
the first nine months of 2020, which was mainly attributed to the
outbreak of COVID-19 pandemic.
Management and consulting fee
incomeOn July 15, 2021, the Company entered into a
consultancy agreement with Eolos Shipmanagement S.A., a related
party, for the purpose of providing consultancy services to Eolos
Shipmanagement S.A. For these services the Company receives a daily
fee of $1,000. The total income from these fees is classified in
the income statement component of the consolidated statement of
comprehensive income/(loss) under management & consulting fee
income.
Voyage expenses Voyage expenses
reached $0.8 million during the nine-month period ended September
30, 2021, compared to $2.2 million during the same period last
year. 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
nine-month periods ended September 30, 2021 and 2020, are analyzed
as follows:
In $000’s |
2021 |
2020 |
Commissions |
366 |
108 |
Bunkers expenses |
44 |
2,035 |
Other voyage expenses |
418 |
69 |
Total |
828 |
2,212 |
|
|
|
This decrease is mainly attributed to the
decreased ballasting days of the fleet during the nine-month period
ended September 30, 2021, compared to the same period in 2020.
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, reached $9.6 million during the nine-month period ended
September 30, 2021, compared to $6.1 million during the same period
last year. This is partly attributed to the fact that the average
number of vessels of the fleet of the Company has increased to
average of 6.7 vessels during the first nine months of 2021
compared to an average of 5 vessels for the same period in 2020.
The breakdown of our operating expenses for the nine-month period
ended September 30, 2021 and 2020 was as follows:
|
2021 |
|
2020 |
|
Crew expenses |
56 |
% |
56 |
% |
Repairs and spares |
18 |
% |
18 |
% |
Insurance |
8 |
% |
8 |
% |
Stores |
11 |
% |
10 |
% |
Lubricants |
4 |
% |
5 |
% |
Other |
3 |
% |
3 |
% |
|
|
|
|
|
Average daily operating expenses during the
nine-month periods ended September 30, 2021 and 2020, were $5,278
per vessel per day and $4,422 per vessel per day respectively,
corresponding to an increase of 19%. The increased daily operating
expenses during the first nine months of 2021 is mainly attributed
to crew matters such as more frequent repatriations, rotations that
come with increased travelling, testing and quarantine compliance
costs, that could not be performed during the same period in 2020
as most countries were on lockdown due to COVID-19. Furthermore,
during the period under consideration the Company had increased
expenses for repairs and maintenance, compared to the nine-month
period ended September 30, 2020.
DepreciationDepreciation charge
during the nine-month period ended September 30, 2021, reached $2.7
million compared to $1.7 million during the same period in 2020.
This is mainly attributed to the increase of the fleet from 5
vessels during the nine-month period ended September 30, 2020, to
6.7 vessels for the same period in 2021. Nonetheless, this increase
has been counterbalanced due to the impairment loss of $4.6
million, recognized in the 1st quarter of 2020, which reduced the
carrying amount of the fleet.
Total administrative
expensesTotal administrative expenses, including
administrative expenses to related parties and share bases
payments, increased to $2.3 million during the nine-month period
ended September 30, 2021, compared to $1.7 million in 2020. The
increase is partly attributed to new personnel hirings, as a result
of the fleet expansion from 5 vessels as at September 30, 2020, to
8 vessels as at September 30, 2021. As at November 29, 2021, the
Company also took delivery of its 9th vessel, the m/v “Orion
Globe”.
Impairment lossDuring the first
nine months of 2020, the Company concluded that the recoverable
amounts of its vessels were lower than their respective carrying
amounts and recognized an impairment loss of $4.6 million. No
impairment was recorded during the first nine months of 2021.
Interest expense and finance
costsInterest expense and finance costs reached $2.9
million during the nine-month period ended September 30, 2021,
compared to $3.2 million in 2020. Interest expense and finance
costs for the nine-month periods ended September 30, 2021 and 2020,
are analyzed as follows:
In $000’s |
2021 |
2020 |
Interest payable on long-term borrowings |
1,637 |
2,897 |
Bank charges |
50 |
19 |
Operating lease liability interest |
34 |
34 |
Amortization of debt discount |
509 |
216 |
Other finance expenses |
608 |
16 |
Interest and Accrued Interest on Interest rate Swap |
89 |
- |
Total |
2,927 |
3,182 |
|
|
|
As at September 30, 2021, and 2020, we and our
vessel-owning subsidiaries had outstanding borrowings under our
Loan agreements of an aggregate of $33 and $37 million,
respectively, gross of unamortized debt discount. The decrease in
interest payable is partly attributed to the decreased outstanding
balance of the Company’s Loan facilities and partly attributed to
the decrease of the weighted interest rate from 9.66% during the
nine-month period ended September 30, 2020, to 6.26% for the same
period in 2021, which is mainly attributed to the refinance of the
EnTrust loan facility with CiT loan facility on May 2021. The
EnTrust loan facility had a margin of 8.50% (plus Libor) whereas
the CiT loan facility has a margin of 3.75% (plus Libor). Other
finance expenses for the first nine months of 2021 include
approximately $0.6 million that were the loan prepayment fee and
expenses relating to the prepayment of EnTrust loan facility.
Loss on derivative financial
instrumentsFor the period ended September 30, 2020, the
loss on the derivative financial instruments is mainly attributed
to the valuation of the “Convertible Note” (as defined in note 11
of the Company’s 2020 Annual Report). Further to the conversion
clause included into the Convertible Note for the period ended
September 30, 2020 a total amount of approximately $1.2 million,
principal and accrued interest, was converted to share capital with
the conversion price of $100 per share and a total number of 11,677
new shares issued in name of the holder of the Convertible Note.
These conversions resulted to a loss of approximately $0.3 million
recognized in the consolidated statement of comprehensive
income/(loss). Furthermore, with the repayment of the Convertible
Note on June 25, 2020, we recognized a loss of $1.3 million in the
consolidated statement of comprehensive income/(loss).
Following the new loan facility with CiT Bank
N.A. the Company entered into an Interest Rate Swap agreement on
May 10, 2021, and recognized a loss of $162 thousand in the
consolidated statement of comprehensive income/(loss). As at
September 30, 2021, the Company recognized a gain of approximately
$161 thousand according to the Interest Rate Swap valuation and is
included in the consolidated statement of comprehensive
income/(loss).
Capital resourcesAs at
September 30, 2021, and December 31, 2020, our cash and bank
balances and bank deposits (including restricted cash) were $67.9
and $21.1 million, respectively.
Net cash generated from operating
activities for the three-month period ended September 30,
2021, was $5.8 million compared to net cash used in
operating activities of $0.6 million during the respective period
in 2020. The increase in our cash from operations was mainly
attributed to the increase in our Voyage revenues from $3.2 million
during the third quarter of 2020 to $12.7 million during the
three-month period under consideration.
Net cash generated from operating
activities for the nine-month period ended September 30,
2021, was $7.9 million compared to net cash used in
operating activities of $4.6 million during the respective period
in 2020. The increase in our cash generated from operating
activities was mainly attributed to the increase in our Voyage
revenues from $7.8 million during the nine-month period ended
September 30, 2020 to $24.7 million during the nine-month period
under consideration.
Net cash used in investing activities
for the three-month period ended September 30, 2021, was
$14.7 million compared to $54 thousand during the respective period
in 2020. The increase in our cash used in investing activities was
mainly attributed to the payment of the remaining balance for the
purchase of m/v “Power Globe”, amounting to $14.6 million during
the three-month period ended September 30, 2021.
Net cash used in investing activities
for the nine-month period ended September 30, 2021, was
$43.4 million compared to net cash used in investing activities of
$42 thousand during the respective period in 2020. The increase in
our cash used in investing activities was mainly attributed to the
acquisition of m/v “Diamond Globe”, amounting to $27 million, and
the acquisition of m/v “Power Globe”, amounting to $16.2 million
during the nine-month period ended September 30, 2021.
Net cash (used in)/generated from
financing activities during the three-month and nine-month
periods ended September 30, 2021 and 2020 were as follows:
|
Three months endedSeptember 30, |
|
Nine months endedSeptember 30, |
|
In $000’s |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Proceeds from issuance of
share capital |
- |
|
13,950 |
|
89,580 |
|
38,158 |
|
Proceeds from issuance of
warrants |
5 |
|
- |
|
25 |
|
194 |
|
Transaction costs on issue of
new common shares |
- |
|
(355 |
) |
(401 |
) |
(888 |
) |
Proceeds from loans |
- |
|
- |
|
34,250 |
|
- |
|
Repayment of long-term
debt |
(1,250 |
) |
- |
|
(2,743 |
) |
- |
|
Prepayment of long-term
debt |
- |
|
(800 |
) |
(35,507 |
) |
(3,040 |
) |
Increase in restricted
cash |
(742 |
) |
(356 |
) |
(2,417 |
) |
(439 |
) |
Repayment of lease
liability |
(86 |
) |
(160 |
) |
(166 |
) |
(160 |
) |
Interest paid |
(406 |
) |
(1,467 |
) |
(2,179 |
) |
(3,195 |
) |
Payment of financing
costs |
- |
|
- |
|
(545 |
) |
- |
|
Net cash (used
in)/generated from financing activities |
(2,479 |
) |
10,812 |
|
79,897 |
|
30,630 |
|
|
|
|
|
|
|
|
|
|
As at September 30, 2021 and 2020, we and our
vessel-owning subsidiaries had outstanding borrowings under our
Loan agreements of an aggregate of $33 million and $37 million,
respectively, gross of unamortized debt discount.
Selected Consolidated Financial &
Operating Data
|
Three months ended |
|
Nine months ended |
|
|
September 30, |
|
September 30, |
|
|
|
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands of U.S. dollars, except per share data) |
(unaudited) |
(unaudited) |
Consolidated statement of comprehensive income / (loss)
data: |
|
|
|
|
Voyage revenues |
12,677 |
|
3,183 |
|
24,763 |
|
7,772 |
|
Management and consulting fee income |
78 |
|
- |
|
78 |
|
- |
|
Total
Revenues |
12,755 |
|
3,183 |
|
24,751 |
|
7,772 |
|
|
|
|
|
|
Voyage expenses |
(534 |
) |
(237 |
) |
(828 |
) |
(2,212 |
) |
Vessel operating expenses |
(3,571 |
) |
(2,020 |
) |
(9,631 |
) |
(6,058 |
) |
Depreciation |
(1,189 |
) |
(549 |
) |
(2,681 |
) |
(1,725 |
) |
Depreciation of dry-docking
costs |
(731 |
) |
(222 |
) |
(1,846 |
) |
(1,078 |
) |
Administrative expenses |
(708 |
) |
(538 |
) |
(1,783 |
) |
(1,358 |
) |
Administrative expenses
payable to related parties |
(153 |
) |
(95 |
) |
(462 |
) |
(184 |
) |
Share-based payments |
(10 |
) |
(10 |
) |
(30 |
) |
(30 |
) |
Impairment loss |
- |
|
- |
|
- |
|
(4,615 |
) |
Other income, net |
35 |
|
11 |
|
158 |
|
12 |
|
Operating
profit/(loss) |
5,894 |
|
(477 |
) |
7,648 |
|
(9,571 |
) |
Interest income |
2 |
|
3 |
|
5 |
|
15 |
|
Interest expense and finance
costs |
(417 |
) |
(940 |
) |
(2,927 |
) |
(3,182 |
) |
Gain/(Loss) on derivative
financial instruments |
64 |
|
221 |
|
(1 |
) |
(1,647 |
) |
Foreign exchange
gains/(losses), net |
33 |
|
(74 |
) |
62 |
|
(81 |
) |
Total finance costs,
net |
(318 |
) |
(790 |
) |
(2,861 |
) |
(4,895 |
) |
Total comprehensive
income / (loss) for the period |
5,576 |
|
(1,267 |
) |
4,787 |
|
(14,466 |
) |
|
|
|
|
|
Basic and diluted earnings /
(loss) per share for the period (1) |
0.27 |
|
(0.80 |
) |
0.37 |
|
(24.76 |
) |
Adjusted EBITDA (2) |
7,814 |
|
294 |
|
12,175 |
|
(2,153 |
) |
|
|
|
|
|
|
|
|
|
(1) Shares and per share data give effect to the
1‐for‐100 reverse stock split, effective on October 21, 2020. The
weighted average number of shares for the nine-month period ended
September 30, 2021 was 12,865,496 compared to 584,158 shares for
the nine-month period ended September 30, 2020. The weighted
average number of shares for the three-month period ended September
30, 2021 was 20,467,086 compared to 1,574,877 shares for the
three-month period ended September 30, 2020.
(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 total comprehensive 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 total comprehensive loss and
net cash used in operating activities for the periods
presented:
|
Three months ended |
|
Nine months ended |
|
|
September 30, |
|
September 30, |
|
(Expressed in thousands of U.S. dollars) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Total comprehensive
income/(loss) for the period |
5,576 |
|
(1,267 |
) |
4,787 |
|
(14,466 |
) |
Interest and finance costs,
net |
417 |
|
940 |
|
2,927 |
|
3,182 |
|
Interest income |
(2 |
) |
(3 |
) |
(5 |
) |
(15 |
) |
(Gain)/Loss on derivative
financial instruments |
(64 |
) |
(221 |
) |
1 |
|
1,647 |
|
Foreign exchange
(gains)/losses, net |
(33 |
) |
74 |
|
(62 |
) |
81 |
|
Depreciation |
1,189 |
|
549 |
|
2,681 |
|
1,725 |
|
Depreciation of dry-docking
costs |
731 |
|
222 |
|
1,846 |
|
1,078 |
|
Impairment loss |
- |
|
- |
|
- |
|
4,615 |
|
Adjusted EBITDA |
7,814 |
|
294 |
|
12,175 |
|
(2,153 |
) |
Share-based payments |
10 |
|
10 |
|
30 |
|
30 |
|
Payment of deferred
dry-docking costs |
(451 |
) |
(491 |
) |
(2,676 |
) |
(984 |
) |
Net decrease/(increase) in
operating assets |
(328 |
) |
(492 |
) |
351 |
|
(127 |
) |
Net (increase)/decrease in
operating liabilities |
(1,198 |
) |
58 |
|
(1,917 |
) |
(1,356 |
) |
Provision for staff retirement
indemnities |
1 |
|
1 |
|
(9 |
) |
4 |
|
Foreign exchange
gains/(losses) net, not attributed to cash & cash
equivalents |
5 |
|
(24 |
) |
(19 |
) |
(27 |
) |
Net cash generated
from/(used in) operating activities |
5,853 |
|
(644 |
) |
7,935 |
|
(4,613 |
) |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
|
September 30, |
|
September 30, |
|
(Expressed in thousands of U.S. dollars) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(Unaudited) |
(Unaudited) |
Statement of cash flow data: |
|
|
|
Net cash generated from /
(used in) operating activities |
5,853 |
|
(644 |
) |
7,935 |
|
(4,613 |
) |
Net cash used in investing
activities |
(14,710 |
) |
(54 |
) |
(43,435 |
) |
(42 |
) |
Net cash (used in) / generated
from financing activities |
(2,479 |
) |
10,812 |
|
79,897 |
|
30,630 |
|
|
|
|
|
|
|
|
|
|
|
As at September 30, |
As at December 31, |
(Expressed in thousands of U.S. Dollars) |
2021 |
2020 |
|
(Unaudited) |
Consolidated condensed statement of financial
position: |
|
|
Vessels, net |
102,889 |
62,350 |
Other non-current assets (including non-current restricted
cash) |
4,775 |
1,810 |
Total non-current assets |
107,664 |
64,160 |
Cash and cash equivalents (including current restricted cash) |
64,404 |
19,853 |
Other current assets |
2,077 |
2,428 |
Total current assets |
66,481 |
22,281 |
Total assets |
174,145 |
86,441 |
Total equity |
136,245 |
42,094 |
Total debt net of unamortized debt discount |
32,516 |
36,552 |
Other liabilities |
5,384 |
7,795 |
Total liabilities |
37,900 |
44,347 |
Total equity and liabilities |
174,145 |
86,441 |
|
|
|
Consolidated statement of changes in
equity:
(Expressed in thousands of U.S. Dollars) |
Issued share |
Share |
|
(Accumulated |
|
Total |
|
|
Capital |
Premium |
|
Deficit |
) |
Equity |
|
As at December 31, 2020 |
12 |
195,102 |
|
(153,020 |
) |
42,094 |
|
Total comprehensive income for the period |
- |
- |
|
4,787 |
|
4,787 |
|
Issuance of common shares |
60 |
89,520 |
|
- |
|
89,580 |
|
Issuance of new common shares due to exercise of Warrants |
10 |
15 |
|
- |
|
25 |
|
Issuance of Class B preferred shares |
- |
130 |
|
- |
|
130 |
|
Transaction costs on issue of new common shares |
- |
(401 |
) |
- |
|
(401 |
) |
Share-based payments |
- |
30 |
|
- |
|
30 |
|
As at September 30, 2021 |
82 |
284,396 |
|
(148,233 |
) |
136,245 |
|
Operational data
|
Three months endedSeptember 30, |
|
Nine months endedSeptember 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
Ownership days (1) |
|
717 |
|
|
460 |
|
|
1,825 |
|
|
1,370 |
|
Available days (2) |
|
712 |
|
|
460 |
|
|
1,790 |
|
|
1,327 |
|
Operating days (3) |
|
696 |
|
|
436 |
|
|
1,738 |
|
|
1,292 |
|
Fleet utilization (4) |
|
97.8% |
|
|
94.7% |
|
|
97.1% |
|
|
97.4% |
|
Average number of vessels (5) |
|
7.8 |
|
|
5.0 |
|
|
6.7 |
|
|
5.0 |
|
Daily time charter equivalent (TCE) rate (6) |
$17,057 |
|
$6,404 |
|
$13,325 |
|
$4,191 |
|
Daily operating expenses (7) |
$4,981 |
|
$4,391 |
|
$5,278 |
|
$4,422 |
|
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 GAAP. |
(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
(Expressed in thousands of
U.S. Dollars, except TCE rate) |
Three months endedSeptember 30, |
Nine months endedSeptember 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Voyage revenues |
|
12,677 |
|
3,183 |
|
24,673 |
|
7,772 |
Less: Voyage expenses |
|
534 |
|
237 |
|
828 |
|
2,212 |
Net
revenues |
|
12,143 |
|
2,946 |
|
23,845 |
|
5,560 |
Available days net of bareboat
charter days |
|
712 |
|
460 |
|
1,790 |
|
1,327 |
Daily TCE rate (1) |
$17,057 |
$6,404 |
$13,325 |
$4,191 |
(1) Subject to rounding.
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 nine dry bulk
vessels that transport iron ore, coal, grain, steel products,
cement, alumina and other dry bulk cargoes internationally. Globus’
subsidiaries own and operate nine vessels with a total carrying
capacity of 626,257 Dwt and a weighted average age of 10.1 years as
at November 30, 2021.
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 at 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 |
Globus Maritime (NASDAQ:GLBS)
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