GLYFADA,
- Revenue
$7.7 million in Q1 2024 compared to$8.6 million in Q1 2023
- Adjusted EBITDA
$2 million in Q1 2024 compared to$1.3 million in Q1 2023
- Time Charter Equivalent
$11,862 per day in Q1 2024 compared to$8,780 per day in Q1 2023
Current Fleet Profile
As of the date of this press release, Globus’ subsidiaries own and operate seven dry bulk carriers, consisting of one Supramax, one Panamax, four Kamsarmax and one Ultramax.
Vessel | Year Built | Yard | Type | Month/Year Delivered | DWT | Flag |
2005 | Hudong-Zhonghua | Panamax | 74,432 | Marshall Is. | ||
2007 | Yangzhou Dayang | Supramax | 53,627 | Marshall Is. | ||
2015 | Hudong-Zhonghua | Kamsarmax | 81,167 | Marshall Is. | ||
2018 | Kamsarmax | 82,027 | Marshall Is. | |||
2011 | Kamsarmax | 80,655 | Marshall Is. | |||
2015 | Tsuneishi Zosen | Kamsarmax | 81,837 | Marshall Is. | ||
GLBS Hero | 2024 | Ultramax | 63,742 | Marshall Is. | ||
Weighted Average Age: 10 Years as at | 517,487 |
Current Fleet Deployment
All our vessels are currently operating on short-term time charters, we generally consider as spot charters, the charters that are below one year in duration and/or are chartered on index linked basis (“on spot”).
Management Commentary
“Our first quarter in 2024 marked a significant milestone for our company with the delivery of our first new building, m/v GLBS Hero, an Ultramax fuel-efficient vessel. After a smooth delivery process in
Furthermore, we are very excited for the upcoming delivery of our new fuel-efficient new buildings scheduled to join our fleet later in the year. We remain committed to renewing our fleet with only fuel-efficient modern vessels; an effort that began a few years ago and is now bearing fruit and has transformed the profile of our fleet.
During the first quarter the charter market gradually rose to healthy levels, and based on that we hope the market rises to a level that can come to be generally perceived as seasonally stronger in the second, third and fourth quarters.
The Company enjoys a healthy balance sheet which enables us to continue looking for ways to modernize and expand the fleet.
We believe that the steps we are taking to expand the fleet with fuel-efficient vessels of very good quality, will provide longevity to the fleet, good customer relations and retention as well as build up solid value and strength in our presence amongst others in the sector.
We remain committed in exploring ways of increasing shareholder value.”
Recent Developments
Delivery of new building vessel
On
Debt financing & Financial Liability
On
On
Sale of vessel
On
Earnings Highlights
Three months ended | |||
(Expressed in thousands of | 2024 | 2023 | |
Revenue | 7,713 | 8,579 | |
Net (loss)/income | (299) | 2,586 | |
Adjusted EBITDA (1) | 2,008 | 1,341 | |
Basic & diluted (loss)/income per common share (2) | (0.01) | 0.13 | |
(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 common shares for the three-month period ended
First Quarter of the Year 2024 compared to the First Quarter of the Year 2023
Net loss for the three-month period ended
Revenue
During the three-month period ended
Fleet Summary data
Three months ended | |||||||
2024 | 2023 | ||||||
Ownership days (1) | 613 | 810 | |||||
Available days (2) | 613 | 783 | |||||
Operating days (3) | 604 | 777 | |||||
Fleet utilization (4) | 98.5% | 99.3% | |||||
Average number of vessels (5) | 6.7 | 9.0 | |||||
Daily time charter equivalent (“TCE”) rate (6) | |||||||
Daily operating expenses (7) |
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 GAAP.
(7) We calculate daily vessel operating expenses by dividing vessel operating expenses by ownership days for the relevant time period.
Selected
Three months ended | |||||
Consolidated Condensed Statements of Operations: | 2024 | 2023 | |||
(In thousands of | (unaudited) | ||||
Total Revenue | 7,713 | 8,579 | |||
Voyage and Operating vessel expenses | (3,480) | (6,133) | |||
General and administrative expenses | (2,232) | (1,114) | |||
Depreciation and amortization | (2,255) | (2,438) | |||
Reversal of Impairment | - | 4,400 | |||
Other income, net | 7 | 9 | |||
Interest expense and finance cost, net | (464) | (506) | |||
Gain/(Loss) on derivative financial instruments, net | 412 | (211) | |||
Net (loss)/income for the period | (299) | 2,586 | |||
Basic & diluted (loss)/income per share for the period (1) | (0.01) | 0.13 | |||
Adjusted EBITDA (2) | 2,008 | 1,341 |
(1) The weighted average number of shares for the three-month period ended
(2) 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 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 net (loss)/ income and net cash generated from operating activities for the periods presented:
Three months ended | ||||
(Expressed in thousands of | 2024 | 2023 | ||
(Unaudited) | ||||
Total Net (loss)/income for the period | (299) | 2,586 | ||
Interest expense and finance cost, net | 464 | 506 | ||
Loss/(Gain) on derivative financial instruments, net | (412) | 211 | ||
Depreciation and amortization | 2,255 | 2,438 | ||
Reversal of Impairment loss | - | (4,400) | ||
Adjusted EBITDA | 2,008 | 1,341 | ||
Payment of deferred dry-docking costs | (527) | (3,946) | ||
Net (increase)/decrease in operating assets | (1,257) | 76 | ||
Net increase/(decrease) in operating liabilities | 1,202 | (46) | ||
Provision for staff retirement indemnities | 67 | 27 | ||
Foreign exchange (losses)/ gains net, not attributed to cash and cash equivalents | - | (7) | ||
Net cash generated from/(used in) operating activities | 1,493 | (2,555) |
Three months ended | ||||
(Expressed in thousands of | 2024 | 2023 | ||
(Unaudited) | ||||
Statement of cash flow data: | ||||
Net cash generated from/(used in) operating activities | 1,493 | (2,555) | ||
Net cash used in investing activities | (19,123) | (3,354) | ||
Net cash generated from/(used in) financing activities | 116 | (767) |
As at | As at | |
(Expressed in thousands of | 2024 | 2023 |
(Unaudited) | ||
Consolidated Condensed Balance Sheet Data: | ||
Vessels and Advances for vessel purchase, net | 165,514 | 147,803 |
Cash and cash equivalents (including restricted cash) | 60,615 | 77,822 |
Other current and non-current assets | 7,100 | 5,776 |
Total assets | 233,229 | 231,401 |
Total equity | 175,671 | 175,970 |
Total debt & Finance liabilities, net of unamortized debt discount | 53,534 | 52,259 |
Other liabilities | 4,024 | 3,172 |
Total equity and liabilities | 233,229 | 231,401 |
About
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 517,487 Dwt and a weighted average age of 10 years as at
Safe Harbor Statement
This communication contains “forward-looking statements” as defined under
For further information please contact:
+30 210 960 8300 a.g.feidakis@globusmaritime.gr | |
Capital Link – | +1 212 661 7566 globus@capitallink.com |
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2024 GlobeNewswire, Inc., source