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 year ended December 31, 2017.
- In 12M 2017, Total revenues
increased by about 60% compared to 12M 2016
- In Q4 2017, Total revenues
increased by almost 57% and loss decreased by about 48% compared to
Q4 2016
- In 12M 2017, Debt under
loan agreements was reduced by about 37% compared to 12M
2016
Financial Highlights
|
Three months ended |
|
|
Year ended |
|
December 31, |
|
|
December 31, |
(Expressed
in thousands of U.S dollars except for daily rates and per share
data) |
2017 |
|
2016 |
|
|
|
2017 |
|
2016 |
|
Total
revenues |
4,111 |
|
2,618 |
|
|
|
14,423 |
|
9,018 |
|
Adjusted
(LBITDA)/EBITDA (1) |
902 |
|
(594 |
) |
|
|
1,701 |
|
(3,466 |
) |
Total
comprehensive (loss)/income |
(1,277 |
) |
(2,450 |
) |
|
|
(6,475 |
) |
(9,825 |
) |
Basic
(loss)/earnings per share(2) |
(0.04 |
) |
(0.93 |
) |
|
|
(0.25 |
) |
(3.77 |
) |
Time
charter equivalent rate (TCE)(3) |
8,112 |
|
4,793 |
|
|
|
6,993 |
|
3,962 |
|
Average
operating expenses per vessel per day |
5,267 |
|
5,088 |
|
|
|
5,005 |
|
4,553 |
|
Average
number of vessels |
5.0 |
|
5.0 |
|
|
|
5.0 |
|
5.2 |
|
(1) Adjusted (LBITDA)/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
(LBITDA)/EBITDA to total comprehensive (loss) and net cash (used
in)/ generated from operating activities, which are the most
directly comparable financial measures calculated and presented in
accordance with the GAAP measures.
(2) The weighted average number of shares for the year ended
December 31, 2017 was 25,749,951 compared to 2,603,835 shares for
the year ended December 31, 2016. The weighted average number of
shares for the three month period ended December 31, 2017 was
30,503,159 compared to 2,627,674 shares for the three month period
ended December 31, 2016. The actual number of shares outstanding as
of December 31, 2017 was 31,630,419 and the basic loss per share
outstanding as of December 31, 2017 for the year ended December 31,
2017 was $0.20.
(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 of the
date of this press release, Globus’ subsidiaries own and operate
five dry bulk carriers, consisting of four Supramax and one
Panamax.
Vessel |
YearBuilt |
Yard |
Type |
Month/YearDelivered |
DWT |
|
|
Flag |
Moon Globe |
2005 |
Hudong-Zhonghua |
Panamax |
June 2011 |
74,432 |
|
|
Marshall Is. |
Sun Globe |
2007 |
Tsuneishi Cebu |
Supramax |
Sept 2011 |
58,790 |
|
|
Malta |
River Globe |
2007 |
Yangzhou Dayang |
Supramax |
Dec 2007 |
53,627 |
|
|
Marshall Is. |
Sky Globe |
2009 |
Taizhou Kouan |
Supramax |
May 2010 |
56,855 |
|
|
Marshall Is. |
Star Globe |
2010 |
Taizhou Kouan |
Supramax |
May 2010 |
56,867 |
|
|
Marshall Is. |
Weighted Average Age: 9.8 Years as of
December 31, 2017 |
|
300,571 |
|
|
|
|
|
|
|
|
|
Current Fleet Deployment
All our vessels are currently operating on short
term time charters (“on spot”).
Management Commentary
Athanasios Feidakis, President, Chief Executive
Officer and Chief Financial Officer of Globus Maritime Limited,
stated:
“We are happy to return to a positive EBITDA
territory in 2017! The market has been very challenging in the past
few years but finally there is a glimpse of hope. In 2017 we
took significant steps to reduce our debt and improve the quality
of our operations with satisfactory results.
“The general market opinion is positive and we
are pleased that it is moving out of the twilight zone.
“Current Charter rates are healthy and the
futures/FFA curves suggest further strengthening. Since we maintain
a versatile approach on the employment of our vessels, it is easy
for us to focus on taking advantage of the improved rate
market.
“We are optimistic in the continuous strength of
the world economy as well as the restrain in newbuilding orders,
and we consider both good omens for the medium term.
“Our strategy going forward is to employ
our ships on short-medium term contracts and enjoy rates above cash
breakeven.
“As the market returns to healthier levels we
will then start looking at fleet renewals within 2018.”
Management Discussion and Analysis of the
Results of Operations
Fourth quarter of the year 2017 compared
to the fourth quarter of the year 2016
Total comprehensive loss for the fourth quarter
of the year 2017 amounted to $1.3 million or $0.04 basic loss per
share based on 30,503,159 weighted average number of shares,
compared to total comprehensive loss of $2.5 million for the same
period last year or $0.93 basic loss per share based on 2,627,674
weighted average number of shares.
The following table corresponds to the breakdown
of the factors that led to the increase of total comprehensive loss
during the fourth quarter of 2017 compared to the corresponding
quarter in 2016 (expressed in $000’s):
4th Quarter of 2017 vs 4th Quarter of
2016
Net loss for the 4th
quarter of 2016 |
(2,450 |
) |
Increase
in Voyage revenues |
1,680 |
|
Decrease
in Management fee income |
(187 |
) |
Increase
in Voyage expenses |
(165 |
) |
Increase
in Vessels operating expenses |
(83 |
) |
Decrease
in Depreciation |
40 |
|
Increase
in Depreciation of dry docking costs |
(59 |
) |
Decrease
in Total administrative expenses |
259 |
|
Increase
in Other expenses, net |
(11 |
) |
Increase
in Interest expense and finance costs net, |
(124 |
) |
Increase
in Foreign exchange losses |
(177 |
) |
Net loss for the 4th
quarter of 2017 |
(1,277 |
) |
|
|
|
Voyage revenuesDuring the
three-month period ended December 31, 2017 and 2016, our revenue
reached $4.1 million and $2.4 million respectively. The 71%
increase in Voyage revenues was mainly attributed to the increase
in the average time charter rates achieved by our vessels during
the fourth quarter of 2017 compared to the same period in 2016.
Time Charter Equivalent rate (TCE) for the fourth quarter of 2017
amounted to $8,112 per vessel per day against $4,793 per vessel per
day during the same period in 2016 corresponding to an increase of
69%.
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, reached $2.4 million and $2.3 million during the three
month period ended December 31, 2017 and 2016, respectively. The
breakdown of our operating expenses for the quarters ended December
31, 2017 and 2016 was as follows:
|
2017 |
|
|
|
2016 |
|
|
Crew
expenses |
48% |
|
|
|
50% |
|
|
Repairs
and spares |
26% |
|
|
|
27% |
|
|
Insurance |
10% |
|
|
|
7% |
|
|
Stores |
10% |
|
|
|
8% |
|
|
Lubricants |
5% |
|
|
|
5% |
|
|
Other |
1% |
|
|
|
3% |
|
|
|
|
|
|
|
|
|
|
Average daily operating expenses during the
three-month periods ended December 31, 2017 and 2016 were $5,267
per vessel per day and $5,088 per vessel per day respectively,
corresponding to an increase of 4%.
Total administrative
expensesTotal administrative expenses decreased by $0.2
million or 47% to $0.3 million during the three month period ended
December 31, 2017 compared to $0.5 million during the same period
in 2016. The increased figure during the fourth quarter of 2016 is
mainly attributed to consulting and legal fees of the Company.
Year ended December 31, 2017 compared to
the year ended December 31, 2016
Total comprehensive loss for the year ended
December 31, 2017 amounted to $6.5 million or $0.25 basic loss per
share based on 25,749,951 weighted average number of shares,
compared to total comprehensive loss of $9.8 million for the same
period last year or $3.77 basic loss per share based on 2,603,835
weighted average number of shares.
The following table corresponds to the breakdown
of the factors that led to the total comprehensive loss for the
year ended December 31, 2017 compared to the total comprehensive
loss ended December 31, 2016 (expressed in $000’s):
Year end of 2017 vs Year end of
2016
Net loss for the year 2016 |
(9,825 |
) |
Increase
in Voyage revenues |
5,652 |
|
Decrease
in Management fee income |
(247 |
) |
Increase
in Voyage expenses |
(621 |
) |
Increase
in Vessels operating expenses |
(447 |
) |
Decrease
in Depreciation |
160 |
|
Decrease
in Depreciation of dry docking costs |
143 |
|
Decrease
in Total administrative expenses |
717 |
|
Decrease
in Gain from sale of subsidiary |
(2,257 |
) |
Decrease
in Other expenses, net |
113 |
|
Decrease
in interest income |
(2 |
) |
Decrease
in Interest expense and finance costs |
455 |
|
Increase
in Foreign exchange losses |
(316 |
) |
Net loss for the year 2017 |
(6,475 |
) |
|
|
|
Voyage revenuesDuring the year
ended December 31, 2017 and 2016, our Voyage revenue reached $14.4
million and $8.7 million respectively. The 66% increase in revenue
was mainly attributed to the increase in the average time charter
rates achieved by our vessels during the year ended December 31,
2017 compared to the same period in 2016. Time Charter Equivalent
rate (TCE) for the year 2017 amounted to $6,993 per vessel per day
against $3,962 per vessel per day during the year 2016
corresponding to an increase of 77%.
Voyage expenses Voyage expenses
reached $1.9 million during the year ended December 31, 2017
compared to $1.3 million during the year 2016. Voyage expenses
include commissions on revenue, 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 year 2017 and 2016 are
analyzed as follows:
In
$000’s |
2017 |
2016 |
Commissions |
781 |
468 |
Bunkers
expenses |
968 |
593 |
Other
voyage expenses |
143 |
210 |
Total |
1,892 |
1,271 |
|
|
|
Vessel operating expensesVessel
operating expenses, which include crew costs, provisions, deck and
engine stores, lubricating oils, insurance, maintenance, and
repairs, reached $9.1 million during the year ended December 31,
2017 compared to $8.7 million during the year 2016. The breakdown
of our operating expenses for the year ended December 31, 2017 and
2016 was as follows:
|
2017 |
|
|
2016 |
|
Crew
expenses |
51% |
|
|
56% |
|
Repairs
and spares |
24% |
|
|
20% |
|
Insurance |
8% |
|
|
9% |
|
Stores |
9% |
|
|
7% |
|
Lubricants |
5% |
|
|
5% |
|
Other |
3% |
|
|
3% |
|
|
|
|
|
|
|
Average daily operating expenses during the year
ended December 31, 2017 and 2016 were $5,005 per vessel per day and
$4,553 per vessel per day respectively, corresponding to an
increase of
10%.
Gain from sale of subsidiaryIn March 2016, the
Company entered into an agreement with Commerzbank to sell the
shares of Kelty Marine Ltd., to an unaffiliated third party and
apply the total net proceeds from the sale towards the respective
loan facility. Based on certain financial conditions agreed
to beforehand with the Bank this resulted in the remaining
principal amount of the loan to be written off. The financial
effect from the sale of Kelty Marine Ltd. resulted to a gain of
$2.3 million.
Interest expense and finance
costsInterest expense and finance costs reached $2.2
million during the year ended December 31, 2017 compared to $2.7
million during the year 2016. The decrease is mainly attributed to
the conversion of $20 million of outstanding principal of two loans
to 20 million shares, as described in the Share and Warrant
Purchase Agreement that we entered on February 8, 2017. The
weighted average interest rate on our debt outstanding during the
year ended December 31, 2017 reached 3.8% compared to 3.5% during
the year 2016. Our debt outstanding for the year ended 2017 was
$41.7 million compared to $65.8 million for the year ended 2016.
Interest expense and finance costs for the year 2017 and 2016 are
analyzed as follows:
In
$000’s |
2017 |
2016 |
Interest
payable on long-term borrowings |
1,778 |
2,430 |
Bank
charges |
34 |
33 |
Amortization of debt discount |
84 |
128 |
Other
finance expenses |
325 |
85 |
Total |
2,221 |
2,676 |
|
|
|
Liquidity and capital
resourcesAs of December 31, 2017 and 2016, our cash and
bank balances and bank deposits were $2.8 million and $0.2 million
respectively.
Net cash provided by operating
activities for the year ended December 31, 2017 was $0.6
million compared to net cash used in operating activities of $3.6
million during the year 2016. The $4.2 million increase in our cash
from operations was mainly attributed to the $5.2 million increase
in our adjusted EBITDA from $3.5 million adjusted LBITDA during the
year 2016 to adjusted EBITDA of $1.7 million during the year under
consideration.
Net cash generated from/(used in)
financing activities during the three-month and
twelve-month periods ended December 31, 2017 and 2016 were as
follows:
|
Three months endedDecember
31, |
|
Year endedDecember 31, |
|
In
$000’s |
2017 |
|
2016 |
|
|
2017 |
|
2016 |
|
|
|
|
|
|
Proceeds
from issuance of share capital |
3,842 |
|
- |
|
|
9,653 |
|
- |
|
Net
proceeds/(repayment) from shareholders loan Firment & Silaner
Credit Facilities |
(280 |
) |
647 |
|
|
280 |
|
5,950 |
|
Repayment of long term debt |
- |
|
- |
|
|
(4,399 |
) |
(3,100 |
) |
Restricted cash |
- |
|
(210 |
) |
|
- |
|
290 |
|
Dividends paid on preferred shares |
- |
|
- |
|
|
- |
|
(14 |
) |
Interest
paid |
(986 |
) |
(514 |
) |
|
(3 ,309 |
) |
(1,730 |
) |
Net cash generated from/(used in) financing
activities |
2,576 |
|
(77 |
) |
|
2,225 |
|
1,396 |
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2017, we and our
vessel-owning subsidiaries had outstanding borrowings under our
Loan agreement with DVB Bank SE and HSH Nordbank AG of an aggregate
of $41.7 million compared to $65.8 million as of December 31, 2016,
gross of unamortized debt discount.
Amended agreements with the
banksIn June and July 2017 the Company agreed the
restructure of its loan agreements with DVB Bank SE and HSH
Nordbank AG, respectively. By these agreements the Company was
successful in achieving waivers and relaxations on its loan
covenants as well as deferring instalment loan payments due in
2017.
Share and warrant purchase
agreement As previously reported, the Company on February
8, 2017 entered into a Share and Warrant Purchase Agreement
pursuant to which it sold for $5 million an aggregate of 5 million
of its common shares, par value $0.004 per share and warrants to
purchase 25 million of its common shares at a price of $1.60 per
share to a number of investors in a private placement. These
securities were issued in transactions exempt from registration
under the Securities Act. On February 9, 2017, the Company entered
into a registration rights agreement with those purchasers
providing them with certain rights relating to registration under
the Securities Act of the Shares and the common shares underlying
the Warrants.
In connection with the closing of the February
2017 private placement, the Company also entered into two loan
amendment agreements with existing lenders.
One loan amendment agreement was entered into by
the Company with Firment Trading Limited (“Firment”), an affiliate
of the Company’s chairman, and the lender of the Firment Credit
Facility, which then had an outstanding principal amount of $18.5
million. Firment released an amount equal to $16.9 million (but
left an amount equal to $1.6 million outstanding, which continued
to accrue interest under the Firment Credit Facility as though it
were principal) of the Firment Credit Facility and the Company
issued to Firment Shipping Inc., an affiliate of Firment,
16,885,000 common shares and a warrant to purchase 6,230,580 common
shares at a price of $1.60 per share. Subsequent to the closing of
the February 2017 private placement, Globus repaid the outstanding
amount on the Firment Credit Facility in its entirety. The
Firment Credit Facility expired on April 12, 2017.
The other loan amendment agreement was entered
into by the Company with Silaner Investments Limited (“Silaner”),
an affiliate of the Company’s chairman, and the lender of the
Silaner Credit Facility. Silaner released an amount equal to the
outstanding principal of $3.1 million (but left an amount equal to
$0.1 million outstanding, which continued to accrue interest under
the Silaner Credit Facility as though it were principal) of the
Silaner Credit Facility and the Company issued to Firment Shipping
Inc., an affiliate of Silaner, 3,115,000 common shares and a
warrant to purchase 1,149,437 common shares at a price of $1.60 per
share. Subsequent to the closing of the February 2017 private
placement, Globus repaid the outstanding amount on the Silaner
Credit Facility in its entirety. The Silaner Credit Facility
expired on January 12, 2018.
Each of the above mentioned warrants are
exercisable for 24 months after their respective issuance. Under
the terms of the warrants, all warrant holders (other than Firment
Shipping Inc., which has no such restriction in its warrants) may
not exercise their warrants to the extent such exercise would cause
such warrant holder, together with its affiliates and attribution
parties, to beneficially own a number of common shares which would
exceed 4.99% (which may be increased, but not to exceed 9.99%) of
the Company’s then outstanding common shares immediately following
such exercise, excluding for purposes of such determination common
shares issuable upon exercise of the warrants which have not been
exercised. This provision does not limit a warrant holder from
acquiring up to 4.99% of the Company’s common shares, selling all
of their common shares, and re-acquiring up to 4.99% of the
Company’s common shares.
On October 19, 2017, the Company entered into a
Share and Warrant Purchase Agreement (the “October 2017 SPA”)
pursuant to which it sold for $2.5 million an aggregate of 2.5
million of its common shares, par value $0.004 per share and a
warrant (the “October 2017 Warrant”) to purchase 12.5 million of
its common shares at a price of $1.60 per share to an investor in a
private placement (the “October 2017 Private Placement”). These
securities were issued in transactions exempt from registration
under the Securities Act of 1933, as amended. On that day, Company
also entered into a registration rights agreement with the
purchaser providing it with certain rights relating to registration
under the Securities Act of the 2.5 million common shares issued in
connection with the October 2017 Private Placement and the common
shares underlying the October 2017 Warrant.
Under the terms of the October 2017 Warrant, the
purchaser may not exercise its warrant to the extent such exercise
would cause the purchaser, together with its affiliates and
attribution parties, to beneficially own a number of common shares
which would exceed 4.99% (which may be increased upon no less than
61 days’ notice, but not to exceed 9.99%) of Globus’s then
outstanding common shares immediately following such exercise,
excluding for purposes of such determination common shares issuable
upon exercise of the October 2017 Warrant which have not been
exercised. This provision does not limit the purchaser from
acquiring up to 4.99% of our common shares, selling all of its
common shares, and re-acquiring up to 4.99% of our common
shares.
The October 2017 Warrant contains a provision
whereby its holder has the right to a cashless exercise if, six
months after its issuance, a registration statement covering their
resale is not effective. If for any reason the Company is unable to
keep such a registration statement active and its share price is
higher than the $1.60 exercise price, the Company could be required
to issue shares without receiving cash consideration. The October
2017 Warrant is exercisable for 24 months after its issuance. A
registration statement covering this transaction was filed with the
U.S. Securities and Exchange Commission and became effective on
February 8, 2018.
As of December 31, 2017, in connection with the
October 2017 SPA, the October 2017 Warrant was outstanding and
exercisable for an aggregate of 12,500,000 common shares.
CONSOLIDATED FINANCIAL & OPERATING
DATA
|
Three months ended |
|
|
|
Year ended |
|
|
December 31, |
|
|
|
December31, |
|
|
2017 |
|
2016 |
|
|
|
2017 |
|
2016 |
|
(in
thousands of U.S. dollars, except per share data) |
(unaudited) |
(unaudited) |
Statement of comprehensive income data: |
|
|
|
|
|
|
|
|
|
Voyage revenues |
4,111 |
|
2,431 |
|
14,392 |
|
8,740 |
|
Management fee
income |
- |
|
187 |
|
31 |
|
278 |
|
Total
Revenues |
4,111 |
|
2,618 |
|
14,423 |
|
9,018 |
|
|
|
|
|
|
Voyage expenses |
(501 |
) |
(336 |
) |
(1,892 |
) |
(1,271 |
) |
Vessel operating
expenses |
(2,423 |
) |
(2,340 |
) |
(9,135 |
) |
(8,688 |
) |
Depreciation |
(1,195 |
) |
(1,235 |
) |
(4,854 |
) |
(5,014 |
) |
Depreciation of dry
docking costs |
(280 |
) |
(221 |
) |
(862 |
) |
(1,005 |
) |
Administrative
expenses |
(80 |
) |
(420 |
) |
(1,224 |
) |
(2,094 |
) |
Administrative expenses
payable to related parties |
(189 |
) |
(108 |
) |
(514 |
) |
(351 |
) |
Share-based
payments |
(12 |
) |
(5 |
) |
(40 |
) |
(50 |
) |
Gain from sale of
subsidiary |
- |
|
- |
|
- |
|
2,257 |
|
Other expenses,
net |
(7 |
) |
(3 |
) |
83 |
|
(30 |
) |
Operating loss
before financing activities |
(576 |
) |
(2,050 |
) |
(4,015 |
) |
(7,228 |
) |
Interest income |
3 |
|
- |
|
3 |
|
5 |
|
Interest expense and
finance costs |
(636 |
) |
(509 |
) |
(2,221 |
) |
(2,676 |
) |
Foreign exchange
(losses)/gains, net |
(68 |
) |
109 |
|
(242 |
) |
74 |
|
Total finance
costs, net |
(701 |
) |
(400 |
) |
(2,460 |
) |
(2,597 |
) |
Total
comprehensive loss for the period |
(1,277 |
) |
(2,450 |
) |
(6,475 |
) |
(9,825 |
) |
|
|
|
|
|
Basic
& diluted (loss)/earnings per share for the period |
(0.04 |
) |
(0.93 |
) |
(0.25 |
) |
(3.77 |
) |
Adjusted (LBITDA)/EBITDA (1) |
902 |
|
(594 |
) |
1,701 |
|
(3,466 |
) |
|
|
|
|
|
|
|
|
|
(1) Adjusted (LBITDA)/EBITDA represents net
(loss)/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 (LBITDA)/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 (LBITDA)/EBITDA may not be
comparable to that reported by other companies. Adjusted
(LBITDA)/EBITDA is not a recognized measurement under IFRS.
Adjusted (LBITDA)/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 (LBITDA)/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 (LBITDA)/EBITDA does not reflect our cash expenditures
or future requirements for capital expenditures or contractual
commitments;
- Adjusted (LBITDA)/EBITDA does not reflect the interest expense
or the cash requirements necessary to service interest or principal
payments on our debt;
- Adjusted (LBITDA)/EBITDA does not reflect changes in or cash
requirements for our working capital needs; and
- Other companies in our industry may calculate Adjusted
(LBITDA)/EBITDA differently than we do, limiting its usefulness as
a comparative measure.
Because of these limitations, Adjusted
(LBITDA)/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 (LBITDA)/EBITDA to total comprehensive
(loss) and net cash (used in)/ generated from operating activities
for the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
|
Year ended |
|
|
December
31, |
|
|
December 31, |
|
(Expressed in thousands of U.S. dollars) |
2017 |
|
|
2016 |
|
|
2017 |
|
2016 |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive (loss)/income for the period |
(1,277 |
) |
|
(2,450 |
) |
|
(6,475 |
) |
(9,825 |
) |
Interest and finance
costs, net |
636 |
|
|
509 |
|
|
2,218 |
|
2,671 |
|
Foreign exchange gains
net, |
71 |
|
|
(109 |
) |
|
242 |
|
(74 |
) |
Depreciation |
1,195 |
|
|
1,235 |
|
|
4,854 |
|
5,014 |
|
Depreciation of dry
docking costs |
280 |
|
|
221 |
|
|
862 |
|
1,005 |
|
Gain from sale of
subsidiary |
- |
|
|
- |
|
|
- |
|
(2,257 |
) |
Adjusted
(LBITDA)/EBITDA |
902 |
|
|
(594 |
) |
|
1,701 |
|
(3,466 |
) |
Share-based
payments |
2 |
|
|
5 |
|
|
30 |
|
50 |
|
Payment of deferred dry
docking costs |
273 |
|
|
(482 |
) |
|
(412 |
) |
(478 |
) |
Net (increase)/decrease
in operating assets |
199 |
|
|
(133 |
) |
|
512 |
|
(663 |
) |
Net (decrease)/increase
in operating liabilities |
(1,851 |
) |
|
1,013 |
|
|
(1,143 |
) |
936 |
|
Provision for staff
retirement indemnities |
1 |
|
|
- |
|
|
4 |
|
5 |
|
Foreign exchange gains
net, not attributed to cash & cash equivalents |
470 |
|
|
144 |
|
|
(61 |
) |
16 |
|
Net cash (used
in)/ generated from operating
activities |
(4 |
) |
|
(47 |
) |
|
631 |
|
(3,600 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Year ended |
|
|
December
31, |
|
|
December
31, |
|
(Expressed in thousands
of U.S. dollars) |
2017 |
|
|
2016 |
|
|
2017 |
|
2016 |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Statement of
cash flow data: |
|
|
|
|
|
|
|
|
|
|
Net cash (used
in)/generated from operating activities |
(4 |
) |
|
(47 |
) |
|
631 |
|
(3,600 |
) |
Net cash (used
in)/generated from investing activities |
(36 |
) |
|
(6 |
) |
|
(263 |
) |
362 |
|
Net cash generated
from/(used in) financing activities |
2,576 |
|
|
(77 |
) |
|
2,225 |
|
1,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
As of December 31, |
(Expressed in thousands of U.S. Dollars) |
2017 |
|
|
2016 |
|
(Unaudited) |
Consolidated condensed statement of financial
position: |
|
|
|
|
Vessels, net |
87,320 |
|
|
91,792 |
Other
non-current assets |
53 |
|
|
55 |
Total non-current assets |
87,373 |
|
|
91,847 |
Cash
and bank balances and bank deposits |
2,756 |
|
|
163 |
Other
current assets |
1,474 |
|
|
1,986 |
Total current assets |
4,230 |
|
|
2,149 |
Total assets |
91,603 |
|
|
93,996 |
Total equity |
43,968 |
|
|
20,760 |
Total
debt net of unamortized debt discount |
41,538 |
|
|
65,572 |
Other
liabilities |
6,097 |
|
|
7,664 |
Total
liabilities |
47,635 |
|
|
73,236 |
Total equity and liabilities |
91,603 |
|
|
93,996 |
|
|
|
|
|
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, 2016 |
10 |
110,004 |
(89,254 |
) |
20,760 |
|
Loss
for the period |
- |
- |
(6,475 |
) |
(6,475 |
) |
Issuance of common stock (1) |
110 |
27,172 |
- |
|
27,282 |
|
Issuance of common stock due to exercise of warrants (2) |
6 |
2,365 |
- |
|
2,371 |
|
Share-based payments |
- |
30 |
- |
|
30 |
|
As at December 31,
2017 |
126 |
139,571 |
(95,729 |
) |
43,968 |
|
(1) For more details see section titled “Share
and warrant purchase agreement”.(2) Pursuant to the “Share and
warrant purchase agreement”, warrants to buy 1,481,808 common
shares were exercised during 2017.
|
|
|
|
|
|
|
|
|
|
|
Three months endedDecember 31, |
|
Year endedDecember 31, |
|
|
2017 |
|
2016 |
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
Ownership days (1) |
460 |
|
460 |
|
|
1,825 |
|
1,908 |
|
Available days (2) |
445 |
|
437 |
|
|
1,787 |
|
1,885 |
|
Operating days (3) |
435 |
|
426 |
|
|
1,745 |
|
1,830 |
|
Fleet
utilization (4) |
97.8 |
% |
97.5 |
% |
|
97.6 |
% |
97.1 |
% |
Average number of vessels (5) |
5.0 |
|
5.0 |
|
|
5.0 |
|
5.2 |
|
Daily
time charter equivalent (TCE) rate (6) |
8,112 |
|
4,793 |
|
|
6,993 |
|
3,962 |
|
Daily
operating expenses (7) |
5,267 |
|
5,088 |
|
|
5,005 |
|
4,553 |
|
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 excluding bareboat charter
days, 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 excluding bareboat charter
days.
Voyage Revenues to Daily Time Charter
Equivalent (“TCE”) Reconciliation
|
|
|
|
|
|
Three months endedDecember 31, |
Year endedDecember 31, |
|
2017 |
2016 |
2017 |
2016 |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Voyage revenues |
4,111 |
2,431 |
14,392 |
8,740 |
Less: Voyage
expenses |
501 |
336 |
1,892 |
1,271 |
Net revenue excluding
bareboat charter revenue |
3,610 |
2,095 |
12,500 |
7,469 |
Available days net of
bareboat charter days |
445 |
437 |
1,787 |
1,885 |
Daily TCE rate |
8,112 |
4,793 |
6,993 |
3,962 |
|
|
|
|
|
About Globus Maritime
LimitedGlobus is an integrated dry bulk shipping company
that provides marine transportation services worldwide and
presently owns, operates and manages a fleet of five 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 300,571 Dwt and a weighted average age of 9.8 years as
of December 31, 2017.
Safe Harbor StatementThis
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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