Globus Maritime Limited, a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the quarter ended March 31, 2017.

In Q1 2017, Revenues increased by about 50% compared to Q1 2016

In Q1 2017, Debt under loan agreements was reduced by about 30% compared to Q1 2016

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:

“The dry bulk shipping market started the year (2017) weak but gradually improved during the first quarter and especially towards the end of the quarter. We remain vigilant, operating in the spot market but getting longer term cover for our vessels when we see good opportunities. 2016 proved to be a very challenging year, the industry experienced multiyear market lows but we remain cautiously optimistic for the future as the world economy stabilizes and grows.

“In Q1 2017, we took further steps to improve our balance sheet in order to position us better for the future and shield us from any near term market volatility.

“After working closely with our banks, we have managed to get some payment and waiver relaxations for 2017 and part of 2018.

“The market started to soften recently but the signals we get for the market encourage us to remain cautiously optimistic.

“The fleet operated well in Q1 with no major technical or operational challenges.”

Management Discussion and Analysis of the Results of Operations

First Quarter of the Year 2017 compared to the First Quarter of the Year 2016

Total comprehensive loss for the first quarter of the year 2017 amounted to $2.3 million or $0.14 basic loss per share based on 17,017,133 weighted average number of shares, compared to total comprehensive loss of $1.7 million for the same period last year or $0.65 basic loss per share based on 2,582,927 weighted average number of shares. The actual number of shares outstanding as of March 31, 2017 was 27,630,273 and the basic loss per share outstanding as of March 31, 2017 was $0.08.

Voyage revenues

During the three-month period ended March 31, 2017 and 2016, our Voyage revenues reached $2.7 million and $1.8 million respectively. The 50% increase in Voyage revenues was mainly attributed to the increase in the average time charter rates achieved by our vessels during the first quarter of 2017 compared to the same period in 2016. Daily Time Charter Equivalent rate (TCE) for the first quarter of 2017 was $5,079 per vessel per day versus $2,211 per vessel per day during the same period in 2016 corresponding to an increase of 130%.

Source: Globus Maritime Limited