GLYFADA,
- Revenue
$8.6 million in Q1 2023 compared to$18.4 million in Q1 2022
- Net income
$2.6 million in Q1 2023 compared to$12.1 million in Q1 2022
- Adjusted EBITDA
$1.3 million in Q1 2023 compared to$13.8 million in Q1 2022
- Time Charter Equivalent
$8,780 per day in Q1 2023 compared to$23,643 per day in Q1 2022
Current Fleet Profile
As of 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 |
2005 | Hudong-Zhonghua | Panamax | 74,432 | Marshall Is. | ||
2007 | Tsuneishi Cebu | Supramax | 58,790 | |||
2007 | Yangzhou Dayang | Supramax | 53,627 | Marshall Is. | ||
2009 | Taizhou Kouan | Supramax | 56,855 | Marshall Is. | ||
2010 | Taizhou Kouan | Supramax | 56,867 | 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. | ||
Weighted Average Age: 11.4 Years as at | 626,257 | |||||
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
“The market was generally weak during the first quarter of 2023 with some improvement in the beginning of the second quarter. Recently the market has weakened again, but our view on the dry bulk prospects remains positive in the medium and longer term. We believe that positions in the industry should be taken with a long-term view. Our optimism is primarily derived from the supply side of the dry bulk industry; with the order book being historically at relatively low levels, which coupled with the environmental regulations regarding emissions and fuel consumption could constrain the supply further. A lower supply of vessels that could result from a lower orderbook along with the required compliance of new regulations and environmental targets, should have a positive effect on the market, assuming there are no unforeseen demand shocks.
At present we are working with various financial institutions on exploring financing and refinancing transactions with better terms and conditions in order to expand and modernize our fleet.
We are always keen on accretive deals that would allow us not only to modernize our fleet and make it more efficient but also to maximize value for our shareholders.”
Recent Developments
Contract for new building vessels
On
On
Debt financing
In
Sale of vessel
On
Conflicts
The conflict between
Earnings Highlights
Three months ended | ||||||
(Expressed in thousands of | 2023 | 2022 | ||||
Revenue | 8,579 | 18,441 | ||||
Net income | 2,586 | 12,083 | ||||
Adjusted EBITDA (1) | 1,341 | 13,821 | ||||
Basic & diluted income per common share (2) | 0.13 | 0.59 | ||||
(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 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 2023 compared to the First Quarter of the Year 2022
Net income for the three-month period ended
Revenue
During the three-month period ended
Fleet Summary data
Three months ended | ||||||
2023 | 2022 | |||||
Ownership days (1) | 810 | 810 | ||||
Available days (2) | 783 | 810 | ||||
Operating days (3) | 777 | 798 | ||||
Fleet utilization (4) | 99.3 | % | 98.5 | % | ||
Average number of vessels (5) | 9.0 | 9.0 | ||||
Daily time charter equivalent (“TCE”) rate (6) | $ | 8,780 | $ | 23,643 | ||
Daily operating expenses (7) | $ | 5,579 | $ | 5,377 | ||
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 Consolidated Financial & Operating Data
Three months ended | ||||||
Consolidated Condensed Statements of Operations: | 2023 | 2022 | ||||
(In thousands of | (unaudited) | |||||
Revenue | 8,579 | 18,441 | ||||
Voyage and Operating vessel expenses | (6,133 | ) | (3,555 | ) | ||
General and administrative expenses | (1,114 | ) | (1,075 | ) | ||
Depreciation and amortization | (2,438 | ) | (2,355 | ) | ||
Reversal of Impairment | 4,400 | - | ||||
Other income, net | 9 | 10 | ||||
Interest expense and finance cost, net | (506 | ) | (350 | ) | ||
(Loss)/Gain on derivative financial instruments, net | (211 | ) | 967 | |||
Net income for the period | 2,586 | 12,083 | ||||
Basic & diluted income per share for the period (1) | 0.13 | 0.59 | ||||
Adjusted EBITDA (2) | 1,341 | 13,821 | ||||
(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 total comprehensive income and net cash generated from operating activities for the periods presented:
Three months ended | ||||||
(Expressed in thousands of | 2023 | 2022 | ||||
(Unaudited) | ||||||
Net income for the period | 2,586 | 12,083 | ||||
Interest expense and finance cost, net | 506 | 350 | ||||
Loss/(Gain) on derivative financial instruments, net | 211 | (967 | ) | |||
Depreciation and amortization | 2,438 | 2,355 | ||||
Reversal of Impairment loss | (4,400 | ) | - | |||
Adjusted EBITDA | 1,341 | 13,821 | ||||
Payment of deferred dry-docking costs | (3,946 | ) | (891 | ) | ||
Net decrease/(increase) in operating assets | 76 | (2,562 | ) | |||
Net decrease in operating liabilities | (46 | ) | (42 | ) | ||
Provision for staff retirement indemnities | 27 | (2 | ) | |||
Foreign exchange (losses)/ gains net, not attributed to cash and cash equivalents | (7 | ) | 3 | |||
Net cash (used in) / generated from operating activities | (2,555 | ) | 10,327 |
Three months ended | ||||||
(Expressed in thousands of | 2023 | 2022 | ||||
(Unaudited) | ||||||
Statement of cash flow data: | ||||||
Net cash (used in)/generated from operating activities | (2,555 | ) | 10,327 | |||
Net cash used in investing activities | (3,354 | ) | (15 | ) | ||
Net cash used in financing activities | (767 | ) | (2,248 | ) |
As at | As at | |||||
(Expressed in thousands of | 2023 | 2022 | ||||
(Unaudited) | ||||||
Consolidated Condensed Balance Sheet Data: | ||||||
Vessels and other fixed assets, net | 151,652 | 157,633 | ||||
Cash and cash equivalents (including restricted cash) | 50,554 | 58,801 | ||||
Other current and non-current assets | 21,958 | 9,024 | ||||
Total assets | 224,164 | 225,458 | ||||
Total equity | 173,284 | 170,698 | ||||
Total debt net of unamortized debt discount | 42,725 | 44,325 | ||||
Other liabilities | 8,155 | 10,435 | ||||
Total equity and liabilities | 224,164 | 225,458 | ||||
About
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 11.4 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 | |
Source:
2023 GlobeNewswire, Inc., source