GLYFADA,
- Revenue
$7.7 million in Q3 2023$24.1 million in 9M 2023
- Net income
$3.5 million net income in Q3 2023$4.9 million net income in 9M 2023
- Adjusted EBITDA
$2.0 million in Q3 2023$4.2 million in 9M 2023
- Time Charter Equivalent
$9,994 per day in Q3 2023$8,979 per day in 9M 2023
Current Fleet Profile
As of the date of this press release, Globus’ subsidiaries own and operate six dry bulk carriers, consisting of one 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 | 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. | ||
Weighted Average Age: 10.9 Years as at | 453,745 | |||||
Current Fleet Deployment
All our vessels are currently operating on short-term time charters (“on spot”).
Management Commentary
“During the third quarter we saw a weak market in the first half but significantly stronger in comparison to the second half. Seasonal factors as well as geopolitical ones played a role in the movement of the market. We are pleased that today it stands at a much healthier level, and we hope the upward trend continues.
As the supply and demand fundamentals remain constant, we expect the market to improve gradually going forward. We still prefer to maintain our spot exposure on the hiring of the fleet and continue to take full advantage of any potential market upswings; by employing our vessels with short period TC’s and even longer periods of employment we undertake in their majority exposure to the spot market through index-linked rates.
This is an exciting time for the Company as we are looking forward to the delivery of the first of our new building vessels in January of 2024. We are confident that the high quality of these vessels will be appreciated by a healthy market and that they will enjoy decent employment. The company is always looking for ways to expand its fleet, especially focusing on modern or ‘eco’ vessels taking into account current as well as historical market conditions.
On the financing side we keep seeking deals that will fit the fleet’s and Company’s profile as well as its plans for careful expansion; Our priority is to ensure the health of the Company by maintaining a conservative approach but at the same time without sacrificing our presence in the market. We are working on expanding our current relationships with financiers worldwide.
We remain relentless in our focus to maximize shareholder value without hurting the Company’s long-term ability to grow.”
Recent Developments
Contract for new building vessels
On
Debt financing
In
The Company, through a wholly owned subsidiary
Sale of vessel
On
On
On
Policy for the Recovery of Erroneously Awarded Compensation
Clawback Policy. On
The Clawback Policy provides for the mandatory recovery of erroneously awarded incentive-based compensation from current and former executive officers as defined in Rule 10D-1 (“Covered Officers”) of the Company in the event that the Company is required to prepare an accounting restatement, in accordance with the Final Clawback Rules. The recovery of such compensation applies regardless of whether a Covered Officer engaged in misconduct or otherwise caused or contributed to the requirement of an accounting restatement. Under the Clawback Policy, the Board of Directors may recoup from the Covered Officers erroneously awarded incentive compensation received within a lookback period of the three completed fiscal years preceding the date on which the Company is required to prepare an accounting restatement.
Conflicts
The conflict between
Earnings Highlights
Three months ended | Nine months ended | |||
(Expressed in thousands of | 2023 | 2022 | 2023 | 2022 |
Revenue | 7,681 | 15,867 | 24,095 | 53,450 |
Net income | 3,469 | 4,335 | 4,894 | 27,433 |
Adjusted EBITDA (1) | 1,997 | 6,350 | 4,245 | 33,752 |
Basic & diluted earnings per share (2) | 0.17 | 0.21 | 0.24 | 1.33 |
(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 shares for the nine-month period ended
Third quarter of the year 2023 compared to the third quarter of the year 2022
Net income for the third quarter of the year 2023 amounted to
Revenue
During the three-month period ended
First nine months of the year 2023 compared to the first nine months of the year 2022
Net income for the nine-month period ended
Revenue
During the nine-month period ended
Fleet Summary data
Three months ended | Nine months ended | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Ownership days (1) | 695 | 828 | 2,298 | 2,457 | ||||||||
Available days (2) | 695 | 785 | 2,225 | 2,414 | ||||||||
Operating days (3) | 674 | 772 | 2,181 | 2,379 | ||||||||
Fleet utilization (4) | 97 | % | 98.4 | % | 98 | % | 98.6 | % | ||||
Average number of vessels (5) | 7.6 | 9.0 | 8.4 | 9.0 | ||||||||
Daily time charter equivalent (TCE) rate (6) | $ | 9,994 | $ | 15,865 | $ | 8,979 | $ | 20,840 | ||||
Daily operating expenses (7) | $ | 5,640 | $ | 5,760 | $ | 5,557 | $ | 5,397 |
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 IFRS.
(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 | Nine months ended | |||||||
2023 | 2022 | 2023 | 2022 | |||||
(In thousands of | (unaudited) | (unaudited) | ||||||
Consolidated Condensed Statements of Operations: | ||||||||
Revenue | 7,681 | 15,867 | 24,095 | 53,450 | ||||
Voyage and Operating vessel expenses | (4,563 | ) | (8,091 | ) | (16,611 | ) | (16,130 | ) |
General and administrative expenses | (1,111 | ) | (1,085 | ) | (3,223 | ) | (3,226 | ) |
Depreciation and amortization | (2,199 | ) | (2,659 | ) | (6,966 | ) | (7,538 | ) |
Reversal of Impairment | - | - | 4,400 | - | ||||
Other (expenses)/income & gain from sale of vessel, net | 3,795 | (341 | ) | 3,860 | (342 | ) | ||
Interest expense and finance cost, net | (433 | ) | (542 | ) | (1,442 | ) | (1,237 | ) |
Gain on derivative financial instruments, net | 299 | 1,186 | 781 | 2,456 | ||||
Net income for the period | 3,469 | 4,335 | 4,894 | 27,433 | ||||
Basic net income per share for the period (1) | 0.17 | 0.21 | 0.24 | 1.33 | ||||
Adjusted EBITDA (2) | 1,997 | 6,350 | 4,245 | 33,752 |
(1) The weighted average number of shares for the nine-month period ended
(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 net 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 income and net cash generated from operating activities for the periods presented:
Three months ended | Nine months ended | |||||||
(Expressed in thousands of | 2023 | 2022 | 2023 | 2022 | ||||
(Unaudited) | (Unaudited) | |||||||
Net income for the period | 3,469 | 4,335 | 4,894 | 27,433 | ||||
Interest expense/income and finance cost, net | 433 | 542 | 1,442 | 1,237 | ||||
Gain on derivative financial instruments, net | (299 | ) | (1,186 | ) | (781 | ) | (2,456 | ) |
Depreciation and amortization | 2,199 | 2,659 | 6,966 | 7,538 | ||||
Reversal of Impairment loss | - | - | (4,400 | ) | - | |||
Gain from sale of vessel | (3,805 | ) | - | (3,876 | ) | - | ||
Adjusted EBITDA | 1,997 | 6,350 | 4,245 | 33,752 | ||||
Payment of deferred dry-docking costs | (3,183 | ) | (1,072 | ) | (9,570 | ) | (1,962 | ) |
Net decrease/(increase) in operating assets | 485 | (102 | ) | 1,473 | (3,384 | ) | ||
Net (increase)/decrease in operating liabilities | (534 | ) | (1,543 | ) | (1,616 | ) | (641 | ) |
Provision for staff retirement indemnities | (7 | ) | 27 | 19 | 22 | |||
Foreign exchange (losses)/gains net, not attributed to cash & cash equivalents | 4 | 43 | (13 | ) | 101 | |||
Net cash (used in)/generated from operating activities | (1,238 | ) | 3,703 | (5,462 | ) | 27,888 | ||
Three months ended | Nine months ended | |||||||
(Expressed in thousands of | 2023 | 2022 | 2023 | 2022 | ||||
(Unaudited) | (Unaudited) | |||||||
Statement of cash flow data: | ||||||||
Net cash (used in) / generated from operating activities | (1,238 | ) | 3,703 | (5,462 | ) | 27,888 | ||
Net cash generated from / (used in) investing activities | 10,909 | (733 | ) | 21,614 | (22,128 | ) | ||
Net cash generated from financing activities | 15,413 | 16,087 | 9,333 | 11,722 | ||||
As at | As at | |
(Expressed in thousands of | 2023 | 2022 |
(Unaudited) | ||
Consolidated Condensed Balance Sheet Data: | ||
Vessels and other fixed assets, net | 144,420 | 157,633 |
Cash and cash equivalents (including current restricted cash) | 82,546 | 58,801 |
Other current and non-current assets | 6,930 | 9,024 |
Total assets | 233,896 | 225,458 |
Total equity | 175,592 | 170,698 |
Total debt net of unamortized debt discount | 54,140 | 44,325 |
Other current and non-current liabilities | 4,164 | 10,435 |
Total equity and liabilities | 233,896 | 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 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 six vessels with a total carrying capacity of 453,745 Dwt and a weighted average age of 10.9 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