Globus Maritime Ltd. Announces 3Q Results

Friday, November 16, 2007
Globus Maritime Limited (AIM:GLBS), a marine transportation company that owns and operates Handymax and Panamax dry bulk ocean-going vessels, has announced its trading update and financial highlights for the three months and nine months ended September 30, 2007. The company's fiscal year ends on December 31st. Globus Maritime Limited began operations on September 15, 2006. In June 2007 Globus successfully raised $50m by way of a placing and its shares were admitted to AIM. At the time of the IPO Globus owned 5 vessels and the net proceeds of $46.6m were utilized to fund fleet expansion. Revenues were $12.3m while operating expenses were $2.1m. The company reported an EBITDA of $8.9m and cash flow from operations of $8.1m. Net Income was $4.6m with an Average Time Charter Equivalent (TCE) rate of US$21,837 per vessel per day with an average 5.9 vessels operated. Fleet utilization rose to 100%. In September 2007, the Company paid to Shareholders on record on September 7, 2007, its first interim dividend as a public company, in the amount of $2.86 per share), or $0.82m in total. This interim dividend was based on the net income of $1.62m for the single month of June 2007, the only month during the first half of 2007 that Globus operated as a public company.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Marseille Fos Unveils Multimillion Growth Strategy

The Marseille Fos port authority has set out a vision for growth over the four years to 2018 in a strategic plan that puts developments costing $560 million at

Young Endeavour Sets Sail on World Voyage

The Royal Australian Navy operated Sail Training Ship Young Endeavour set sail from Sydney today for a 12-month voyage, circumnavigating the globe. Parliamentary

Transas Upgrades Simulator Complex in Batumi

The presidents of Georgia and Latvia open the Batumi State Maritime Academy renovated training center powered by the Transas simulators On November 27, 2014, President

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2079 sec (5 req/sec)