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.