Pangaea Takes Top Spot in Dry Bulk Benchmark Study
For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.
U.S.-Listed Shippers Buoyed by Globus Maritime's Earnings
Shares of U.S.-listed shippers rose after dry bulk shipper Globus Maritime Ltd posted its first Q3 profit per share in four years. GLBS jumped 10.20 pct, Pyxis Tankers Inc soared 39 pct, nd EuroDry Ltd up 13.2 pct. GLBS says Q3 profit was helped by reducing operational costs by ~25 pct from the last quarter which did not hamper operations, and/or utilization of the fleet.GLBS also posted higher Q3 revenue helped in part by strong demand for dry bulk vessels.
US Post-election Shipping Rally Raises Interest, Questions
Shares of U.S. shipping companies shot higher again on Wednesday, causing volatility halts in a number of stocks and raising questions among investors and analysts over the extent of their sharp post-election rally. The jump in share prices and unusually heavy trading volume even surprised analysts who follow the stocks, although some said the gains appeared to result in part from optimism that commodity demand would increase under President-elect Donald Trump. At the center of the rally has been DryShips Inc…
Globus Maritime Receives Drybulk Carrier Sky Globe
Globus Maritime Ltd (AIM: GLBS) (LSE: GLBS) announced that on May 19, 2010 it took delivery from an unaffiliated third party of the bulk carrier Sky Globe, the first of two sistership-vessels it had previously agreed to acquire for $32,825,000 each as announced on April 8, 2010. The M/V Sky Globe, built in 2009, is a geared and grab-fitted supramax bulk carrier with a carrying capacity of 56,855 dwt. The vessel was financed from the Company's existing bank facility and cash balances, and will fly the Marshall Islands flag. Following the delivery, the Sky Globe is employed on the spot market: for her first trip she was chartered by a first class European charterer at the gross rate of $30,000 per day.
Globus Maritime to Acquire Supramax Carriers
Globus Maritime Ltd (AIM: GLBS) (LSE: GLBS), a global shipping transportation company that owns and operates Supramax and Panamax dry bulk carriers, announced that in line with its fleet renewal program it has agreed to purchase from an unaffiliated third party two geared and grab-fitted sistership 57,000 dwt Supramax vessels built at an established Chinese yard, for $32,825,000 each. The first vessel was built in the fourth quarter of 2009 and is expected to be delivered to the company by the end of June 2010. The second vessel, a newbuilding, is currently under construction and is expected to be delivered to the Company by the end of May 2010. Upon delivery to the company both vessels will fly the Marshall Islands flag.
Globus Maritime Ltd. Announces 3Q Results
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.
Globus Maritime Buys Cargo Ship
According to Thomson Financial, Globus Maritime Ltd has agreed to buy a dry bulk cargo ship, currently under construction at Yangzhou Dayang Shipyard in China, for 57m. The provider of seaborne transportation services for dry bulk cargoes said it will fund the acquisition with a mixture of funds raised from an initial public offering and moderate conventional debt, and that the buy will enhance its earnings and dividends. The ship is expected to be delivered in December and added that its fleet will expand to seven dry bulk carriers.
