Globus Maritime Reports Financial Results for the Quarter and

Globus Maritime Reports Financial Results for the Quarter and Nine
Months Ended September 30, 2012 
ATHENS, GREECE -- (Marketwire) -- 11/27/12 --  Globus Maritime
Limited ("Globus," the "Company," "we," or "our"), (NASDAQ: GLBS), a
dry bulk shipping company, today reported its unaudited consolidated
operating and financial results for the three-month and nine-month
periods ended September 30, 2012. 
Summary of Third Quarter 2012 ("Q3-12") Results versus Third Quarter
2011 ("Q3-11") 


 
--  Revenue of $7.4 million versus $9.2 million, a 20% decrease;
    
    
--  Voyage expenses of $0.8 million versus $0.9 million, an 11% decrease;
    
    
--  Net Revenue of $6.6 million versus $8.3 million, a 20% decrease;
    
    
--  Adjusted EBITDA of $3.4 million versus $5.1 million, a 33% decrease;
    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 non-GAAP financial measures;
    
    
--  Total comprehensive loss of $0.8 million versus a total comprehensive
    income of $1.2 million;
    
    
--  Basic loss per share of $0.09, calculated on 10,145,654 weighted
    average number of shares compared to basic earnings per share of
    $0.12, calculated on 10,039,794 weighted average number of shares;
    
    
--  An average of 7.0 vessels were owned and operated during Q3-12
    compared to 6.2 vessels during Q3-11. Average Time Charter Equivalent
    ("TCE") decreased by 34% to $9,868 per day from $14,912 per day in
    Q3-11. A calculation of the TCE is provided in a later section of this
    release;
    
    
--  Fleet utilization improved to 99.2% from 95.9%; fleet utilization is
    further defined in a later section of this press release.

  
Summary of Nine Months 2012 ("9M-12") Results versus Nine Months 2011
("9M-11")  


 
--  Revenue of $24.5 million versus $25.4 million, a 4% decrease;
    
    
--  Voyage expenses of $3.7 million versus $2.7 million, a 37% increase,
    including the one-time charge of $1.5 million taken in the second
    quarter of 2012 relevant to the non-performance by Allied during the
    charter of the vessel "Star Globe" (as reported in September 2012);
    
    
--  Net Revenue of $20.8 million versus $22.7 million, an 8% decrease;
    
    
--  Adjusted EBITDA of $11.0 million versus $14.2 million, a 23%
    decrease;
    
    
--  Total comprehensive loss of $1.6 million versus total comprehensive
    income of $4.6 million;
    
    
--  An average of 7.0 vessels were owned and operated during 9M-12
    compared to 5.4 vessels during 9M-11. The TCE decreased by 32% to
    $10,770 per day from $15,910 per day in 9M-11.
    
    
--  Fleet utilization was 98.6% versus 98.1% during the same period in
    2011.

  
Dividend Declaration  
Based on the reported loss for the third quarter 2012, the Company's
Board of Directors did not declare a dividend for the common shares
for the period. The Company has 10,149,325 common shares issued and
outstanding as of today. 
The Company is continuing the policy of paying out a variable
quarterly dividend in excess of 50% of the net income of the previous
quarter, subject to any reserves the board of directors may from time
to time determine are required. The declaration and payment of
dividends, if any, will always be subject to the discretion of the
board of directors of the Company. The amount of dividends paid in
any period is not indicative of the amount that may be paid in the
future. The timing and amount of any dividends declared will depend
on, among other things: our earnings, financial condition and
anticipated cash requirements and availability, additional
acquisitions of vessels, restrictions in our debt arrangements, the
provisions of Marshall Islands law affecting the payment of
distributions to shareholders, required capital and drydocking
expenditures, reserves established by our board of directors,
increased or unanticipated expenses, a change in our dividend policy,
additional borrowings or future issuances of securities, or as a
result of losses in connection with the non-performance of charterers
and other factors, many of which will be beyond our control. We can
give no assurance that dividends will be paid in the future. 
Current Fleet Profile
 On the date of this press release Globus'
subsidiaries own and operate seven dry bulk carriers, consisting of
four Supramaxes, two Panamaxes and one Kamsarmax. 


 
                                                                            
----------------------------------------------------------------------------
             Year                             Month/Yr                      
   Vessel   Built  Yard             Type      Delivered   DWT       FLAG    
----------------------------------------------------------------------------
Tiara Globe  1998  Hudong Zhonghua  Panamax   Dec 2007   72,928 Marshall Is.
----------------------------------------------------------------------------
Moon Globe   2005  Hudong-Zhonghua  Panamax   June 2011  74,432 Marshall Is.
----------------------------------------------------------------------------
Sun Globe    2007  Tsuneishi Cebu   Supramax  Sept 2011  58,790 Malta       
----------------------------------------------------------------------------
River Globe  2007  Yangzhou Dayang  Supramax  Dec 2007   53,627 Marshall Is.
----------------------------------------------------------------------------
Sky Globe    2009  Taizhou Kouan    Supramax  May 2010   56,855 Marshall Is.
----------------------------------------------------------------------------
Star Globe   2010  Taizhou Kouan    Supramax  May 2010   56,867 Marshall Is.
----------------------------------------------------------------------------
Jin Star     2010  Jiangsu Eastern  Kamsarmax June 2010  79,387 Panama      
----------------------------------------------------------------------------
Weighted Average Age: 5.8 Years at 9/30/2012            452,886             
----------------------------------------------------------------------------

 
Current Fleet Deployment
 The Panamax "Tiara Globe" is on a time
charter with Noor Shipping Services, which began in September 2012
for a minimum period of three months (maximum six months) at $9,000
per day gross. 
The vessel "Star Globe" was chartered to Daebo International Shipping
Co. Ltd., a charter expected to begin in early December 2012 for a
minimum period of four months (maximum six months) at $8,000 per day
gross. 
The Supramax vessel "River Globe" is trading on the spot market. 
Assuming all charter counterparties fully perform under the terms of
the respective charters, and based on the earliest redelivery dates,
as of the day of this press release, the Company has secured
employment approximately 83% of our fleet days for the rest of 2012,
48% for 2013, and 29% for 2014. 
Employment Profile  


 
                                                                            
----------------------------------------------------------------------------
                               Expiration Date                              
Vessel       Charterer         (Earliest)      Type         Gross Daily rate
----------------------------------------------------------------------------
             Noor Shipping                                                  
Tiara Globe  Serv
ices          Dec 2012        Time charter      $9,000     
----------------------------------------------------------------------------
River Globe  Spot              n/a             Spot                n/a      
----------------------------------------------------------------------------
             Daebo                                                          
             International                                                  
             Shipping Co. Ltd                                               
Star Globe   (expected to      April 2013      Time charter      $8,000     
             start in early                                                 
             December 2012)                                                 
----------------------------------------------------------------------------
Sky Globe    HMM               Aug 2013        Time charter      $12,500    
----------------------------------------------------------------------------
             Eastern Media                                                  
             International -                                                
Jin Star     Far Eastern Silo  Jan 2015        Bareboat          $14,250    
             & Shipping                                                     
----------------------------------------------------------------------------
             Guaranteed                                                     
             nominee of                                                     
Moon Globe   Gleamray Maritime June 2013       Time charter   $18,000 (net) 
             Inc.                                                           
----------------------------------------------------------------------------
             Cosco Qingdao                                                  
Sun Globe    Shipping Co       Jan 2015        Time charter      $16,000    
----------------------------------------------------------------------------

 
Management Commentary 
George Karageorgiou, President and Chief Executive Officer of Globus
Maritime Limited, stated:  
"The third quarter of 2012 was yet another challenging period for our
company as our results were negatively affected by weak freight
rates. Through the first nine months of 2012, the dry bulk market
remained in a cyclical trough characterized by strong supply growth
and an inconsistent demand profile reflecting slower growth in the
Far East and the fiscal and economic issues in the U.S. and the
Eurozone. While this environment continued to weigh on our financial
results, we believe that our modern fleet bodes well for Globus to
continue to provide customers with the service they require and
maintain a high fleet utilization. 
"During the third quarter 2012 we employed three of our vessels on
short-term charters at the prevailing charter rates, which, at times,
were below breakeven levels. This resulted in a 20% decrease in
revenues and a 33% decrease in EBITDA versus the same period 2011. By
maintaining an opportunistic time charter approach combined with a
cost-effective operating platform, we expect to benefit from a market
turnaround. 
"Looking ahead, we maintain contracted coverage of 83% of our fleet
for the remainder of 2012, and 48% in 2013. Our strategy is to
continue with short term time charters until a meaningful recovery in
charter rates materializes. 
"As we are about to enter into 2013, we expect the dry bulk shipping
market to remain challenging. Spot and time charter rates continue to
hover at historic lows due to supply and demand pressures.
Consequently, asset values have dropped steeply in the last year
creating attractive fleet expansion opportunities." 
Elias Deftereos, Chief Financial Officer, added: 
"Globus' third quarter results reflect the ongoing instability and
weakness in the dry bulk market. 
"As of September 30, 2012, our outstanding debt was $107.3 million
versus restricted and unrestricted cash of about $8.7 million. As of
the same date, our scheduled debt repayments over the next 12 months
amounted to about $9 million, a number that provides us with
significant operational cash flow comfort.  
"In the face of these challenging conditions, we continue our
strategy of cost containment which produces tangible results, at a
time when they are most needed. In this context, daily operating
expenses for our fleet during Q3-12 decreased by 6% from the same
quarter of 2011. Operational efficiency is one of the most important
assets for a company, especially during times of low freight rates. 
"Looking forward, we expect to continue facing a challenging rate
environment as weaker world economic growth is projected for 2013
alongside with significant fleet supply growth. This difficult
operating environment comes along with opportunities to invest in
vessels at very attractive valuations. We believe that Globus will
manage the challenging year ahead and will be in a position to
capitalize on investment opportunities to expand our fleet as they
appear." 
Management Discussion and Analysis of the Results of Operations 
Third Quarter 2012 Compared to the Third Quarter 2011 
Total comprehensive loss for Q3-12 amounted to $0.8 million versus a
total comprehensive income of $1.2 million for Q3-11 mainly due to
the following factors: 
Revenue
 Revenue during Q3-12 reached $7.4
million compared to $9.2 million during Q3-11. The decrease was due
to lower charter rates achieved by our vessels working in the spot
market. The average TCE rate decreased by 34%, from $14,912 in Q3-11
to $9,868 during Q3-12. Increased vessel supply coupled with negative
sentiment on the rate of growth in emerging economies were the main
contributors of reduced rates during the third quarter.  
Vessel operating expenses
 Vessel operating expenses, which include
crew costs, provisions, deck and engine stores, lubricating oils,
insurance, maintenance, and repairs, increased by $0.2 million to
$2.5 million for Q3-12 versus $2.3 million in Q3-11, a 9% increase
mainly attributable to the increase in the size of the fleet. 
Average daily operating expenses in Q3-12 fell to $4,611 from $4,901
in Q3-11, a 6% decrease, reflecting our efforts to reduce vessel
operating costs. 
Amortization of fair value of time charter attached to vessels 
Amortization during Q3-12 was $0.5 million compared to $0.3 million
during Q3-11. Amortization refers to the fair value of above market
time charters attached to the two vessels acquired during the second
half of 2011, which is amortized on a straight line basis over the
remaining period of the time charters. 
Loss/gain on derivative financial instruments
 The valuation of our
two interest rate swaps at the end of each quarter is affected by the
prevailing interest rates at that time. On September 30, 2012, the
two interest rate swap agreements (for $25 million in total, or ~23%
of our total debt outstanding of $107.3 million) were recorded at
fair market value, which is the amount that would be paid by us or to
us should those instruments be terminated. A non-cash unrealized gain
of $0.2 million was recorded for Q3-12, compared to a non-cash
unrealized loss of $0.05 million for Q3-11, a result of the change in
the fair market value of the interest rate swaps. 
Nine Months 2012 Com
pared to the Nine Months 2011 
Total comprehensive loss for 9M-12 amounted to $1.6 million versus a
total comprehensive income of $4.6 million for 9M-11 mainly due to
the following factors: 
Revenue 
 Revenue decreased by 4% and reached $24.5 million in the
9M-12 period compared to $25.4 million for the same period in 2011.
The decrease is primarily attributable to the 32% decrease in the
average TCE rate ($10,770 in 9M-12 versus $15,910 in 9M-11) despite
the 27% increase in the number of operating days (from 1,439 in 9M-11
to 1,828 in 9M-12). 
Voyage expenses
 Voyage expenses during 9M-12 reached $3.7 million,
including the one-time charge of about $1.5 million taken in the
second quarter of 2012 relevant to the non-performance by Allied
during the charter of the vessel "Star Globe" (as reported in
September 2012), compared to $2.7 million in 9M-11.  
Vessel operating expenses 
 Vessel operating expenses increased by
32%, from $5.7 million in 9M-11 to $7.5 million for 9M-12, an
increase mainly attributable to the increase in the size of our
fleet. 
Average daily operating expenses dropped from $4,753 in 9M-11 to
$4,540 in 9M-12, as a result of our efforts to reduce
costs. 
Depreciation
 Depreciation increased by $1.5 million to $8.7
million in 9M-12 from $7.2 million in 9M-11. The increase in
depreciation expense is due to the increased size of our fleet. 
Amortization of fair value of time charter attached to vessels 
Amortization during 9M-12 was $1.4 million compared to $0.3 million
during Q3-11. Amortization refers to the fair value of above market
time charters attached to the two vessels acquired during the second
half of 2011, which is amortized on a straight line basis over the
remaining period of the time charters. 
Interest expense and finance costs
 Interest expenses grew from $2.0
million in 9M-11 to $2.6 million in 9M-12, attributable primarily to
the higher level of bank debt. All of the Company's bank loans are
denominated in U.S. dollars. 
Liquidity and capital resources 
Net cash generated from operating activities for the nine months
ended September 30, 2012 and 2011 was $8.7 million and $14.6 million,
respectively.  
Net cash used in investing activities for the nine months ended
September 30, 2012 and 2011 was $nil and $62.8 million, respectively.
For 9M-11 cash used in investing activities predominantly related to
purchases of the vessels "Moon Globe" and "Sun Globe". 
Cash used in financing activities for the quarter ended September 30,
2012 mainly consisted of the following: 
1) The regular installment totaling $0.5 million to Deutsche
Schiffsbank (now Commerzbank) 
 2) Two regular installments totaling
$0.8 million to DVB Bank. 
 3) an amount of $0.7 million interest
paid on our loans.  
During Q3-12 we paid a preferred dividend of $37.50 per share to the
holders of our Series A Preferred Shares. There are 3,347 Series A
Preferred Shares issued and outstanding as of today. 
As of September 30, 2012, our cash and bank balances and bank
deposits were $8.7 million and our outstanding debt was $107.3
million, while an amount up to $5.5 million remained "undrawn and
available" under the Credit Suisse revolving facility. 
Scheduled vessel repairs  
We incur capital expenditures due to the special surveys and
drydockings for our fleet. The vessel "Sun Globe" was drydocked
during the third quarter of 2012. We anticipate that two of our
vessels will be drydocked in 2013.We budget 20 days per drydocking
per vessel. Actual length will vary based on the condition of each
vessel, shipyard schedules and other factors.  
Conference Call Details  
The Company's management team will host a conference call and
simultaneous internet webcast to discuss these results on Wednesday,
November 28, 2012, at 9:00 a.m. Eastern Daylight Time. 
Investors may access the webcast by visiting the Company's website at
www.globusmaritime.gr and clicking on the webcast link. Participants
may also dial into the call 10 minutes prior to the scheduled time
using the following numbers: 1-866-819-7111 (from the US),
0800-953-0329 (from the UK), 00800-4413-1378 (from Greece), or +44
(0)1452-542-301 (all other callers). Please quote "Globus Maritime." 
A replay of the conference call will be available until December 5,
2012 by dialing 1-866-247-4222 (from the US), 0800-953-1533 (from the
UK), or +44(0)1452 550-000 (all other callers). Access Code:
36407079#. In addition, a replay of the webcast will be available on
the Company's website at www.globusmaritime.gr. 


 
                                                                            
SELECTED CONSOLIDATED FINANCIAL & OPERATING DATA                            
                                                                            
                                     Three months ended   Nine months ended 
                                        September 30,       September 30,   
                                     ------------------  ------------------ 
(in thousands of U.S. dollars,                                              
 except per share data)                2012      2011      2012      2011   
                                     --------  --------  --------  -------- 
                                         (Unaudited)         (Unaudited)    
Statement of comprehensive                                                  
 (loss)/income data:                                                        
Revenue                                 7,396     9,197    24,514    25,423 
Voyage expenses                          (825)     (853)   (3,739)   (2,682)
                                     --------  --------  --------  -------- 
Net Revenue (1)                         6,571     8,344    20,775    22,741 
Vessels operating expenses             (2,545)   (2,328)   (7,463)   (5,742)
Depreciation                           (2,819)   (2,667)   (8,674)   (7,245)
Depreciation of dry docking costs        (266)     (101)     (584)     (158)
Amortization of fair value of time                                          
 charter acquired                        (459)     (301)   (1,365)     (319)
Administrative expenses                  (420)     (529)   (1,347)   (1,578)
Administrative expenses payable to                                          
 related parties                         (147)     (288)     (440)     (858)
Share-based payments                      (86)      (87)     (445)     (276)
Other expenses, net                       (16)        -       (52)      (65)
                                     --------  --------  --------  -------- 
Operating (loss)/profit before                                              
 financial activities                    (187)    2,043       405     6,500 
Interest income from bank balances &                                        
 deposits                                   9        11        39        38 
Interest expense and finance costs       (836)     (775)   (2,551)   (1,975)
Gain/(loss) on derivative financial                                         
 instruments                              194       (52)      494        25 
Foreign exchange (losses)/gains, net       24         9        53         - 
                                     --------  --------  --------  -------- 
Total loss from financial activities     (609)     (807)   (1,965)   (1,912)
                                     --------  --------  --------  -------- 
Total comprehensive (loss)/income                                           
 for the period                          (796)    1,236    (1,560)    4,588 
                                     --------  --------  --------  -------- 
                                                                            
Basic (loss)/earnings per share for                                         
 the period                             (0.09)     0.12     (0.19)     0.56 
Diluted (loss)/earnings per share                                           
 for the period                        
 (0.09)     0.12     (0.19)     0.55 
Adjusted EBITDA (2)                     3,357     5,112    11,028    14,222 

 
(1) Net Revenue is computed by subtracting voyage expenses from
revenue. Net Revenue is not a recognized measurement under
international financial reporting standards ("IFRS") and should not
be considered as an alternative or comparable to net income. 
(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 drydocking 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 total
comprehensive income to Adjusted EBITDA for the periods presented: 


 
                                                                            
                                     Three months ended   Nine months ended 
                                        September 30,       September 30,   
                                     ------------------  ------------------ 
(Expressed in thousands of U.S.                                             
 dollars)                              2012      2011      2012      2011   
                                     --------  --------  --------  -------- 
                                         (Unaudited)         (Unaudited)    
                                                                            
Total comprehensive (loss)/income                                           
 for the period                          (796)    1,236    (1,560)    4,588 
Interest and finance costs, net           827       764     2,512     1,937 
Loss/(gain) on derivative financial                                         
 instruments                             (194)       52      (494)      (25)
Foreign exchange losses net,              (24)       (9)      (53)        - 
Depreciation                            2,819     2,667     8,674     7,245 
Depreciation of drydocking costs          266       101       584       158 
Amortization of fair value of time                                          
 charter acquired                         459       301     1,365       319 
                                     --------  --------  --------  -------- 
Adjusted EBITDA (unaudited)             3,357     5,112    11,028    14,222 
                                     ========  ========  ========  ======== 
                                                                            
                                                                            
                                                 ------------- -------------
                                                         As of         As of
(Expressed in thousands of U.S. Dollars)         September 30,  December 31,
                                                 ------------- -------------
                                                          2012          2011
                                                 ------------- -------------
                                                   (Unaudited)       Audited
                                                 ------------- -------------
Consolidated statement of financial position                                
 data:                                                                      
Vessels, net                                           232,823       242,507
Office furniture and equipment                              98            75
Other non-current assets                                    10            10
Total non-current assets                               232,931       242,592
Cash and bank balances and bank deposits                 8,698         9,301
Trade receivables, net                                   1,999         1,386
Inventories                                                679           554
Prepayments and other assets                             3,690         2,226
Total current assets                                    15,066        13,467
Total assets                                           247,997       256,059
Share capital                                               40            40
Share premium                                          109,440       109,229
Retained earnings                                       26,548        30,750
Total equity                                           136,028       140,019
Long-term borrowings, net of current portion            98,037       105,518
Provision for staff retirement indemnities                  74            66
Total non-current liabilities                           98,111       105,584
Current portion of long-term borrowings                  8,806         5,297
Trade accounts payable                                   1,769           945
Accrued liabilities and other payables                   1,218         1,206
Derivative financial instruments                           937         1,431
Deferred revenue                                         1,128         1,577
Total current liabilities                               13,858        10,456
Total Liabilities                                      111,969       116,040
Total equity and liabilities                           247,997       256,059
                                                                            
                                                                            
                                     Three months ended   Nine months ended 
                                        September 30,       September 30,   
                                     ------------------  ------------------ 
(Expressed in thousands of U.S.                                             
 dollars)                              2012      2011      2012      2011   
                                     --------  --------  --------  -------- 
                                         (Unaudited)         (Unaudited)    
Statement of cash flow data:                                                
Net cash generated from operating                                           
 activities                             2,281     3,718     8,733    14,597 
Net cash generated from/(used in)         
                                  
 investing activities                       5   (28,260)        -   (62,787)
Net cash (used in)/generated from                                           
 financing activities                  (2,213)     (522)   (9,344)   29,597 
                                                                            
                                                                            
                                  Three months ended     Nine months ended  
                                     September 30,         September 30,    
                                 --------------------  -------------------- 
                                    2012       2011       2012       2011   
                                 ---------  ---------  ---------  --------- 
Ownership days (1)                     644        567      1,918      1,481 
Available days (2)                     630        567      1,854      1,467 
Operating days (3)                     625        544      1,828      1,439 
Bareboat charter days (4)               92         92        274        273 
Fleet utilization (5)                 99.2%      95.9%      98.6%      98.1%
Average number of vessels (6)          7.0        6.2        7.0        5.4 
Daily time charter equivalent                                               
 (TCE) rate (7)                  $   9,868  $  14,912  $  10,770  $  15,910 
Daily operating expenses (8)     $   4,611  $   4,901  $   4,540  $   4,753 

 
(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. 
 (4) Bareboat charter days are
the aggregate number of days during which the vessels in our fleet
are subject to a bareboat charter. 
 (5) We calculate fleet
utilization by dividing the number of operating days during a period
by the number of available days during the period. 
 (6) 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. 
 (7) TCE rates are our
revenue less net revenue from our bareboat charters less voyage
expenses during a period divided by the number of our available days
during the period excluding bareboat charter days, which is
consistent with industry standards. TCE is a measure not in
accordance with GAAP. 
 (8) We calculate daily vessel operating
expenses by dividing vessel operating expenses by ownership days for
the relevant time period excluding bareboat charter days.  
The following table reflects the calculation of our daily TCE rates
for the periods presented. 


 
                                                                            
                                      Three months ended  Nine months ended 
                                        September 30,       September 30,   
                                     ------------------- -------------------
(Expressed in thousands of U.S.                                             
 dollars, except number of days and                                         
 TCE rates)                             2012      2011      2012      2011  
                                     --------- --------- --------- ---------
                                         (Unaudited)         (Unaudited)    
                                                                            
Revenue                              $   7,396 $   9,197 $  24,514 $  25,423
Less: Voyage expenses                $     825 $     853 $   3,739 $   2,682
Less: bareboat charter net revenue   $   1,262 $   1,261 $   3,758 $   3,744
                                     --------- --------- --------- ---------
Net revenue excluding bareboat                                              
 charter revenue                     $   5,309 $   7,083 $  17,017 $  18,997
Available days net of bareboat                                              
 charter days                              538       475     1,580     1,194
Daily TCE rate                       $   9,868 $  14,912 $  10,770 $  15,910

 
About Globus Maritime Limited 
Globus is an integrated dry bulk shipping company that provides
marine transportation services worldwide and presently owns, operates
and manages a fleet of dry bulk vessels that transport iron ore,
coal, grain, steel products, cement, alumina and other dry bulk
cargoes internationally. Globus' subsidiaries own and operate seven
vessels with a total carrying capacity of 452,886 DWT and a weighted
average age of 5.8 years as of September 30, 2012. 
Safe Harbor Statement 
This communication contains "forward-looking statements" as defined
under U.S. federal securities laws. Forward-looking statements
provide the Company's current expectations or forecasts of future
events. Forward-looking statements include statements about the
Company's expectations, beliefs, plans, objectives, intentions,
assumptions and other statements that are not historical facts or
that are not present facts or conditions. Words or phrases such as
"anticipate," "believe," "continue," "estimate," "expect," "intend,"
"may," "ongoing," "plan," "potential," "predict," "project," "will"
or similar words or phrases, or the negatives of those words or
phrases, may identify forward-looking statements, but the absence of
these words does not necessarily mean that a statement is not
forward-looking. Forward-looking statements are subject to known and
unknown risks and uncertainties and are based on potentially
inaccurate assumptions that could cause actual results to differ
materially from those expected or implied by the forward-looking
statements. The Company's actual results could differ materially from
those anticipated in forward-looking statements for many reasons
specifically as described in the Company's filings with the
Securities and Exchange Commission. Accordingly, you should not
unduly rely on these forward-looking statements, which speak only as
of the date of this communication. Globus undertakes no obligation to
publicly revise any forward-looking statement to reflect
circumstances or events after the date of this communication or to
reflect the occurrence of unanticipated events. You should, however,
review the factors and risks Globus describes in the reports it will
file from time to time with the Securities and Exchange Commission
after the date of this communication. 
For further information please contact: 
Globus Maritime Limited 
Elias Deftereos
CFO 
+30 210 960 8300
deftereos@globusmaritime.gr 
Capital Link - New York 
Nicolas Bornozis 
Matthew Abenante
+1 212 661 7566
globus@capitallink.com 
Registered office: 
Trust Company Complex, Ajeltake Road, Ajeltake Island,
P.O. Box 1405, Majuro
Marshall Islands MH 96960 
Comminucations Address: 
c/o Globus Shipmanagement Corp.
128 Vouliagmenis Avenue, 3rd Floor
166 74 Glyfada, Greece
Tel: +30 210 9608300
Fax: +30 210 9608359
e-mail: info@globusmaritime.gr
www.globusmaritime.gr 
 
 
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