Globus Maritime Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2012

Globus Maritime Reports Financial Results for the Fourth Quarter and Year Ended 
December 31, 2012 
ATHENS, GREECE -- (Marketwired) -- 04/29/13 --  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 fourth quarter and year ended
December 31, 2012. 
Financial Highlights 


 
                                                                            
                                      --------------------------------------
(Expressed in millions of U.S.                                              
 dollars except for daily rates and   Three months ended      Year ended    
 per share data)                         December 31,        December 31,   
                                      ------------------  ------------------
                                        2012      2011      2012      2011  
                                      --------  --------  --------  --------
Net Revenue (1)                            7.0       9.5      27.7      32.3
Adjusted EBITDA (2)                        2.8       6.4      13.8      20.6
Impairment loss                           80.2         -      80.2         -
Total comprehensive (loss)/income        (81.2)      2.3     (82.8)      6.9
Adjusted for impairment loss total                                          
 comprehensive (loss)/income              (1.0)      2.3      (2.6)      6.9
Basic (loss) /earnings per share         (8.00)     0.23     (8.22)     0.80
Adjusted for impairment loss basic                                          
 (loss)/earnings per share               (0.11)     0.23     (0.30)     0.80
Average number of vessels                  7.0       7.0       7.0       5.8
Time charter equivalent rate (TCE)      10,344    14,987    10,660    15,619
Average operating expenses per vessel                                       
 per day                                 5,321     4,031     4,736     4,527
                                                                            
(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 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;            

 
Current Fleet Profile 
On the date of this press release Globus' subsidiaries own and
operate seven dry bulk carriers, consisting of four Supramax, two
Panamax and one Kamsarmax. 


 
                                                                            
----------------------------------------------------------------------------
            Year                             Month/Year                     
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: 6.1 Years at December                                 
31, 2012                                                452,886             
----------------------------------------------------------------------------

 
Current Fleet Deployment 
During January 2013 "River Globe" entered into a time charter
agreement with Global Maritime Trust for a period of a minimum 12 to
a maximum 14 months at the charterer's option. 
The vessels Star Globe and Tiara Globe are currently operating on
short term time charters. 
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 52% of our fleet days for the rest of 2013
and approximately 29% for 2014. 
Employment Profile  


 
                                                                            
----------------------------------------------------------------------------
                                   Expiration                               
Vessel       Charterer             Date         Type          Gross Daily   
                                   (Earliest)                 rate          
----------------------------------------------------------------------------
Tiara Globe  Spot                  Spot         Spot               Spot     
----------------------------------------------------------------------------
River Globe  Global Maritime Trust Jan. 2014    Time charter      $7,600    
----------------------------------------------------------------------------
Star Globe   Spot                  Spot         Spot               Spot     
----------------------------------------------------------------------------
Sky Globe    HMM                   Aug. 2013    Time charter      $12,500   
----------------------------------------------------------------------------
             Eastern Media                                                  
             International - Far                                            
             Eastern Silo &                                                 
Jin Star     Shipping              Jan. 2015    Bareboat          $14,250   
----------------------------------------------------------------------------
             Guaranteed nominee of                             $18,000 (net 
             Gleamray Maritime                                      of      
Moon Globe   Inc.                  June 2013    Time charter   commissions) 
----------------------------------------------------------------------------
             Cosco Qingdao                                                  
Sun Globe    Shipping Co           Jan. 2015    Time charter      $16,000   
----------------------------------------------------------------------------

 
Management Commentary 
George Karageorgiou, President, Chief Executive Officer and interim
Chief Financial Off
icer of Globus Maritime Limited, stated: 
"Fiscal year 2012 was a challenging period for our company as our
results were negatively affected by weak freight rates reflecting the
ongoing instability and weakness in the dry bulk market. Even though
demand remained at satisfactory levels, the freight market was
negatively impacted by a record of new building deliveries. We expect
this trend to continue in 2013, as the orderbook remains quite
sizeable and then tapers off in 2014. 
"Despite the historically low rate environment for our ships that
persisted in the fourth quarter of 2012, our total adjusted
comprehensive loss for the period minus one-off items was $1.0
million. The non-cash impairment charge enables us to optimize our
balance sheet and profitability going forward.  
"Looking ahead, we maintain contracted coverage of 52% of our fleet
for the remainder of 2013, and 29% in 2014. Our strategy is to
continue with short term time charters that will ensure our ability
to capture more attractive rates, upon a meaningful recovery in
charter rates. 
"We expect the dry bulk shipping market to remain challenging
throughout 2013. Stronger growth in the demand for dry bulk
commodities in the Far East implies that a potential recovery is not
too far away from materializing, once the supply situation returns to
balance. While the current rate 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. 
Management Discussion and Analysis of the Results of Operations 
Fourth Quarter 2012 and 2011 Results 
Total comprehensive loss for the fourth quarter 2012 amounted to
$81.2 million or $8.00 basic loss per share based on 10,166,377
weighted average number of shares. If adjusted for the impairment
loss of $80.2 million total adjusted comprehensive loss for the
period becomes $1.0 million or $0.11 basic loss per share. Total
comprehensive income of the fourth quarter of 2011 was $2.3 million
or $0.23 basic earnings per share based on 10,059,497 weighted
average number of shares. 
Revenue
 For the three month periods ended
December 31, 2012 and 2011 our Revenues were approximately $7.7
million and $10.1 million respectively. The decrease was due to lower
average time charter rates achieved by our vessels during the fourth
quarter of 2012 compared to the average time charter rates archived
during the same period in 2011. Average TCE rate decreased by 31%,
from $14,987 per day for the three month period ended December 31,
2011 to $10,344 per day for the three month period ended December 31,
2012.  
Vessel operating expenses
 Vessel operating expenses, which include
crew costs, provisions, deck and engine stores, lubricating oils,
insurance, maintenance, and repairs, increased by $0.7 million to
$2.9 million during the three month period ended December 31, 2012
compared to $2.2 million during the three month period ended December
31, 2011 corresponding to a 32% increase mainly due unexpected
repairs performed during the fourth quarter of 2012. 
Average daily operating expenses during the three month periods ended
December 31, 2012 and 2011 were $5,321 per day and $4,031 per day
respectively.  
Depreciation
 Depreciation decreased by $0.3 million
to $2.6 million during the three month period ended December 31, 2012
from $2.9 million during the respective period in 2011. The decrease
in depreciation expenses is primarily due to the fact that on
December 4th, 2012, the Company decided that the vessel Tiara Globe
met the criteria to be classified as non-current asset held for sale,
it was measured at the lower of its carrying amount and its fair
value less cost to sell and stopped being depreciated. 
Impairment loss 
 During the year ended December 31, 2012, we
recognized an impairment loss of $80.2 million. The Company tests for
impairment of its long lived assets whenever events or changes in
circumstances indicate that the carrying amount of the assets may not
be recoverable. Due to the sustained decline in charter rates and
vessel values during the last four years and because market
expectations for future rates are low and are unlikely to increase to
the high levels of 2008 and 2007 in the foreseeable future, the
Company performed an impairment analysis for all the vessels in its
fleet by comparing projected discounted cash flows to the carrying
values of vessels. As a result of this analysis we recorded an
impairment loss of $55.8 million to the book value of our six out of
seven vessels. In addition, on December 4th, 2012, the Company
decided that the vessel Tiara Globe met the criteria to be classified
as non-current asset held for sale and was subsequently measured at
the lower of its carrying amount and its fair value less cost to
sell. In this respect the company recognized an impairment loss of
$24.4 million. 
Years ended December 31, 2012 and 2011 Results 
Total comprehensive loss for the year ended December 31, 2012
amounted to $82.8 million or $8.22 basic loss per share based on
10,142,979 weight average number of shares. If adjusted for the
impairment loss of $80.2 million, total adjusted comprehensive loss
for the period becomes $2.6 million or $0.30 basic loss per share.
Total comprehensive income for the year ended December 31, 2011 was
$6.9 million or $0.80 basic earnings per share based on 8,688,543
weighted average number of shares. 
Revenue 
 Revenue decreased by $3.4 million, or 10%, to $32.2 million
in 2012, compared to $35.6 million in 2011. Net revenues decreased by
$4.6 million, or 14%, to $27.7 million in 2012, from $32.3 million in
2011. The decrease is primarily attributable to a decrease in average
TCE rates due to the unfavorable average shipping rates achieved by
the vessels in our fleet in 2012 compared to 2011. In 2012, we had
total operating days of 2,471 and fleet utilization of 98.9%,
compared to 2,083 operating days and a fleet utilization of 98.7% in
2011. 
Voyage expenses
 Voyage expenses increased by $1.2 million, or 36%,
to $4.5 million in 2012, compared to $3.3 million in 2011. This
increase is primarily attributable to the one time charge of about
$1.5 million relevant to the non-performance by Allied of its'
obligations under the charter of m/v Star Globe. 
Vessel operating expenses 
 Vessel operating expenses increased by
$2.4 million, or 30%, to $10.4 million in 2012, compared to $8.0
million in 2011. The increase in operating expenses is primarily
attributable to the 21% increase in ownership days resulting from the
increase of the average number of vessels in our fleet from 5.8
vessels in 2011 to 7.0 vessels in 2012. The breakdown of our
operating expenses for the year 2012 was as follows: 


 
                                                                            
                                     Year 2012  Year 2011                   
                  Crew expenses            50%        52%                   
                  Repairs and spares       21%        17%                   
                  Insurance                 9%        11%                   
                  Stores                   11%        12%                   
                  Lubricants                7%         6%                   
                  Other      
               2%         2%                   

 
Daily vessel operating expenses were $4,736 in 2012 compared to $4,527
in 2011, representing an increase of 5%.  
Depreciation
 Depreciation
increased by $1.1 million, or 11%, to $11.3 million in 2012, compared
to $10.2 million in 2011. This increase is directly the result of the
increase in the average number of vessels in our fleet.  
Amortization of fair value of time charter attached to vessels 
Amortization amounted to $1.8 million in 2012 compared to $0.8
million in 2011. Amortization refers to the fair value of above
market time charters attached to the two vessels the m/v Moon Globe
and m/v Sun Globe acquired during the second half of 2011 which is
amortized on a straight line basis over the remaining period of the
time charters. 
Administrative expenses 
 Administrative expenses decreased by $0.2
million, or 10%, to $1.9 million in 2012, compared to $2.1 million in
2011. This decrease is primarily a result of our efforts to control
administrative expenses and thus becoming more efficient. 
Administrative expenses payable to related parties 
 Administrative
expenses payable to related parties decreased by $0.6 million, or
50%, to $0.6 million in 2012, compared to $1.2 million in 2011. This
decrease is primarily a result of the termination of the consultancy
agreements effected from December 31, 2011, with the companies wholly
owned by each of our executive officers that assisted and advised the
Chief Executive Officer and Chief Financial Officer in respect of
their duties performed outside of Greece. 
Share based payments 
 Share based payments increased by $0.6
million, or 150%, to $1.0 million in 2012, compared to $0.4 million
in 2011. This increase is directly attributable to the value of
Series A Preferred Shares issued during April 2012 of $0.2 million,
the amortized portion of the conditional share based award granted to
our two executive officers during February 2012 of $0.2 million and
the value at grant date of the common shares in Globus that amounted
to $0.2 million, issued to our two executive officers during February
2012 as a bonus payment for services rendered.  
Impairment loss 
 During the year ended December 31, 2012, we
recognized an impairment loss of $80.2 million. The Company tests for
impairment of its long lived assets whenever events or changes in
circumstances indicate that the carrying amount of the assets may not
be recoverable. Due to the sustained decline in charter rates and
vessel values during the last four years and because market
expectations for future rates are low and are unlikely to increase to
the high levels of 2008 in the foreseeable future, the Company
performed an impairment analysis for all the vessels in its fleet by
comparing projected discounted cash flows to the carrying values of
vessels. As a result of this analysis we recorded an impairment loss
of $55.8 million to the book value of our six out of seven vessels.
In addition, on December 4th, 2012, the Company decided that the
vessel Tiara Globe met the criteria to be classified as non-current
asset held for sale and was subsequently measured at the lower of its
carrying amount and its fair value less cost to sell. In this respect
the company recognized an impairment loss of $24.4 million. 
Interest expense and finance costs
 Interest expense increased by
$0.6 million, or 21%, to $3.4 million in 2012, compared to $2.8
million in 2011. This increase is mainly due to the increase in our
average level of debt during 2012 compared to 2011 as well as due to
the increase in our weighted average interest rate to 2.12% during
2012 from 1.69% during 2011. The total outstanding bank loans as of
December 31, 2012 amounted to $105.9 million compared to $111.4
million as of December 31, 2011. All of our bank loans are
denominated in U.S. dollars. 
Liquidity and capital resources 
Net cash generated from operating activities for the year ended
December 31, 2012 and 2011 was $14.4 million and $19.8 million,
respectively.  
Net cash used in investing activities for the years ended December
31, 2012 and 2011 was $0.3 million and $61.8 million, respectively.
For the year 2011 cash used in investing activities predominantly
related to purchases of the vessels "Moon Globe" and "Sun Globe". 
Net cash used in financing activities for the year ended December 31,
2012 amounted to $11.7 million consisted mainly by $5.4 million of
debt repayment, $3.0 million of dividends paid to both common and
preferred shares and $3.2 million of interest and other finance costs
paid. Net cash generated from financing activities in 2011 amounted
to $25.7 million and consisted of $37.0 million of proceeds from the
issuance of long-term debt drawn for the acquisition of the m/v Moon
Globe and m/v Sun Globe and $20.0 million of proceeds from the
issuance of share capital, net of transaction costs, reduced by $22.3
million of indebtedness that we repaid under our existing credit and
loan facilities, $1.0 million of pledged cash, $5.1 million of
dividends paid, $2.7 million of interest paid and $0.2 million of
loan fees.  
As of December 31, 2012, our cash and bank balances and bank deposits
were $11.7 million and our outstanding debt was $105.9 million. 
In December 2012, Globus reached an agreement with Credit Suisse and
DVB Bank on certain amendments and waivers to the terms of the Credit
Facility and the DVB Loan agreement, respectively, which were signed
in April and March 2013, respectively. These agreements applied to
the period commencing on December 28, 2012 (relating to our credit
facility) and December 31, 2012 (relating to the DVB Loan Agreement),
in each case until March 31, 2014. As of December 31, 2012, Globus
was not in compliance with the security value ratio requirement of
the Kelty Loan Agreement that requires the market value of the
mortgaged vessel and any additional security provided, including the
minimum liquidity maintained with Commerzbank ("the lender"), to
equal or exceed 130% of the aggregate principal amount of debt
outstanding under the Kelty Loan Agreement. On April 29, 2013 with
reference to the Kelty Loan Agreement, the Company reached an
agreement with Commerzbank to prepay $3.0 million together with the
next scheduled instalment due on June 28, 2013 for the Company to be
fully compliant with the provisions of the Loan Agreement. 
Scheduled vessel repairs 
We incurred capital expenditures due to the special surveys and
drydockings for our fleet. The vessels "Sun Globe," "Star Globe," and
"River Globe" were drydocked during the year 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.  


 
                                                                            
SELECTED CONSOLIDATED FINANCIAL & OPERATING DATA                            
                                                                            
                                  Three months ended        Year ended      
                                     December 31,          December 31,     
                                 --------------------  -------------------- 
(in thousands of U.S. dollars,                                              
 except per share data)             2012       2011       2012       2011   
                                 ---------  ---------  ---------  --------- 
                                      (Unaudited)           (Unaudited)     
Statement of comprehensive                                                  
 (loss)/income data:                                                        
Revenue                              7,683     10,136     32,197     35,559 
Voyage expenses                       (711)      (601)    (4,450)    (3,283)
                                 ---------  ---------  ----
-----  --------- 
Net Revenue (1)                      6,972      9.535     27,747     32,276 
Vessels operating expenses          (2,937)    (2.225)   (10,400)    (7,967)
Depreciation                        (2,581)    (2,935)   (11,255)   (10,180)
Depreciation of dry docking                                                 
 costs                                (179)      (160)      (763)      (318)
Amortization of fair value of                                               
 time charter acquired                (458)      (460)    (1,823)      (779)
Administrative expenses               (522)      (500)    (1,869)    (2,078)
Administrative expenses payable                                             
 to related parties                   (158)      (292)      (598)    (1,150)
Share-based payments                  (532)       (88)      (977)      (364)
Impairment loss                    (80,244)         -    (80,244)         - 
Other expenses, net                    (16)       (59)       (68)      (124)
                                 ---------  ---------  ---------  --------- 
Operating (loss)/profit before                                              
 financial activities              (80,655)     2,816    (80,250)     9,316 
Interest income from bank                                                   
 balances & deposits                     8         14         47         52 
Interest expense and finance                                                
 costs                                (807)      (846)    (3,358)    (2,821)
Gain on derivative financial                                                
 instruments                           199        344        693        369 
Foreign exchange gains, net             11          9         64          9 
                                 ---------  ---------  ---------  --------- 
Total finance costs, net              (589)      (479)    (2,554)    (2,391)
                                 ---------  ---------  ---------  --------- 
Total comprehensive                                                         
 (loss)/income for the                                                      
 period/year                       (81,244)     2,337    (82,804)     6,925 
                                 ---------  ---------  ---------  --------- 
                                                                            
Basic (loss)/earnings per share                                             
 for the period                      (8.00)      0.23      (8.22)      0.80 
Diluted (loss)/earnings per                                                 
 share for the period                (8.00)      0.23      (8.22)      0.79 
Adjusted EBITDA (2)                  2,807      6,371     13,835     20,593 
                                                                            
(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        Year ended      
                                     December 31,          December 31,     
                                 --------------------  -------------------- 
(Expressed in thousands of U.S.                                             
 dollars)                           2012       2011       2012       2011   
                                 ---------  ---------  ---------  --------- 
                                      (Unaudited)           (Unaudited)     
                                                                            
Total comprehensive                                                         
 (loss)/income for the period      (81,244)     2,337    (82,804)     6,925 
Interest and finance costs, net        799        832      3,311      2,769 
Gain on derivative financial                                                
 instruments                          (199)      (344)      (693)      (369)
Foreign exchange gains net,            (11)        (9)       (64)        (9)
Depreciation                         2,581      2,935     11,255     10,180 
Depreciation of drydocking costs       179        160        763        318 
Amortization of fair value of                                               
 time charter acquired                 458        460      1,823        779 
Impairment loss                     80,244          -     80,244          - 
                                 ---------  ---------  ---------  --------- 
Adjusted EBITDA (unaudited)          2,807      6,371     13,835     20,593 
                                 =========  =========  =========  ========= 
                                                                            
                                                                            
                                                                            
                                                 ---------------------------
                                    
                     As of         As of
(Expressed in thousands of U.S. dollars)          December 31,  December 31,
                                                 ---------------------------
                                                          2012          2011
                                                 ------------- -------------
                                                   (Unaudited)       Audited
                                                 ------------- -------------
Consolidated condensed statement of financial                               
 position:                                                                  
Vessels, net                                           140,860       242,507
Other non-current assets                                   106            85
Total non-current assets                               140,966       242,592
Cash and bank balances and bank deposits                11,653         9,301
Other current assets                                     4,227         4,166
Non current assets held for sale                         8,876             -
Total current assets                                    24,756        13,467
Total assets                                           165,722       256,059
                                                                            
Total equity                                            55,182       140,019
                                                                            
Total bank debt                                        105,519       110,815
Other liabilities                                        5,021         5,225
Total Liabilities                                      110,540       116,040
Total equity and liabilities                           165,722       256,059
                                                                            
                                                                            
                                                                            
                                  Three months ended        Year ended      
                                     December 31,          December 31,     
                                 --------------------  -------------------- 
(Expressed in thousands of U.S.                                             
 dollars)                           2012       2011       2012       2011   
                                 ---------  ---------  ---------  --------- 
                                      (Unaudited)           (Unaudited)     
Statement of cash flow data:                                                
Net cash generated from                                                     
 operating activities                5,638      5,177     14,370     19,774 
Net cash generated (used                                                    
 in)/from investing activities        (341)     1,005       (341)   (61,782)
Net cash (used in)/generated                                                
 from financing activities          (2,336)    (3,916)   (11,680)    25,681 
                                                                            
                                                                            
                                                                            
                                  Three months ended        Year ended      
                                     December 31,          December 31,     
                                 --------------------  -------------------- 
                                    2012       2011       2012       2011   
                                 ---------  ---------  ---------  --------- 
Ownership days (1)                     644        644      2,562      2,125 
Available days (2)                     644        644      2,498      2,111 
Operating days (3)                     643        644      2,471      2,083 
Bareboat charter days (4)               92         92        366        365 
Fleet utilization (5)                  100%       100%      98.9%      98.7%
Average number of vessels (6)          7.0        7.0        7.0        5.8 
Daily time charter equivalent                                               
 (TCE) rate (7)                  $  10.344  $  14,987  $  10,660  $  15.619 
Daily operating expenses (8)     $   5,321  $   4,031  $   4,736  $   4,527 
                                                                            
(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        Year ended     
                                      December 31,          December 31,    
                                 --------------------- ---------------------
(Expressed in thousands of U.S.                                             
 dollars, except number of days                                             
 and TCE rates)                     2012       2011       2012       2011   
                                 ---------- ---------- ---------- ----------
                                      (Unaudited)           (Unaudited)     
                                                                            
Revenue                          $    7,683 $   10,136 $   32,197 $   35,559
Less: Voyage expenses            $      711 $      601 $    4,450 $    3,283
Less: bareboat charter revenue                                              
 net of commissions              $    1,262 $    1,262 $    5,020 $    5,006
                                 ---------- ---------- ---------- ----------
Net revenue excluding bareboat                                              
 charter revenue                 $    5,710 $    8,273 $   22,727 $   27,270
Available days net of bareboat                                              
 charter days                           552        552      2,132      1,746
Daily TCE rate                   $   10,344 $   14,987 $   10,660 $   15,619

 
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 6.1 years as of December 31, 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 
George Karageorgiou
CEO
+30 210 960 8300
karageorgiou@globusmaritime.gr 
Capital Link - New York 
Nicolas Bornozis
Matthew Abenante
+1 212 661 7566
globus@capitallink.com