Globus Maritime Limited Reports Financial Results for the Quarter and Six Months Ended June 30, 2013

Globus Maritime Limited Reports Financial Results for the Quarter and Six 
Months Ended June 30, 2013 
ATHENS, GREECE -- (Marketwired) -- 09/03/13 --   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 quarter and six month period
ended June 30, 2013. 


 
                                                                            
                            Financial Highlights                            
                                                                            
                                     Three months ended   Six months ended  
                                          June 30,            June 30,      
                                     ------------------  ------------------ 
(Expressed in millions of U.S                                               
 dollars except for daily rates and                                         
 per share data)                       2013      2012       2013     2012   
                                     --------  --------  --------- -------- 
Net Revenue (1)                           5.8       4.9       12.8     14.2 
Adjusted EBITDA (2)                       2.5       1.7        6.6      7.7 
Total comprehensive (loss)/income        (1.1)     (2.4)       0.2     (0.8)
Impairment loss                           1.0         -        1.0        - 
Total comprehensive (loss)/income                                           
 adjusted for impairment loss            (0.1)     (2.4)       1.2     (0.8)
Basic loss per share                    (0.13)    (0.27)      0.00    (0.10)
Basic (loss)/earnings per share                                             
 adjusted for impairment loss           (0.03)    (0.27)      0.10    (0.10)
Time charter equivalent rate (TCE)      8,838     7,353      9,712   11,236 
Average operating expenses per                                              
 vessel per day                         4,791     4,249      4,333    4,504 
Average number of vessels                 7.0       7.0        7.0      7.0 
                                                                            
(1) Net Revenue is computed by subtracting voyage expenses fr
om 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 
As of 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       
----------------------------------------------------------------------------
                   Hudong                                        Marshall   
Tiara Globe  1998  Zhonghua      Panamax      Dec 2007    72,928 Is.        
----------------------------------------------------------------------------
                   Hudong-                                       Marshall   
Moon Globe   2005  Zhonghua      Panamax      June 2011   74,432 Is.        
----------------------------------------------------------------------------
                   Tsuneishi                                                
Sun Globe    2007  Cebu          Supramax     Sept 2011   58,790 Malta      
----------------------------------------------------------------------------
                   Yangzhou                                      Marshall   
River Globe  2007  Dayang        Supramax     Dec 2007    53,627 Is.        
----------------------------------------------------------------------------
                                                                 Marshall   
Sky Globe    2009  Taizhou Kouan Supramax     May 2010    56,855 Is.        
----------------------------------------------------------------------------
                                                                 Marshall   
Star Globe   2010  Taizhou Kouan Supramax     May 2010    56,867 Is.        
----------------------------------------------------------------------------
                   Jiangsu                                                  
Jin Star     2010  Eastern       Kamsarmax    June 2010   79,387 Panama     
----------------------------------------------------------------------------
Weighted  Average Age: 6.6 Years  at June 30,                               
2013                                                     452,886            
----------------------------------------------------------------------------

 
Current Fleet Deployment 
The vessels Star Globe and Tiara Globe are currently operating on
short term time charters. 
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 at $7,600 per day
gross. 
The "Sky Globe" is on a T/C with Hyundai Merchant Marine co (HMM)
that began in August 2011 and was scheduled to expire in a minimum of
24 (maximum of 26) months from such date, at $12,000 per day gross
for the first year and $12,500 per day gross thereafter. The
charterers of "Sky Globe" agreed to extend their charter to the
maximum redelivery period at a rate of $8,300 per day  
The "Jin Star" is on a bareboat charter with Eastern Media
International and Far Eastern Silo & Shipping, that began during June
2010, for a period of five years (which can be extended for one year
at the charterer's option, and thereafter extended one additional
year at our option), at $14,250 per day gross. 
During July 2013 "Moon Globe" entered into a time charter agreement
with Noble Resources S.A for a period of a minimum 4 (maximum 7)
months at the charterer's option at $8,500 per day gross plus $0.5
million ballast bonus. 
The "Sun Globe" is currently on a T/C with Cosco Qingdao until
January 2015 at $16,000 per day gross. 
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 56% of our fleet days for the rest of 2013
and approximately 29% for 2014. 
Employment Profile  


 
                                                                            
----------------------------------------------------------------------------
                                 Expiration                                 
                                 Date                                       
Vessel       Charterer           (Earliest)  Type           Gross Daily rate
----------------------------------------------------------------------------
Tiara Globe  Spot                Spot        Spot                 Spot      
----------------------------------------------------------------------------
             Global Maritime                                                
River Globe  Trust               Jan 2014    Time charter        $7,600     
----------------------------------------------------------------------------
Star Globe   Spot                Spot        Spot                 Spot      
----------------------------------------------------------------------------
Sky Globe    HMM                 Oct 2013    Time charter        $8,300     
----------------------------------------------------------------------------
             Eastern Media                                                  
             International - Far                                            
             Eastern Silo &      Jan 2015                                   
Jin Star     Shipping                        Bareboat           $14,250     
----------------------------------------------------------------------------
             Noble Resources                                 $8,500 plus BB 
Moon Globe   S.A.                Nov 2013    Time charter     $0.5 million  
----------------------------------------------------------------------------
             Cosco Qingdao                                                  
Sun Globe    Shipping Co         Jan. 2015   Time charter       $16,000     
----------------------------------------------------------------------------

 
Management Commentary 
George Karageorgiou, President, Chief Executive Officer and interim
Chief Financial Officer of Globus Maritime Limited, stated: "While
the dry bulk market fundamentals continued to be weak, we remained
committed towards our fleet deployment strategy, consisting of a mix
of long and short-term (Spot) time charters that maximize our revenue
capability, and will allow us to maintain a high fleet utilization,
without limiting our upside upon a market recovery. As of the date of
this press release, we have secured fleet employment of approximately
56% of our fleet days for the rest of 2013 and approximately 29% for
2014. 
"During the second quarter of 2013, we began to see signs of
moderation in terms of dry bulk fleet growth, which we believe will
continue into 2014. While we don't anticipate this translating into a
material increase in the charter rate environment in 2013, we believe
2014 and beyond will provide the most significant opportunity for an
already robust demand for dry bulk commodities to outpace overall
supply growth. In the current market environment we remain
conservative and opportunistic in terms of fleet deployment until
charter rates recover. We maintain strong competitive advantages
which include a modern fleet, tested management, efficient in-house
technical and commercial management." 
Management Discussion and Analysis of the Results of Operations 
Second quarter of the year 2013 compared to the Second quarter of the
year 2012
 Total comprehensive loss for the second quarter of the
year 2013 amounted to $1.1 million or $0.13 basic loss per share
based on 10,213,475 weighted average number of shares. If adjusted
for the $1.0 million impairment loss, total adjusted comprehensive
loss for the period becomes $0.1 million or $0.03 basic loss per
share. Total comprehensive loss for the Second quarter of the year
2012 was $2.4 million or $0.27 basic loss per share based on
10,141,998 weighted average number of shares. 
During the second quarter of 2013 we declared a preferred dividend of
$63.46 per share to the holders of our Series A Preferred Shares
which was paid during July 2013. There are 2,567 Series A Preferred
Shares issued and outstanding as of today.  
Revenue
 For the three
month periods ended June 30, 2013 and 2012 our Revenue was $6.8
million and $7.7 million respectively. The 12% decrease in Revenue
was mainly attributed to the lower time charter rates achieved by our
vessels on average during the second quarter of the year 2013
compared to the average time charter rates achieved during the same
period in 2012 and despite the 4% increase in operating days, from
570 during the second quarter of 2012 to 593 during the second
quarter of 2013. 
Voyage expenses
 Voyage expenses during the second quarter of 2013
reached $1.0 million as opposed to $2.8 million during the second
quarter of 2012 corresponding to a decrease of 64%. Voyage expenses
for the second quarter of 2012, included a one-time write-down of
receivables of $1.5 million. Excluding the aforementioned one time
charge, voyage expenses for the second quarter of 2012 were $1.3
million corresponding to a decrease of 23% compared to the respective
period in 2013.  
Time charter equivalent rate
 Time charter equivalent rate (TCE) for
the second quarter of 2013 was $8,838 per vessel per day as opposed
to $7,353 per vessel per day for the second quarter of 2012,
corresponding to an increase of 20%. Net revenue for the second
quarter of 2012 included a one-time write-down of receivables of
approximately $1.7 million ($0.2 million deducted from Revenue and
$1.5 million included in Voyage Expenses). Excluding the one-time
charges, TCE for the second quarter of 2012 was $10,696 per vessel
per day which compared to the TCE achieved during the second quarter
of 2013, corresponds to a decrease of 17%.   
Vessel operating expenses
 Vessel operating expenses, which include
crew costs, provisions, deck and engine stores, lubricating oils,
insurance, maintenance, and repairs, increased by $0.3 million or 13%
to $2.6 million during the three month period ended June 30, 2013
compared to $2.3 million during the three month period ended June 30,
2012. It is important to note that longer periods of time are more
accurate in basing conclusions on, rather than on a quarter over
quarter basis. The breakdown of our operating expenses for the second
quarter of the years 2013 and 2012 was as follows: 


 
                                                                
                                    2013    2012                
               Crew expenses          49%     55%               
               Repairs and spares     22%     16%               
               Insurance               9%      9%               
               Stores                 11%     10%               
               Lubricants              7%      8%               
               Other                   2%      3%               

 
Average daily operating expenses during the three month periods ended
June 30, 2013 and 2012 were $4,791 per day and $4,249 per day
respectively.  
Depreciation
 Depreciation decreased by $1.5 million
to $1.4 million during the three month period ended June 30, 2013
from $2.9 million during the respective period in 2012. The decrease
in depreciation is attributed to the lower depreciable book value of
the vessels resulting after the impairment charge of $80.2 million
recognized during December 2012. 
Amortization of fair value of time charter attached to vessels 
Amortization of fair value of time charter attached to vessels during
the three month periods ended June 30, 2013 and 2012 were $0.4 and 
$0.5 million respectively. Amortization refers to the fair value of
above market time charters attached to the vessels 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. 
Impairment loss
 During the second quarter of 2013 we recognized an
impairment loss of $1.0 million with reference to the vessel Tiara
Globe. During December 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. During the second
quarter of 2013, Tiara Globe had its Special Survey which increased
its carrying amount by $0.8 million while its fair value less cost to
sell as of June 30, 2013 compared to its value as of March 31, 2013,
decreased by $0.2 million.  
Interest expense and finance costs
 Interest expense and other
finance costs increased by $0.1 million, or 13%, to $0.9 million
during the second quarter of the year 2013, compared to $0.8 million
during the second quarter of the year 2012. The increase is mainly
attributed to the increase in our weighted average interest rate to
2.54% during the second quarter of the year 2013 from 2.13% during
the second quarter of the year 2012 resulting by an increase in the
margin over LIBOR in one of our debt facilities effected as of
December 28, 2012.  
Liquidity and capital resources
 Net cash generated from operating
activities for the three month periods ended June 30, 2013 and 2012
was $3.2 million and $2.7 million, respectively.  
Net cash used in financing activities during the three month period
ended June 30, 2013 amounted to $9.8 million and consisted of $8.8
million of debt repayment and $1.0 million of interest and other
finance costs paid. Net cash used in financing activities during the
three month period ended June 30, 2012 amounted to $3.4 million and
consisted of $1.4 million of debt repayment, $1.1 million of
dividends paid and $0.9 million of interest and other finance costs
paid.  
First half of the year 2013 compared to the first half of the year
2012
 Total comprehensive income for the first half of the year 2013
amounted to $0.2 million or approximately $nil basic earnings per
share based on 10,210,994 weighted average number of shares. If
adjusted for the $1.0 million impairment loss recognized during June
2013, total adjusted comprehensive income for the period becomes $1.2
million or $0.10 basic earnings per share. Total comprehensive loss
for the first half of the year 2012 was $0.8 million or $0.10 basic
loss per share based on 10,129,799 weighted average numbers of
shares. 
Revenue
 For the six month periods ended June 30, 2013 and
2012 our Revenue was $14.3 million and $17.1 million respectively.
The 16% decrease in Revenue was mainly attributed to the lower time
charter rates achieved by our vessels on average during the first
half of the year 2013 compared to the average time charter rates
achieved during the same period in 2012.  
Voyage expenses
 Voyage expenses during the first half of 2013
reached $1.5 million as opposed to $2.9 million during the first half
of 2012 corresponding to a decrease of 48%. Voyage expenses for the
first half of 2012, included a one-time write-down of receivables of
approximately $1.5 million. Excluding the aforementioned one time
charge, voyage expenses for the first half of 2012 become $1.4
million which compared to the voyage expenses recognized during the
respective period in 2013 corresponds to an increase of 7% mainly
attributable to the cost of bunkers consumed during the period that
our vessels travelled seeking for employment.  
Time charter equivalent rate
 Time charter equivalent rate (TCE) for
the first half of 2013 was $9,712 per vessel per day as opposed to
$11,236 per vessel per day corresponding to a decrease of 14%. Net
revenue for the first half of 2012 included a o
ne-time write-down of
receivables of approximately $1.7 million ($0.2 million deducted from
Revenue and $1.5 million included in Voyage Expenses). Excluding the
one-time charges, TCE for the first half of 2012 becomes $12,827 per
vessel per day which, compared to the TCE achieved during the
respective period in 2013, corresponds to a decrease of 24%.   
Vessel operating expenses
 Vessel operating expenses, which include
crew costs, provisions, deck and engine stores, lubricating oils,
insurance, maintenance, and repairs, decreased by $0.2 million or 4%
to $4.7 million during the six month period ended June 30, 2013
compared to $4.9 million during the six month period ended June 30,
2012 due to our continued efforts in cutting our operational costs.
The breakdown of our operating expenses for the first half of the
years 2013 and 2012 was as follows: 


 
                                                              
                                   2013   2012                
               Crew expenses         53%    52%               
               Repairs and spares    18%    19%               
               Insurance             10%     9%               
               Stores                 8%    10%               
               Lubricants             8%     7%               
               Other                  2%     3%               

 
Average daily operating expenses during the six month periods ended
June 30, 2013 and 2012 were $4,333 per day and $4,504 per day
respectively.  
Depreciation
 Depreciation decreased by $3.1 million
to $2.8 million during the six month period ended June 30, 2013 from
$5.9 million during the respective period in 2012. The decrease in
depreciation is attributed to the lower depreciable book value of the
vessels resulting after the impairment charge of $80.2 million
recognized during December 2012. 
Amortization of fair value of time charter attached to vessels 
Amortization of fair value of time charter attached to vessels during
both six month periods ended June 30, 2013 and 2012 was $0.9 million.
Amortization refers to the fair value of above market time charters
attached to the vessels 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. 
Interest expense and finance costs
 Interest expense and other
finance costs increased by $0.2 million, or 12%, to $1.9 million
during the first half of the year 2013, compared to $1.7 million
during the first half of the year 2012. The increase is mainly
attributed to the increase in our weighted average interest rate to
2.56% during the first half of the year 2013 from 2.16% during the
respective period in 2012 resulting by an inc
rease in the margin over
LIBOR in one of our debt facilities effected as of December 28, 2012. 
Gain on derivative financial instruments
 The valuation of our two
interest rate swaps at the end of each reporting period is affected
by the prevailing interest rates at that time. On June 30, 2011, the
two interest rate swap agreements (for $25 million in total, or ~26%
of our total debt outstanding of $95.7 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. Non-cash unrealized gain of
$0.5 million was recorded for first half of the year 2013, compared
to non-cash unrealized gain of $0.3 million for the respective period
last year, a result of the change in the fair market value of the
interest rate swaps.  
Liquidity and capital resources
 Net cash generated from operating
activities for both six month periods ended June 30, 2013 and 2012
was $6.5 million.  
Net cash used in financing activities during the six month period
ended June 30, 2013 amounted to $12.0 million and consisted of $10.2
million of debt repayment, and $1.8 million of interest and other
finance costs paid. Net cash used in financing activities during the
six month period ended June 30, 2012 amounted to $7.1 million and
consisted of $2.7 million of debt repayment, $2.7 million of
dividends paid and $1.7 million of interest and other finance costs
paid.  
As of June 30, 2013, our cash and bank balances and bank deposits
were $6.1 million and our outstanding debt was $95.7 million gross of
unamortized debt discount. 
Major vessel repairs
 The vessel "Tiara Globe" had its special survey
during the second quarter of the year 2013 and we anticipate that one
of our vessels will be drydocked during the second half of the year
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 and Webcast 
The Company's management team will host a conference call and
simultaneous internet webcast to discuss these results tomorrow,
Wednesday, September 4, 2013, at 9:30 a.m., Eastern Daylight Time. 
Conference Call Details:
 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 also be available until
September 9, 2013 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     Six months ended   
                                 --------------------  -------------------- 
                                       June 30,              June 30,       
                                 --------------------  -------------------- 
                                    2013       2012       2013       2012   
                                 ---------  ---------  ---------  --------- 
(in thousands of U.S. dollars,                                              
 except per share data)               (Unaudited)           (Unaudited)     
Statement of comprehensive                                                  
 income data:                                                               
Revenue                              6,849      7,660     14,256     17,118 
Voyage expenses                     (1,022)    (2,765)    (1,498)    (2,914)
                                 ---------  ---------  ---------  --------- 
Net Revenue (1)                      5,827      4,895     12,758     14,204 
Vessel operating expenses           (2,616)    (2,320)    (4,706)    (4,918)
Depreciation                        (1,404)    (2,928)    (2,809)    (5,855)
Depreciation of dry docking                                                 
 costs                                (115)      (161)      (246)      (318)
Amortization of fair value of                                               
 time charter attached to                                                   
 vessels                              (436)      (454)      (885)      (906)
Administrative expenses               (514)      (452)      (952)      (927)
Administrative expenses payable                                             
 to related parties                   (134)      (150)      (352)      (293)
Share-based payments                   (61)       (89)      (122)      (359)
Impairment loss                     (1,031)         -     (1,031)         - 
Other expenses                         (13)      (171)       (37)       (36)
                                 ---------  ---------  ---------  --------- 
Operating (loss)/profit before                                              
 financing activities                 (497)    (1,830)     1,618        592 
Interest income from bank                                                   
 balances & deposits                    15         12         28         30 
Interest expense and finance                                                
 costs                                (935)      (843)    (1,893)    (1,715)
Gain on derivative financial                                                
 instruments                           265        256        454        300 
Foreign exchange gains/(losses),                                            
 net                                    19        (16)       (20)        29 
                                 ---------  ---------  ---------  --------- 
Total finance costs, net              (636)      (591)    (1,431)    (1,356)
                                 ---------  ---------  ---------  --------- 
Total comprehensive                                                         
 (loss)/income for the period       (1,133)    (2,421)       187       (764)
                                 ---------  ---------  ---------  --------- 
                                                                            
Basic loss per share for the                                                
 period                              (0.13)     (0.27)      0.00      (0.10)
Adjusted EBITDA (2)                  2,489      1,713      6,589      7,671 

 
(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   Six months ended  
                                     ------------------  ------------------ 
                                          June 30,            June 30,      
                                     ------------------  ------------------ 
                                       2013      2012      2013      2012   
                                     --------  --------  --------  -------- 
(Expressed in thousands of U.S.                                             
 dollars)                                (Unaudited)         (Unaudited)    
                                                                            
Total comprehensive (loss)/income                                           
 for the period                        (1,133)   (2,421)      187      (764)
Interest and finance costs, net           920       831     1,865     1,685 
Gain on derivative financial                                                
 instruments                             (265)     (256)     (454)     (300)
Foreign exchange (gains)/losses net,      (19)       16        20       (29)
Depreciation                            1,404     2,928     2,809     5,855 
Depreciation of drydocking costs          115       161       246       318 
Amortization of fair value of time                                          
 charter attached to vessels              436       454       885       906 
Impairment loss                         1,031         -     1,031         - 
                                     --------  --------  --------  -------- 
Adjusted EBITDA                         2,489     1,713     6,589     7,671 
                                     ========  ========  ========  ======== 
                                                                            
                                                                            
                                                                            
(Expressed in thousands of U.S. Dollars)                 As of         As of
                                                      June 30,  December 31,
                                                          2013          2012
                                                 ------------- -------------
                                                   (Unaudited)              
                                                 ------------- -------------
Consolidated condensed statement of financial                               
 position:                                                                  
Vessels, net                                           136,939       140,860
Other non-current assets                                   126           106
Total non-current assets                               137,065       140,966
Cash and bank balances and bank deposits                 6,142        11,653
Other current assets                                     4,074         4,227
Total current assets                                    10,216        15,880
Vessel classified as held for sale                       8,682         8,876
                                                        18,898        24,756
Total assets                                           155,963       165,722
                                                                            
Total equity                                            55,328        55,182
                                                                            
Total bank debt net of unamortized debt discount        95,365       105,519
Other liabilities                                        5,270         5,021
Total liabilities                                      100,635       110,540
Total equity and liabilities                           155,963       165,722
                                                                            
                                                                            
                                                                            
                                     ------------------  ------------------ 
                                     Three months ended   Six months ended  
                                     ------------------  ------------------ 
                                          June 30,            June 30,      
                                     ------------------  ------------------ 
(Expressed in thousands of U.S.                                             
 dollars)                              2013      2012      2013      2012   
                                     --------  --------  --------  -------- 
                                         (Unaudited)         (Unaudited)    
Statement of cash flow data:                                                
Net cash generated from operating                                           
 activities                             3,177     2,658     6,526     6,452 
Net cash generated from/(used in)                                           
 investing activities                     (18)        1        (6)       (5)
Net cash used in financing                                                  
 activities                            (9,849)   (3,382)  (12,044)   (7,131)
                                                                            
                                                                            
                                                                            
                                     Three months ended   Six months ended  
                                          June 30,            June 30,      
                                     ------------------  ------------------ 
                                       2013      2012      2013      2012   
                                     --------  --------  --------  -------- 
Ownership days (1)                        637       637     1,267     1,274 
Available days (2)                        609       587     1,239     1,224 
Operating days (3)                        593       570     1,220     1,203 
Bareboat charter days (4)                  91        91       181       182 
Fleet utilization (5)                    97.4%     97.1%     98.5%     98.3%
Average number of vessels (6)             7.0       7.0       7.0       7.0 
Daily time charter equivalent (TCE)                                         
 rate (7)                            $  8,838  $  7,353  $  9,712  $ 11,236 
Daily operating expenses (8)         $  4,791  $  4,249  $  4,333  $  4,504 
                                                                            
(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   Six months ended 
                                           June 30,            June 30,     
                                     ------------------- -------------------
(Expressed in thousands of U.S.                                             
 dollars, except number of days and                                         
 TCE rates)                             2013      2012      2013      2012  
                                     --------- --------- --------- ---------
                                         (Unaudited)         (Unaudited)    
                                                                            
Revenue                              $   6,849 $   7,660 $  14,256 $  17,118
Less: Voyage expenses                $   1,022 $   2,765 $   1,498 $   2,914
Less: bareboat charter revenue net                                          
 of commissions                      $   1,249 $   1,248 $   2,483 $   2,496
                                     --------- --------- --------- ---------
Net revenue excluding bareboat                                              
 charter revenue                     $   4,578 $   3,647 $  10,275 $  11,708
Available days net of bareboat                                              
 charter days                              518 $     496     1,058     1,042
Daily TCE rate                       $   8,838 $   7,353 $   9,712 $  11,236

 
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 6.6 years as of June 30, 2013. 
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 
 
 
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