Globus Maritime Limited Reports Financial Results for the Three-Month Period Ended March 31, 2011, and Declares Quarterly Cash Dividend of $0.16 per Share.
Athens, Greece, May 6, 2011 - Globus Maritime Limited ("Globus," the “Company," “we,” or
“our”), (NASDAQ: GLBS), a dry bulk shipping company, reported today its unaudited consolidated
operating and financial results for the three-month period ended March 31, 2011.
Summary results of the first quarter 2011 (“Q1-11”) versus the first quarter 2010 (“Q1-10”)
• Revenue of $8.5 million versus $5.8 million, an increase of 47%;
• Net Revenue of $7.5 million versus $5.3 million, an increase of 42%;
• Adjusted EBITDA of $4.9 million versus $3.2 million, an increase of 53%; adjusted EBITDA is further defined below and is not in accordance with generally accepted accounting principles (“GAAP”) measure. See “Selected Consolidated Financial & Operating Data” below for a reconciliation of non-GAAP financial measures;
• Total comprehensive income of $2.2 million versus $0.5 million, an increase of 340%;
• Basic earnings per share of $0.30, calculated on 7,289,688 weighted average number of shares compared to $0.06, calculated on 7,239,264 weighted average number of shares;
• An average of 5.0 vessels were owned and operated during Q1-11 compared to 3.0 vessels owned and operated during Q1-10. Average Time Charter Equivalent (“TCE”) for Q1-11 was $18,012 per day compared to $19,429 per day for Q1-10; and
• Fleet utilization was 99.5% versus 96.7%; fleet utilization is further defined below.
Dividend Declaration
For the three-month period ended March 31, 2011, the Company declared a cash dividend on its common shares of $0.16 per share, payable on or about May 31, 2011 to shareholders of record on May 17, 2011.
The Company has 7,289,688 shares of common shares issued and outstanding as of today. The Board of Directors of the Company is continuing a policy of paying out a portion 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 is 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 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 and other factors, many of which will be beyond our control. We can give no assurance that dividends will be paid in the future.
Fleet Development
On December 31, 2010, Globus’ subsidiaries owned five dry bulk carriers, consisting of three Supramaxes, one Panamax and one Kamsarmax, with a weighted average age of approximately 4.0 years and a total carrying capacity of 319,913 DWT.
In March 2011, a new subsidiary of Globus agreed to purchase from an unaffiliated third party, subject to certain conditions, a 58,790 DWT 2007-built Supramax dry bulk vessel for $30.3 million, with an attached time charter at the gross daily rate of $16,000 until the first quarter of 2015. The vessel is expected to be delivered during the third quarter of 2011. We expect to name it the “Sun Globe.”
In May 2011, a new subsidiary of Globus agreed to purchase from an unaffiliated third party, subject to certain conditions, a 74,432 DWT 2005-built Panamax dry bulk vessel for $31.4 million. The vessel is expected to be delivered during the third quarter of 2011, and will be time chartered back to a Gleamray Maritime Inc. guaranteed nominee at the net daily rate of $18,000 until the third quarter of 2013. We expect to name it the “Moon Globe.”
Upon the expected completion of these two acquisitions, the Company’s fleet will expand to seven modern dry bulk carriers with a total carrying capacity of 453,135 DWT and a weighted average age of 4.8 years as of September 30, 2011.
Full report at: www.globusmaritime.gr
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 five vessels with a weighted average age of 4.2 years as of March 31, 2011, and a total carrying capacity of 319,913 DWT. Globus has contracted to acquire another two dry bulk vessels expected to be delivered during the third quarter of 2011.
Globus Maritime Limited