Globus Maritime Limited Trading Update and Financial Highlights for the Three Months Ended March 31, 2009.
Athens, Greece, May 27, 2009. Globus Maritime Limited ("Globus" or the “Company")
(AIM: GLBS), an owner and operator of Handymax and Panamax dry bulk vessels,
announced today a trading update and unaudited financial highlights for the three months
(“Q1-09”) ended March 31, 2009.
First Quarter 2009 Highlights
• Gross Revenues of US$11.8 million versus US$24.0 million in Q1-08;
• Net Revenues of US$10.7 million versus US$22.7 million in Q1-08;
• Operating Expenses of US$2.8 million versus US$3.3 million in Q1-08;
• EBITDA of US$7.0 million versus US$18.8 million in Q1-08;
• Cash flow from operations of US$7.7 million versus US$17.3 million in Q1-08;
• Net Income of US$2.5 million versus US$11.6 million in Q1-08;
• Average Time Charter Equivalent (TCE) rate of US$16,919 per vessel per day with an
average 7.0 vessels operated, versus an average TCE of US$31,979 per vessel per day
with an average of 8.0 vessels operated during Q1-08;
• Fleet utilization of 98.4% versus 98.3% in Q1-08.
Fleet
On April 29, 2009, the Company entered into a Memorandum of Agreement with an unaffiliated third party for the sale of the “Island Globe” for the gross price of US$19.1 million in cash. The vessel is expected to be delivered to her new owners sometime between June 1 and October 21, 2009, at the option of the Company.
Following the delivery of the “Island Globe” to her new owners the Company will own and operate five Handymax vessels and one Panamax vessel, with a weighted average age of approximately 11.3 years as at April 30, 2009 and a total carrying capacity of 299,250 dwt. All six vessels are geared.
Liquidity and Capital Resources
On February 12, 2009, the Company prepaid US$3.9 million to DSB against instalments due in 2009, and thus reduced its debt outstanding to this bank from US$62.6 million (at December 31, 2008) to US$58.7 million. The following scheduled instalment amounts are due to DSB in the remaining of 2009: US$1.5 million in September and US$1.8 million in December.
On March 12, 2009, the Company prepaid the amount of US$20 million to the Credit Suisse revolving facility and thus reduced its debt outstanding to this bank from US$95 million (at December 31, 2008) to US$75 million. The following scheduled instalment amounts are due to Credit Suisse in the remaining of 2009: US$5 million in May and US$10 million in November. US$20 million is currently undrawn from the Credit Suisse facility, providing the Company with the means to grow the fleet.
Total bank debt outstanding as on the date of this release is US$133.7 million, while cash balances amount to US$54.5 million, giving net debt of US$79.2 million. A scheduled instalment in the amount of US$5 million is due and will be paid to Credit Suisse on May 28, 2009, reducing debt to US$128.7 million and cash balances to US$49.5 million.
The issued share capital as at May 26, 2009 is 28,759,660 shares of US$0.001 each.
Dry-docking Schedule
During Q1-09 the Company did not incur additional capital expenditures for scheduled special surveys for the fleet. The vessel “Gulf Globe” was dry-docked during May 2009. The vessels “Lake Globe” and “Coral Globe” are scheduled to be dry-docked during the second half of 2009.
Annual General Meeting
As previously announced, the Company’s AGM will be held on June 15, 2009 at 12.00 noon UK time (2.00pm local time) at the offices of Globus Shipmanagement Corp., on the 3rd floor at 128 Vouliagmenis Avenue, in Glyfada, 166 74 Greece.
About Globus Maritime Limited
Globus is a global provider of seaborne transportation services for dry bulk cargoes, including among others iron ore, coal, grain, cement, and fertilizers, along worldwide shipping routes. Following the delivery of the “Island Globe” to her new owners, the Company will own and operate five Handymax vessels and one Panamax vessel, with a weighted average age of approximately 11.3 years as at April 30, 2009 and a total carrying capacity of 299,250 dwt. All six vessels are geared.
Globus is listed on the AIM of the London Stock Exchange under ticker GLBS. Jefferies International Limited is acting as nominated adviser and broker to the Company.
Globus Maritime Limited