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  • Globus Maritime Ltd. (GLBS) Stock Taking Steady Steps Forward in Aftermarket

    Globus Maritime Ltd. (GLBS), an integrated dry bulk shipping company, has gained an increase of 4.05% in aftermarket trading session. As a result, GLBS stock is changing hands at $2.57 at the time of the writing. The increase is attributable to the announcement of quarterly results by the company. On Tuesday, GLBS closed the day at $2.47 after declining 1.59% during the regular trading session.

    Why GLBS Stock Increasing?

    In the late hours of Tuesday, GLBS released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The comprehensive income for the quarter stood at $5.6 million (or $0.27 per basic and diluted share). For the same period of 2020, the comprehensive loss stood at $1.3 million (or $0.8 per basic and diluted share). The voyage revenue during the three months stood at $12.7 million, an increase of 297% when compared with the same period of 2020. The voyage expenses for the period were $0.5 million against $0.2 million for the same period of 2020. The vessel-operating expenses for the period were $3.6 million during the quarter, an increase of 80% when compared with the same period of 2020.

    Business Highlights

    Alongside the operational results, GLBS also reported the recent business highlights. In May, the company reached an agreement with CiT Bank N.A. for a loan facility of $34.25 million. In late June, the company entered into a securities purchase agreement with certain institutional investors. In the same month, the company took the delivery of m/v “Diamond Globe”, a 2018-built Kamsarmax dry bulk carrier. In July, the company took delivery of the m/v “Power Globe”, a 2011-built Kamsarmax dry bulk carrier.

    Management Commentary

    The management of GLBS, while commenting on the results, said that the quarter proved pivotal for the company as it signified a return to the profit. The company was pleased that the market moved to higher territories and provided excellent rates for the vessels of the company. The company remains optimistic regarding the supply and demand basics of the market, keeping in mind the near and long-term growth targets that it intends to achieve.

    Future Outlook for GLBS

    During the last three months, GLBS stock has declined more than 20% despite strong positive sentiments associated with it in the form of subsiding impacts of the COVID pandemic. However, the analysts believe that the stock tends to attract investors in the long term.

  • Here is why Globus Maritime Ltd (GLBS) stock ended the week on positive performance?

    Here is why Globus Maritime Ltd (GLBS) stock ended the week on positive performance?

    Globus Maritime Limited (GLBS) shares gained 13.64% in after-hours on Friday, June 18, 2021, and close the week at $5.75 per share. Earlier in the morning session on Friday, GLBS’s stock gained 0.80% to close the session at $5.06. GLBS shares have fallen 86.75% over the last 12 months, and they have moved down 2.69% in the past week. Over the past three months, the stock has gained 2.43%, while over the past six months, it has lost 16.23%.

    Let’s have a look at its recent news and developments.

    Recent financial results announcement

    On June 18, 2021, Globus Maritime Limited announced its unaudited consolidated operating and financial results for the quarter ended March 31, 2021.

    Q1 2021 financial highlights

    • Globus Maritime Limited reported revenue of $5.17 million for Q1 2021 compared to $2.3 million for Q1 2020
    • Adjusted EBITDA was $1.3 million in Q1 2021 compared to $1.6 million in Q1 2020.
    • The company suffered a comprehensive loss of $0.8 million or $0.11 basic and diluted loss per share in Q1 2021 compared to a total comprehensive loss of $9 million for the same period last year or $154.85 basic and diluted loss per share in Q1 2020.
    • The company had cash and bank balances and bank deposits (including restricted cash) of $53.1 million as of March 31, 2021, compared to $21.1 million on December 31, 2020.

    Delivery & charter of the M/V Diamond Globe

     

    On June 15, 2021, Globus Maritime Limited took delivery of the M/V “Diamond Globe”, a 2018-built “Eco” Kamsarmax dry bulk carrier it acquired for a purchase price of $27 million, which the Company previously announced on March 23, 2021.

    Now the Company’s fleet has seven dry bulk carriers with a total carrying capacity of 463,765 DWT.

    M/V Diamond Globe has been successfully charted to an unrelated third party at a daily rate of $27,250. The charter is expected to commence at the earliest on June 16, 2021, and has a minimum duration of four months. 

    Closing of $34.25 million loan

    On May 12, 2021, Globus Maritime Limited completed the refinancing of its six vessels through a Term Loan Facility with CIT Bank, and the majority proceeds of which were used to repay the Company’s loan facility with EnTrust Global’s Blue Ocean Fund. 

    Conclusion

    The financial results announcement on Friday was the reason behind its surging in the after-hours on Friday. we can expect GLBS to continue its momentum on Monday as well.