-- 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
Globus' fleet comprises a total of seven modern dry bulk carriers,
consisting of five Handymaxes and two Panamaxes, with a weighted average
age of approximately 11.9 years as of April 30, 2009 and a total carrying
capacity of 372,369 dwt.
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.
Conference Call details
The Company's management will host a conference call on Thursday May 28,
2009 at 1pm GMT - 3pm Athens - 8am EDT, to discuss the Trading Update and
Financial Highlights for the three months ended March 31, 2009.
Participants should dial into the call 10 minutes prior to the scheduled
time using the following numbers: 0800-953-0329 (from the UK),
1-866-819-7111 (from the US), 00800-4413-1378 (from Greece), or
+44 (0)1452-542-301 (all other callers). Please quote "Globus Maritime."
In case of any problem with the above numbers, please dial 0800-694-1503
(from the UK), 1-866-223-0615 (from the US), 00800-127-011 (From Greece),
or +44 (0)1452-586-513 (all other callers). Please quote "Globus Maritime."
A telephonic replay of the conference call will be available until June 4,
2009 by dialling 0800-953-1533 (from the UK), 1-866-247-4222 (from the US),
or +44 (0)1452-550-000 (all other callers). Access Code: 36407079#.
SELECTED FINANCIAL INFORMATION (Unaudited)
March 31, March 31,
For the three month period ended 2009 2008
(in thousands of US dollars) Unaudited Unaudited
Income Statement Data:
Gross Revenue 11,768 23,957
Voyage expenses (incl. commissions) (1,109) (1,284)
----------- -----------
Net Revenue 10,659 22,673
Vessels operating expenses (2,817) (3,293)
Administrative expenses (891) (996)
Other (expenses)/Income (18) 383
Depreciation (3,730) (4,473)
Amortization of dry-docking costs (411) (308)
----------- -----------
Operating profit before finance costs 2,792 13,986
Interest expense (766) (2,534)
Interest income 303 112
Gain on the fair value of swap 145 -
Foreign exchange gain/(losses) 21 (7)
----------- -----------
Profit for the period 2,495 11,557
----------- -----------
Depreciation 3,730 4,473
Amortization of dry-docking costs 411 308
Interest expense 766 2,534
Interest income (303) (112)
Foreign exchange (gain)/losses (21) 7
----------- -----------
EBITDA 7,078 18,767
Gain on the fair value of swap (145) -
----------- -----------
Adjusted EBITDA 6,933 18,767
----------- -----------
Balance Sheet Data:
Cash (including restricted cash) 48,887 17,998
Total assets 263,086 290,426
Dividend payable - 4,154
Long-term debt, net of unamortized fees 133,117 176,274
Total shareholders' equity 124,459 104,145
Cash Flow Data:
Net cash flow from operating activities 7,734 17,273
Net cash flows used in financing activities (20,960) (8,284)
FLEET OPERATING DATA
The following information is unaudited:
Fleet Data:
Average number of vessels(1) 7.0 8.0
Number of vessels at end of period 7 8
Weighted average age of fleet (in years)(2) 11.8 10.9
Ownership days(3) 630 728
Available days(4) 630 709
Operating days(5) 620 697
Fleet utilization(6) 98.4% 98.3%
Average Daily Results:
Vessel operating expenses (U.S. dollars)(7) 4,471 4,523
Administrative expenses (U.S. dollars) 1,414 1,368
Time charter equivalent (TCE) rate (U.S. dollars)(8) 16,919 31,979
Notes
(1) Average number of vessels is the number of vessels that constituted the
fleet for the relevant period, as measured by the sum of the number of days
each vessel was a part of the fleet during the period divided by the number
of calendar days in the period.
(2) The average age of the fleet is calculated by aggregating the
individual age of each vessel in the fleet at the period end weighted by
each vessel's deadweight tonnage in proportion to the deadweight tonnage of
the whole fleet at the period end.
(3) Ownership days are the aggregate number of days in a period during
which each vessel has been owned by the Company. Ownership days are an
indicator of the size of the fleet over a period and affect both the amount
of revenues and the amount of expenses that are recorded in a period.
(4) Available days are the number of ownership days less the aggregate
number of days that vessels are off-hire due to scheduled repairs or
repairs under guarantee, vessel upgrades or special surveys and the
aggregate amount of time spent positioning vessels. The shipping industry
uses available days to measure the number of days in a period during which
vessels should be capable of generating revenues.
(5) Operating days are the number of available days in a period less the
aggregate number of days that vessels are off-hire due to any reason,
including unforeseen circumstances. The shipping industry uses operating
days to measure the aggregate number of days in a period during which
vessels actually generate revenues.
(6) Fleet utilisation is measured by dividing the number of operating days
during a period by the number of available days during the same period. The
shipping industry uses fleet utilisation to measure a company's efficiency
in finding suitable employment for its vessels and minimising the amount of
days that its vessels are off-hire for reasons other than scheduled repairs
or repairs under guarantee, vessel upgrades, special surveys or vessel
positioning.
(7) Average daily vessel operating expenses, which include crew wages and
related costs, the cost of insurance, expenses relating to repairs and
maintenance, the costs of spares and consumable stores, tonnage taxes and
other miscellaneous expenses, are calculated by dividing vessel operating
expenses by ownership days for the relevant period.
(8) TCE rates are defined as time and voyage charter revenues less voyage
expenses during a period divided by the number of available days during the
period, which is consistent with industry standards. Voyage expenses
include port charges, bunker (fuel oil and diesel oil) expenses, canal
charges and commissions. TCE rate is a standard shipping industry
performance measure used primarily to compare daily earnings generated by
vessels on time charters with daily earnings generated by vessels on voyage
charters, because charter hire rates for vessels on voyage charters are
generally not expressed in per day amounts while charter hire rates for
vessels on time charters are generally expressed in such amounts.
The following tables represent the Company's fleet as on the date of this
release:
Fleet Employment Profile as at the day of this Press Release
Charter Gross
Expiration Daily rate
Vessel Type Charterer (Earliest) (US$)
---------------- ---------- ----------------- -------------- ----------
Lake Globe Handymax Currently on Spot 27,000
---------------- ---------- ----------------- -------------- ----------
Coral Globe Handymax Currently on Spot 13,000
---------------- ---------- ----------------- -------------- ----------
Gulf Globe Handymax Currently on Spot 12,250
---------------- ---------- ----------------- -------------- ----------
Sea Globe Handymax Currently on Spot 21,000
---------------- ---------- ----------------- -------------- ----------
River Globe Handymax Currently on Spot 22,000
---------------- ---------- ----------------- -------------- ----------
Tiara Globe Panamax Korea Line Corp Dec 2009 66,000
---------------- ---------- ----------------- -------------- ----------
Island Globe Panamax DS Norden June 2009 30,000
---------------- ---------- ----------------- -------------- ----------
Fleet Profile as of the date of this Press Release
Year Month/Yr
Vessel Built Yard Type Delivered DWT FLAG
----------- ----- ----------------- -------- --------- ------- -----------
----------- ----- ----------------- -------- --------- ------- -----------
Lake Globe 1994 Hyundai Handymax 12/2006 43,216 Bahamas
----------- ----- ----------------- -------- --------- ------- -----------
Coral Globe 1994 Hyundai Handymax 11/2006 43,189 Bahamas
----------- ----- ----------------- -------- --------- ------- -----------
Gulf Globe 1994 Hyundai Handymax 1/2007 43,245 Bahamas
----------- ----- ----------------- -------- --------- ------- -----------
Sea Globe 1995 Hyundai Handymax 9/2006 43,171 Bahamas
----------- ----- ----------------- -------- --------- ------- -----------
River Globe 2007 Yangzhou Dayang Handymax 12/2007 53,500 Marshall Is
----------- ----- ----------------- -------- --------- ------- -----------
Island Globe 1995 Samsung Panamax 7/2007 73,119 Marshall Is
----------- ----- ----------------- -------- --------- ------- -----------
Tiara Globe 1998 Hudong Zhonghua Panamax 12/2007 72,929 Marshall Is
----------- ----- ----------------- -------- --------- ------- -----------
----------- ----- ----------------- -------- --------- ======= -----------
Weighted
Average Age 11.9 Years at 30/04/09 372,369
----------- ----- ----------------- -------- --------- ------- -----------
For further information please contact: Globus Maritime Limited +30 210 960 8300 George Karageorgiou, CEO info@globusmaritime.gr Jefferies International Limited +44 (0) 20 7029 8000 Schuyler Evans Anne Dovigen Capital Link - London +44 (0) 20 3206 1322 / globus@capitallink.com Annie Evangeli Capital Link - New York +1 212 661 7566 / globus@capitallink.com Ramnique GrewalFurther Information - Notes to Editors 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.
Contact Information: For further information please contact: Globus Maritime Limited +30 210 960 8300 George Karageorgiou, CEO info@globusmaritime.gr Jefferies International Limited +44 (0) 20 7029 8000 Schuyler Evans Anne Dovigen Capital Link - London +44 (0) 20 3206 1322 globus@capitallink.com Annie Evangeli Capital Link - New York +1 212 661 7566 globus@capitallink.com Ramnique Grewal