-- Gross Revenues of $8.4 million versus $11.3 million, a decrease of 26%;
-- Net Revenues of $8.0 million versus $10.2 million, a decrease of 22%;
-- Adjusted EBITDA of $5.1 million versus $6.9 million, a decrease of 26%;
adjusted EBITDA is further defined below and is a non-generally
accepted accounting principles ("GAAP") measure. See "Reconciliation
of Non-GAAP Financial Measures" below.
-- Total comprehensive income of $2.6 million versus a total comprehensive
loss of $1.2 million;
-- Basic earnings per share of $0.36, calculated on 7,253,265 weighted
average number of shares compared to Basic loss per share of $0.16,
calculated on 7,214,660 weighted average number of shares;
-- An average of 5.0 vessels were owned and operated during Q4-10, earning
an average time Charter Equivalent ("TCE") rate of $18,209 per day,
versus an average of 4.7 vessels owned and operated during Q4-09,
earning an average TCE rate of $23,546 per day. See "Reconciliation of
Non-GAAP Financial Measures" below;
-- Fleet utilization was 98.3% versus 99.1%; fleet utilization is further
defined below.
Summary of Full Year 2010 Results versus Full Year 2009
-- Gross Revenues of $28.9 million versus $52.8 million, a decrease
of 45%;
-- Net Revenues of $26.7 million versus $49.1 million, a decrease of 46%;
-- Adjusted EBITDA of $17.1 million versus $33.8 million, a decrease
of 49%;
-- Total comprehensive income of $6.0 million versus a total comprehensive
loss of $10.1 million;
-- Basic earnings per share of $0.83, calculated on 7,243,340 weighted
average number of shares compared to Basic loss per share of $1.40,
calculated on 7,192,369 weighted average number of shares for the full
years ended December 31, 2010 and 2009 respectively;
-- An average of 4.0 vessels were owned and operated during the twelve
months of 2010, earning an average TCE rate of $18,996 per day, versus
an average of 6.3 vessels owned and operated during 2009, earning an
average TCE rate of $21,550 per day;
-- Fleet utilization was 98.8% versus 98.6%.
Dividend Declaration
For Q4-10, the Company declared a cash dividend on its common shares of
$0.16 per share, payable on or about March 17, 2011 to shareholders of
record on March 8, 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 determines 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: (i) our
earnings, financial condition and cash requirements and availability, (ii)
decisions in relation to our growth strategies, (iii) provisions of
Marshall Islands law governing the payment of dividends, (iv) restrictive
covenants in our existing and future debt instruments and (v) global
financial conditions. We can give no assurance that dividends will be paid
in the future.
Fleet Development
On December 31, 2009, Globus' fleet comprised of four dry bulk carriers,
consisting of three Handymaxes and one Panamax, with a weighted average age
of approximately 10.5 years and a total carrying capacity of 212,789 DWT.
During Q1-10, the Company sold two mid-1990's-built Handymax vessels, the
"Sea Globe" and the "Coral Globe."
In March 2010, the Company purchased from unaffiliated third parties two
sistership Supramax vessels for a total price of $65.7 million. Both
vessels were delivered in May 2010 and were named "Sky Globe" (built in
November 2009) and "Star Globe" (built in May 2010), respectively.
In June 2010, a new subsidiary of the Company purchased from an
unaffiliated third party the 2010-built Kamsarmax vessel "Jin Star" for
$41.1 million, with an attached bareboat charter agreement at the gross
daily rate of $14,250. The vessel was delivered in June 2010.
On December 31, 2010, as well as on the date of this press release,
Globus's five subsidiaries own 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.
Fleet Profile
Year Month/Yr
Vessel Built Yard Type Delivered DWT FLAG
-------- ---- ----------------- --------- --------- ------- ------------
Tiara Globe 1998 Hudong Zhonghua Panamax Dec 2007 72,928 Marshall Is.
---- ----------------- --------- --------- ------- ------------
River Globe 2007 Yangzhou Dayang Supramax Dec 2007 53,627 Marshall Is.
---- ----------------- --------- --------- ------- ------------
Sky Globe 2009 Taizhou Kouan Supramax May 2010 56,785 Marshall Is.
---- ----------------- --------- --------- ------- ------------
Star Globe 2010 Taizhou Kouan Supramax May 2010 56,785 Marshall Is.
---- ----------------- --------- --------- ------- ------------
Jin Star 2010 Jiangsu Eastern Kamsarmax June 2010 79,788 Panama
---- ----------------- --------- --------- ------- ------------
W. Average
Age 4.0 Years at 12/31/10 319,913
---- ----------------- --------- --------- ------- ------------
Fleet Deployment
The Supramax "River Globe" was previously on time charter with Eastern Bulk
Carriers A/S, from April until October 2010, at the gross rate of $25,000
per day. She is currently trading on the spot market.
As of the day of this press release, we have secured under fixed employment
49% of our fleet days for the remaining of 2011, and 27% for 2012.
Employment Profile
Charter
Expiration Gross
Date Daily
Vessel Charterer (Earliest) Type rate
----------- ---------------------------- ---------- ------------ --------
Tiara Globe Transgrain Shipping Jan 2012 Time charter $ 20,000
---------------------------- ---------- ------------ --------
River Globe Spot n/a Spot n/a
---------------------------- ---------- ------------ --------
Sky Globe Spot n/a Spot n/a
---------------------------- ---------- ------------ --------
Star Globe Transgrain Shipping April 2011 Time charter $ 22,000
---------------------------- ---------- ------------ --------
Jin Star Eastern Media International
and Far Eastern Silo &
Shipping Jan 2015 Bareboat $ 14,250
---------------------------- ---------- ------------ --------
Management Commentary
George Karageorgiou, Chief Executive Officer of Globus, stated:
"2010 was a year of transformation for the Company. We started the year
with four vessels, with a total capacity of 212,789 DWT, and a weighted
average age of 10.5 years. During the early part of 2010, we continued our
fleet renewal strategy, thereby enhancing the foundation of long term
growth for the Company: we sold two older Handymaxes and acquired three
newer and larger vessels, at attractive prices, expanding the operational
versatility of our fleet with the addition of a Kamsarmax vessel. We now
have a fleet of five dry bulk carriers comprised of three Supramaxes, one
Panamax and one Kamsarmax, with a total capacity of 319,913 DWT, and with a
weighted average age of less than 4.0 years. Looking into 2011, we will
continue our focus on growing the fleet through attractive acquisitions
that create real shareholder value.
"During the second half of 2010, we moved the listing of our shares from
the AIM in London to the NASDAQ. We believe that listing the Company on an
exchange in the United States may result in our shares trading at a more
favorable price relative to their net asset value. This belief is based
upon the enhanced visibility and liquidity of comparable shipping companies
trading on U.S. stock exchanges, which generally benefit from a larger
universe of research analysts, as well as a larger base of both
institutional and individual investors. Our Board of Directors believes
that the Company will also be in a better position to raise funds for its
future development.
"We are happy to report a net income for 2010 of $6.0 million, compared to
a net loss of $10.1 million in 2009. We consider this a solid performance,
produced against a backdrop of weakening charter rates and the global
economic turmoil during the reporting year.
"We are also pleased to reinstate our dividend; in line with our dividend
policy, we declared and paid an interim cash dividend (for the first-half
of 2010) in September, 2010, and a quarterly cash dividend (for Q3-10) in
December 2010, which was the first quarterly dividend after listing our
shares on the NASDAQ. Finally, we have declared a quarterly dividend of
$0.16 for Q4-10, which will be paid on or around March 17, 2011.
"For dry bulk shipping, the balance between supply and demand is decisive.
It is our view that the actual deliveries of newbuilding dry bulk vessels
in 2011 and 2012 will not be easily offset and absorbed by the growth in
demand, although demand is expected to strengthen. In this context, we have
taken proactive initiatives and measures to optimize our fleet composition
so that Globus is able to weather the current storm and come out of this
turmoil even stronger."
Elias Deftereos, Chief Financial Officer of Globus, added:
"Our results for the reporting period reflect the smaller size of our
fleet, as well as the continued volatility of market conditions.
"Our Company is in a strong financial condition. As of today, total bank
debt outstanding is $96.7 million, while our restricted and unrestricted
cash balances are $28.5 million. Our relatively low leverage gives us the
flexibility to pursue further fleet growth opportunities. We anticipate
that the market will present us with many attractive opportunities, given
our strong balance sheet, and we will gradually seek to take advantage of
these, and grow the earnings capacity of Globus, and thus generate value
for our shareholders."
MANAGEMENT DISCUSSION OF THE FOURTH QUARTER 2010 RESULTS
During Q4-10, we had an average of 5.0 dry bulk vessels in our fleet and
460 ownership days, compared to an average of 4.7 dry bulk vessels and 432
ownership days in Q4-09.
Revenues
Revenues during Q4-10 reached $8.4 million, compared to $11.3 million in
Q4-09, a decrease of $2.9 million. The decrease is primarily attributable
to the lower average time charter rates. For the same reasons, net revenues
during Q4-10 decreased by $2.2 million and reached $8.0 million, as
compared to $10.2 million during the last quarter of 2009. During Q4-10,
our vessels earned an average TCE rate of $18,209 per day, while during
Q4-09, our vessels had earned an average TCE rate of $23,546 per day.
Vessel Operating Expenses
Vessel operating expenses in Q4-10 decreased to $1.8 million from $1.9
million during Q4-09. This decrease is largely attributable to the
reduction in the fleet's ownership days, excluding bareboat charter days.
Average daily operating expenses were $4,791 during the fourth quarter of
2010, compared to $4,465 during the same quarter of 2009, representing an
increase of 7%.
Gain/Loss on Derivative Financial Instruments
The valuation of our two interest rate swaps at the end of each quarter is
affected by the prevailing interest rates at that time. On December 31,
2010, the two interest rate SWAP agreements (for $25 million in total, or
26% of our total debt outstanding of $96.7 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. A $0.4 million non-cash unrealized gain
was recorded in Q4-10, compared to a $0.1 million non-cash unrealized gain
in Q4-09, a result of the change in the fair market value of the interest
rate swaps.
MANAGEMENT DISCUSSION OF THE FISCAL YEAR 2010 RESULTS
We started the year 2010 with four vessels with a total capacity of 212,789
DWT and a weighted average age of 10.5 years. During 2010, we sold the
1995-built "Sea Globe" and the 1994-built "Coral Globe" and acquired the
2009-built "Sky Globe", the 2010-newbuild "Star Globe" and the 2010-built
"Jin Star". At the end of 2010 we owned five vessels with a total capacity
of 319,913 DWT and a weighted average age of just under 4.0 years.
During the year 2010, we had an average of 4.0 dry bulk vessels in our
fleet, and 1,458 ownership days, while during 2009, we had an average of
6.3 dry bulk vessels in our fleet and 2,314 ownership days.
Revenues
As a result of the prevailing charter rates and the decrease in the number
of vessels in the Company's fleet, gross revenue decreased by $23.9 million
to $28.9 million for 2010, compared to $52.8 million for 2009. Net revenues
decreased by $22.4 million to $26.7 million for 2010, from $49.1 million
for 2009. The decrease is primarily attributable to the 37% decrease in
ownership days, a result of the lower average number of vessels in the
fleet. The decrease is also attributable to the lower average time charter
rates earned by or vessels. During the year of 2010 our vessels earned an
average TCE rate of $18,996 per day, while during 2009, our vessels earned
an average TCE rate of $21,550 per day.
Vessel Operating Expenses
Vessel operating expenses decreased by $4.2 million to $5.9 million in
2010, compared to $10.1 million in 2009. The 42% decrease in operating
expenses is mainly attributable to the decrease in ownership days. The
breakdown of our operating expenses for the years 2010 and 2009 was as
follows:
2010 2009
Crew expenses 52% 52%
Repairs and spares 17% 17%
Insurance 10% 11%
Stores 12% 9%
Lubricants 7% 9%
Other 2% 2%
Daily operating expenses were $4,628 in 2010 compared to $4,381 in 2009,
representing an increase of 6%. This increase is mainly due to the initial
supplies needed for our two new acquisitions, the "Star Globe" and the "Sky
Globe".
Depreciation
Depreciation decreased by $3.8 million to $7.4 million for 2010, compared
to $11.2 million for 2009. This 34% decrease is directly the result of the
decrease in ownership days. The Company continues the policy to depreciate
vessels over a useful life of 25 years, on a straight line basis down to
their scrap value calculated at their lightweight at $200 per tonne.
Share-based Payments
Share-based payments for 2010 decreased by $1.5 million to $0.3 million,
compared to $1.8 million in 2009. In 2009, the Board of Directors agreed
with our Chief Executive Officer to release 42,763 (equivalent to 171,052
pre-reverse split) unvested common shares awarded to him in 2008 under our
long term incentive plan. We accounted for the cancellation of the award as
an acceleration of vesting, and therefore immediately recognized the amount
that otherwise would have been recognized over the remaining of the vesting
period, up to March 4, 2011. The amount recognized in 2009 was $1.4
million. There was no such charge in 2010.
Interest Expenses and Finance Costs
Interest expenses decreased by $0.8 million to $2.1 million for 2010,
compared to $2.9 million for 2009, due to the lower average debt balances.
The total outstanding bank debt to our two financing banks as of December
31, 2010 amounted to $96.7 million, compared to $70.6 million as of
December 31, 2009.
Gain/(loss) on Derivative Financial Instruments
The valuation of our two interest rate swaps at the end of each period is
affected by the prevailing interest rates at that time. At December 31,
2010, the two interest rate SWAP agreements (for $25 million in total, or
26% of our total debt outstanding of $96.7 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. The change in the valuation of the SWAP
agreements between December 31, 2009 and December 31, 2010 was recorded as
a $0.6 million non-cash unrealized loss for 2010, compared to a $0.1
million non-cash unrealized gain for 2009 from the change in the valuation
between December 31, 2008 and December 31, 2009.
Foreign Exchange Losses
Foreign exchange losses were $0.9 million for 2010, compared to losses of
$0.2 million in 2009. Foreign exchange losses resulted primarily from the
change in fair value of cash deposits in the Euro, as well as currency
exchanges, to pay for vessel operating expenses and general and
administrative expenses.
Liquidity and Capital Resources
As of December 31, 2009, we had $59.2 million in "cash and bank balances
and bank deposits," while we had an aggregate bank debt outstanding of
$70.6 million to our two financing banks, namely $43.6 million to Credit
Suisse and $27.0 million to Deutsche Schiffsbank ("DSB"). In addition, at
December 31, 2009, we had committed undrawn funds up to $36.4 million under
our facility with Credit Suisse.
In Q1-10, upon the sale of the "Sea Globe" and the "Coral Globe," we repaid
in full the $27.0 million loan to DSB. The Bank released $5.0 million from
the deposit that was pledged as security for this loan.
In Q2-10, we drew $35.5 million from Credit Suisse to finance the purchase
of the "Sky Globe" and the "Star Globe." We also drew a new $26.7 million
loan from DSB to finance the acquisition of the "Jin Star."
During 2010, we repaid regular debt instalments of $9.1 million to our two
banks. The scheduled bank debt repayments to our two banks in 2011, 2012,
and 2013 are $11.0 million per year.
As of December 31, 2010, our cash and bank balances and bank deposits
exceeded $24.6 million and our outstanding debt was $96.7 million, while no
amount remained undrawn.
Net cash used in investing activities during 2010 was $72.7 million and
includes (1) $106.1 million paid by the Company for the acquisition of the
vessels "Sky Globe", "Star Globe", and "Jin Star" and (2) $33.0 million
received from the sale of the vessels "Sea Globe" and "Coral Globe".
Dividend
On September 24, 2010, when Globus's shares were trading on the AIM, the
Company paid an interim cash dividend for the first-half of 2010 in the
amount of $0.8 million, or $0.1129 per share.
On December 28, 2010, after Globus's shares had begun trading on the
NASDAQ, the Company paid its first quarterly cash dividend, for Q3-10, in
the amount of $1.2 million, or $0.16 per share.
The Company has declared its second quarterly cash dividend, for Q4-10, in
the amount of $1.2 million, or $0.16 per share, payable on or about March
17, 2011 to shareholders of record on March 8, 2011.
Reverse Stock Split and Incentive Plan
A 1-new-for-4-old reverse stock split took effect on July 29, 2010, while
the Company's shares traded on the AIM.
On December 17, 2010, the Company issued 47,823 new common shares in favor
of the two executive directors and a number of managers and staff of Globus
Shipmanagement Corp., its wholly owned subsidiary, being the first (of
three) installments of awards granted under the Company's long term
incentive plan.
The issued share capital as at December 31, 2010 and on the date of this
release is 7,289,688 common shares with a par value of $0.004 each. The
Company does not hold any shares in treasury.
Scheduled Vessel Repairs
The "Tiara Globe" is scheduled for dry docking in Q1-11. We budget 20 days
per dry docking per vessel. Actual length will vary based on the condition
of the vessel, yard schedules, and other factors.
Conference Call details
The Company's management team will host a conference call and simultaneous
internet webcast to discuss these results on February 25, 2011, at 9:00am
Eastern Time, and at 4:00pm Athens 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 be available until March 4, 2011 by
dialling 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 Year Ended
December 31, December 31,
---------------- ----------------
(Unaudited)
----------------------------------
(Expressed in Thousands of U.S.
Dollars except per share data)
----------------------------------
Statement of comprehensive
income/(loss) data 2010 2009 2010 2009
------- ------- ------- -------
Revenue 8,414 11,314 28,860 52,812
Voyage expenses (451) (1,142) (2,152) (3,742)
------- ------- ------- -------
Net Revenues 7,963 10,172 26,708 49,070
Vessel operating expenses (1,763) (1,929) (5,887) (10,137)
Administrative expenses (723) (678) (2,310) (2,004)
Administrative expenses payable to
related parties (281) (413) (1,066) (1,272)
Share-based payments (80) (202) (311) (1,754)
Other expenses, net (16) (70) (35) (106)
------- ------- ------- -------
Adjusted EBITDA 5,100 6,880 17,099 33,797
Depreciation (2,288) (1,665) (7,367) (11,204)
Depreciation of drydocking costs (18) (171) (410) (1,512)
Impairment loss - (6,104) - (28,429)
Gain/(loss) on sale of vessel - 94 7 (802)
------- ------- ------- -------
Operating profit/(loss) before
financial activities 2,794 (966) 9,329 (8,150)
Interest income from bank balances &
deposits 15 264 247 1,032
Interest expense and finance costs (564) (565) (2,133) (2,926)
Gain/(loss) on derivative financial
instruments 389 95 (570) 143
Foreign exchange losses, net (10) (8) (870) (178)
------- ------- ------- -------
Total comprehensive income/(loss) for
the period/year 2,624 (1,180) 6,003 (10,079)
Basic earnings/(loss) per share for the
period/year 0.36 (0.16) 0.83 (1.40)
Diluted earnings/(loss) per share for
the period/year 0.36 (0.16) 0.82 (1.40)
Year Ended
December 31,
(Unaudited)
-----------------
Expressed in
Thousands of U.S.
Dollars
-----------------
2010 2009
-------- --------
Statement of financial position data
Total non-current assets 191,556 93,204
Total current assets (including "Non-current assets
classified as held for sale") 26,896 94,366
Total assets 218,452 187,570
Total equity 117,788 113,458
Total non-current liabilities 85,388 36,218
Total current liabilities 15,276 37,894
Total equity and liabilities 218,452 187,570
Three Months Ended Year Ended
December 31, December 31,
---------------- ----------------
(Unaudited)
----------------------------------
(Expressed in Thousands of U.S.
Dollars)
----------------------------------
2010 2009 2010 2009
------- ------- ------- -------
Statements of cash flows data
Net cash generated from operating
activities 4,494 7,104 16,182 33,566
Net cash (used in)/generated from
investing activities (5) 31,647 (72,719) 60,253
Net cash (used in)/generated from
financing activities (6,655) (26,982) 27,034 (74,496)
Three Months Ended Year Ended
December 31, December 31,
------------------ ------------------
2010 2009 2010 2009
-------- -------- -------- --------
Ownership days(1) 460 432 1,458 2,314
Available days(2) 460 432 1,458 2,277
Operating days(3) 452 428 1,441 2,246
Bareboat charter days 92 - 186 -
Fleet utilization(4) 98.3% 99.1% 98.8% 98.6%
Average number of vessels(5) 5.0 4.7 4.0 6.3
Daily time charter equivalent (TCE)
rate(6) $ 18,209 $ 23,546 $ 18,996 $ 21,550
Daily operating expenses (7) $ 4,791 $ 4,465 $ 4,628 $ 4,381
(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 our 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 in a period less the
aggregate number of days that the vessels are off-hire due to any reason,
including unforeseen circumstances.
(4) We calculate fleet utilization by dividing the number of our operating
days during a period by the number of our available days during the period.
(5) 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.
(6) TCE rates are our voyage and time charter revenues less voyage expenses
during a period divided by the number of our available days during the
period excluding bareboat charter days and net revenue, which is consistent
with industry standards. TCE is a measure not in accordance with GAAP.
(7) We calculate daily vessel operating expenses by dividing vessel
operating expenses by ownership days for the relevant period excluding
bareboat charter days.
Reconciliation of Non-GAAP Financial Measures
The following table reflects the calculation of our daily TCE rates for the
years ended December 31, 2010 and 2009 and the three months ended December
31, 2010 and 2009.
Three Months Ended Year Ended
December 31, December 31,
---------------- ----------------
(Unaudited)
-----------------------------------
(Expressed in thousands of U.S.
Dollars)
-----------------------------------
2010 2009 2010 2009
-------- -------- -------- --------
Time charter revenue $ 8,414 $ 11,314 $ 28,860 $ 52,812
Less: Voyage expenses $ 451 $ 1,142 $ 2,152 $ 3,742
Less: bareboat charter net revenue $ 1,262 - 2,545 -
-------- -------- -------- --------
Net revenue $ 6,701 $ 10,172 $ 24,163 $ 49,070
Available days net of bareboat charter
days 368 432 1,272 2,277
Daily TCE rate $ 18,209 $ 23,546 $ 18,996 $ 21,550
The following table sets forth a reconciliation of total comprehensive
income/ (loss) to Adjusted EBITDA (unaudited) for the periods presented:
Three Months Ended Year ended
December 31, 2010 December 31, 2010
---------------- ----------------
(Unaudited)
----------------------------------
(Expressed in Thousands of U.S.
Dollars)
----------------------------------
2010 2009 2010 2009
------- ------- ------- -------
Total comprehensive income/(loss) for
the period/year 2,624 (1,180) 6,003 (10,079)
Interest and finance costs, net 549 301 1,886 1,894
(Gain)/loss on derivative financial
instruments (389) (95) 570 (143)
Foreign exchange losses 10 8 870 178
Depreciation 2,288 1,665 7,367 11,204
Depreciation of drydocking costs 18 171 410 1,512
(Gain)/loss on sale of vessel - (94) (7) 802
Impairment loss - 6,104 - 28,429
------- ------- ------- -------
Adjusted EBITDA (unaudited) 5,100 6,880 17,099 33,797
======= ======= ======= =======
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, impairment and gains or losses from 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.
About Globus Maritime Limited
Globus is a global provider of seaborne transportation services for dry
bulk cargoes, including among others iron ore, coal, grain, steel products,
cement, alumina and other dry bulk cargoes along worldwide shipping routes.
Globus' subsidiaries own and operate three Supramax, one Panamax and one
Kamsarmax vessels, with a weighted average age of 4.0 years as of December
31, 2010, and a total carrying capacity of 319,913 DWT.
Safe Harbor Statement
This communication contains "forward-looking statements" as defined under
U.S. federal securities laws. Forward-looking statements provide Globus's
current expectations or forecasts of future events. Forward-looking
statements include statements about Globus'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. Globus's actual results could
differ materially from those anticipated in forward-looking statements for
many reasons specifically as described in Globus'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.
Contact Information: For further information please contact: Globus Maritime Limited +30 210 960 8300 Elias Deftereos CFO deftereos@globusmaritime.gr Capital Link - New York +1 212 661 7566 Nicolas Bornozis Matthew Abenante globus@capitallink.com