Globus Maritime Posts 63% Increase in Revenues

By Aiswarya Lakshmi October 4, 2017

Globus Maritime Limited, a dry bulk shipping company, yesterday reported its unaudited consolidated operating and financial results for the six month period ended June 30, 2017.

Athanasios Feidakis, President, Chief Executive Officer and Chief Financial Officer of Globus Maritime Limited, stated: “As the year evolves we are pleased with our efforts bearing fruit. In the first half of 2017 we saw our total revenues increase by 63% compared to the same period last year, we were also able to reduce our debt by about 30% again compared to the first half of last year." He continued, adding, “In February we successfully completed a private placement transaction with a group of investors encompassing a $5 million share purchase of Company’s common shares plus warrants. We are happy to see our statement of financial position at a healthier level after almost two years."

“The recovery of benchmark dry bulk rates in the last few months has allowed us to enjoy hiring out our vessels at significantly higher rates than the previous year."

“In late 2016 we decided to increase our spending on the general maintenance of the fleet, in order to better serve our clients and improve utilization rates. We expected an initial increase in costs but also expected these costs to gradually normalize and drop, as we are actually seeing now."

“We are hoping to see a further improvement of the market fundamentals in the medium term future. We remain cautiously optimistic, and are following the market closely in our undertaking to best serve our clients and shareholders.”