Globus Maritime Reports Q1 Loss

 

George Karageorgiou, President, Chief Executive Officer and Chief Financial Officer of Globus Maritime Limited, stated:  “The first quarter of 2015 was yet another challenging period for our company as our results were negatively affected by the continuation of a depressed dry bulk market with the Baltic Dry Index (BDI) reaching the lowest point in 30 years. During the three months ended March 31, 2015, our Revenue amounted to $3.6 million, a 51% decrease compared to $7.4 million in the first quarter of 2014."

 

“Despite the weak market, we reduced our weighted average debt outstanding by 10.2% to $82.1 million during the first quarter of 2015 compared to $91.4 million during the same period in 2014. Following the drawdown of $29.4 million from the HSH Nordbank AG loan with the final installment due in December 2019, we prepaid $30.0 million to Credit Suisse AG on March 3, 2015, reducing the balance due to Credit Suisse AG to $5.0 million," he added.

 

George said in a press statement: “Still, in this difficult market, we continue to maintain our focus on operational efficiency achieving average daily operating expenses for the year ended March 31, 2015 of $4,468 per vessel per day compared to $4,641 per vessel per day during the year ended March 31, 2014 corresponding to a decrease of 4%."

 

During May 2015, the Company entered into a Memorandum of Agreement for the sale of m/v Tiara Globe for a sale price of $5.5 million while its book value as of March 31, 2015 was $13.3 million. The vessel is expected to be delivered to its new owners during the period from 20th of June to 25th of July 2015. Upon the delivery of the vessel, the weighted average age of the fleet will be reduced by 1.7 years.