Globus Maritime Reports Loss in Q3

 

Total comprehensive loss for the third quarter of the year 2015 amounted to $2.5 million or $0.24 basic loss per share based on 10,264,256 weighted average number of shares, compared to total comprehensive income of $0.2 million for the same period last year or $0.02 basic earnings per share based on 10,236,134 weighted average number of shares. 

 

During the three-month period ended September 30, 2015 and 2014, its revenue reached $3.2 million and $6.3 million respectively. The 49% decrease in revenue was mainly attributed to the decrease in the average time charter rates achieved by the vessels during the third quarter of 2015 compared to the same period in 2014. 

 

George Karageorgiou, President, Chief Executive Officer and Chief Financial Officer of Globus Maritime Limited, stated: “Given that our vessels are employed in the spot market, Globus’ financial results for the third quarter 2015 were heavily affected by the historical low dry bulk markets. Specifically, our time charter equivalent rate decreased by 25% for the third quarter of 2015 compared to the same period in 2014. At the same time, we continue our efforts towards maintaining operational efficiency as our average daily operating expenses decreased by 6% in the first nine months of 2015 versus the same period last year."

 

George added: "Our objective in 2016 is to maintain our chartering strategy with full spot exposure that will allow Globus to capitalize on the eventual market recovery. While the drybulk market remains depressed year to date, including this fourth quarter, which historically is a strong period for the market, the freight rate weakness helps keep the supply side from growing with minimum newbuilding orders placed alleviating what has been a problem for the industry. While the slowing demand has also hampered the sector, we remain cautiously optimistic on China’s economy and expect demand for dry bulk commodities going forward to remain strong.”