Globus Maritime Limited ("Globus," the "Company," "we," or "our"),
(NASDAQ: GLBS), a dry bulk shipping company, today reported its
unaudited consolidated operating and financial results for the
three-month and nine-month periods ended September 30, 2012.
Summary of Third Quarter 2012 ("Q3-12")
Results versus Third Quarter 2011
("Q3-11")
- Revenue of $7.4 million versus $9.2 million, a 20%
decrease;
- Voyage expenses of $0.8 million versus $0.9 million, an 11%
decrease;
- Net Revenue of $6.6 million versus $8.3 million, a 20%
decrease;
- Adjusted EBITDA of $3.4 million versus $5.1 million, a 33%
decrease; adjusted EBITDA is a measure not in accordance with
generally accepted accounting principles ("GAAP"). See a later
section of this press release for a reconciliation of non-GAAP
financial measures;
- Total comprehensive loss of $0.8 million versus a total
comprehensive income of $1.2 million;
- Basic loss per share of $0.09, calculated on 10,145,654
weighted average number of shares compared to basic earnings per
share of $0.12, calculated on 10,039,794 weighted average number of
shares;
- An average of 7.0 vessels were owned and operated during Q3-12
compared to 6.2 vessels during Q3-11. Average Time Charter
Equivalent ("TCE") decreased by 34% to $9,868 per day from $14,912
per day in Q3-11. A calculation of the TCE is provided in a later
section of this release;
- Fleet utilization improved to 99.2% from 95.9%; fleet
utilization is further defined in a later section of this press
release.
Summary of Nine Months 2012 ("9M-12") Results
versus Nine Months 2011 ("9M-11")
- Revenue of $24.5 million versus $25.4 million, a 4%
decrease;
- Voyage expenses of $3.7 million versus $2.7 million, a 37%
increase, including the one-time charge of $1.5 million taken in
the second quarter of 2012 relevant to the non-performance by
Allied during the charter of the vessel "Star Globe" (as reported
in September 2012);
- Net Revenue of $20.8 million versus $22.7 million, an 8%
decrease;
- Adjusted EBITDA of $11.0 million versus $14.2 million, a 23%
decrease;
- Total comprehensive loss of $1.6 million versus total
comprehensive income of $4.6 million;
- An average of 7.0 vessels were owned and operated during 9M-12
compared to 5.4 vessels during 9M-11. The TCE decreased by 32% to
$10,770 per day from $15,910 per day in 9M-11.
- Fleet utilization was 98.6% versus 98.1% during the same period
in 2011.
Dividend Declaration
Based on the reported loss for the third quarter 2012, the
Company's Board of Directors did not declare a dividend for the
common shares for the period. The Company has 10,149,325 common
shares issued and outstanding as of today.
The Company is continuing the policy of paying out a variable
quarterly dividend in excess of 50% of the net income of the
previous quarter, subject to any reserves the board of directors
may from time to time determine are 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 amount of
dividends paid in any period is not indicative of the amount that
may be paid in the future. The timing and amount of any dividends
declared will depend on, among other things: our earnings,
financial condition and anticipated cash requirements and
availability, additional acquisitions of vessels, restrictions in
our debt arrangements, the provisions of Marshall Islands law
affecting the payment of distributions to shareholders, required
capital and drydocking expenditures, reserves established by our
board of directors, increased or unanticipated expenses, a change
in our dividend policy, additional borrowings or future issuances
of securities, or as a result of losses in connection with the
non-performance of charterers and other factors, many of which will
be beyond our control. We can give no assurance that dividends will
be paid in the future.
Current Fleet Profile On the date of this
press release Globus' subsidiaries own and operate seven dry bulk
carriers, consisting of four Supramaxes, two Panamaxes and one
Kamsarmax.
----------------------------------------------------------------------------
Year Month/Yr
Vessel Built Yard Type Delivered DWT FLAG
----------------------------------------------------------------------------
Tiara Globe 1998 Hudong Zhonghua Panamax Dec 2007 72,928 Marshall Is.
----------------------------------------------------------------------------
Moon Globe 2005 Hudong-Zhonghua Panamax June 2011 74,432 Marshall Is.
----------------------------------------------------------------------------
Sun Globe 2007 Tsuneishi Cebu Supramax Sept 2011 58,790 Malta
----------------------------------------------------------------------------
River Globe 2007 Yangzhou Dayang Supramax Dec 2007 53,627 Marshall Is.
----------------------------------------------------------------------------
Sky Globe 2009 Taizhou Kouan Supramax May 2010 56,855 Marshall Is.
----------------------------------------------------------------------------
Star Globe 2010 Taizhou Kouan Supramax May 2010 56,867 Marshall Is.
----------------------------------------------------------------------------
Jin Star 2010 Jiangsu Eastern Kamsarmax June 2010 79,387 Panama
----------------------------------------------------------------------------
Weighted Average Age: 5.8 Years at 9/30/2012 452,886
----------------------------------------------------------------------------
Current Fleet Deployment The Panamax
"Tiara Globe" is on a time charter with Noor Shipping Services,
which began in September 2012 for a minimum period of three months
(maximum six months) at $9,000 per day gross.
The vessel "Star Globe" was chartered to Daebo International
Shipping Co. Ltd., a charter expected to begin in early December
2012 for a minimum period of four months (maximum six months) at
$8,000 per day gross.
The Supramax vessel "River Globe" is trading on the spot
market.
Assuming all charter counterparties fully perform under the
terms of the respective charters, and based on the earliest
redelivery dates, as of the day of this press release, the Company
has secured employment approximately 83% of our fleet days for the
rest of 2012, 48% for 2013, and 29% for 2014.
Employment Profile
----------------------------------------------------------------------------
Expiration Date
Vessel Charterer (Earliest) Type Gross Daily rate
----------------------------------------------------------------------------
Noor Shipping
Tiara Globe Services Dec 2012 Time charter $9,000
----------------------------------------------------------------------------
River Globe Spot n/a Spot n/a
----------------------------------------------------------------------------
Daebo
International
Shipping Co. Ltd
Star Globe (expected to April 2013 Time charter $8,000
start in early
December 2012)
----------------------------------------------------------------------------
Sky Globe HMM Aug 2013 Time charter $12,500
----------------------------------------------------------------------------
Eastern Media
International -
Jin Star Far Eastern Silo Jan 2015 Bareboat $14,250
& Shipping
----------------------------------------------------------------------------
Guaranteed
nominee of
Moon Globe Gleamray Maritime June 2013 Time charter $18,000 (net)
Inc.
----------------------------------------------------------------------------
Cosco Qingdao
Sun Globe Shipping Co Jan 2015 Time charter $16,000
----------------------------------------------------------------------------
Management Commentary
George Karageorgiou, President and Chief
Executive Officer of Globus Maritime Limited, stated:
"The third quarter of 2012 was yet another challenging period
for our company as our results were negatively affected by weak
freight rates. Through the first nine months of 2012, the dry bulk
market remained in a cyclical trough characterized by strong supply
growth and an inconsistent demand profile reflecting slower growth
in the Far East and the fiscal and economic issues in the U.S. and
the Eurozone. While this environment continued to weigh on our
financial results, we believe that our modern fleet bodes well for
Globus to continue to provide customers with the service they
require and maintain a high fleet utilization.
"During the third quarter 2012 we employed three of our vessels
on short-term charters at the prevailing charter rates, which, at
times, were below breakeven levels. This resulted in a 20% decrease
in revenues and a 33% decrease in EBITDA versus the same period
2011. By maintaining an opportunistic time charter approach
combined with a cost-effective operating platform, we expect to
benefit from a market turnaround.
"Looking ahead, we maintain contracted coverage of 83% of our
fleet for the remainder of 2012, and 48% in 2013. Our strategy is
to continue with short term time charters until a meaningful
recovery in charter rates materializes.
"As we are about to enter into 2013, we expect the dry bulk
shipping market to remain challenging. Spot and time charter rates
continue to hover at historic lows due to supply and demand
pressures. Consequently, asset values have dropped steeply in the
last year creating attractive fleet expansion opportunities."
Elias Deftereos, Chief Financial Officer,
added:
"Globus' third quarter results reflect the ongoing instability
and weakness in the dry bulk market.
"As of September 30, 2012, our outstanding debt was $107.3
million versus restricted and unrestricted cash of about $8.7
million. As of the same date, our scheduled debt repayments over
the next 12 months amounted to about $9 million, a number that
provides us with significant operational cash flow comfort.
"In the face of these challenging conditions, we continue our
strategy of cost containment which produces tangible results, at a
time when they are most needed. In this context, daily operating
expenses for our fleet during Q3-12 decreased by 6% from the same
quarter of 2011. Operational efficiency is one of the most
important assets for a company, especially during times of low
freight rates.
"Looking forward, we expect to continue facing a challenging
rate environment as weaker world economic growth is projected for
2013 alongside with significant fleet supply growth. This difficult
operating environment comes along with opportunities to invest in
vessels at very attractive valuations. We believe that Globus will
manage the challenging year ahead and will be in a position to
capitalize on investment opportunities to expand our fleet as they
appear."
Management Discussion and Analysis of the
Results of Operations
Third Quarter 2012 Compared to the Third
Quarter 2011
Total comprehensive loss for Q3-12 amounted to $0.8 million
versus a total comprehensive income of $1.2 million for Q3-11
mainly due to the following factors:
Revenue Revenue during Q3-12 reached $7.4
million compared to $9.2 million during Q3-11. The decrease was due
to lower charter rates achieved by our vessels working in the spot
market. The average TCE rate decreased by 34%, from $14,912 in
Q3-11 to $9,868 during Q3-12. Increased vessel supply coupled with
negative sentiment on the rate of growth in emerging economies were
the main contributors of reduced rates during the third
quarter.
Vessel operating expenses Vessel operating
expenses, which include crew costs, provisions, deck and engine
stores, lubricating oils, insurance, maintenance, and repairs,
increased by $0.2 million to $2.5 million for Q3-12 versus $2.3
million in Q3-11, a 9% increase mainly attributable to the increase
in the size of the fleet.
Average daily operating expenses in Q3-12 fell to $4,611 from
$4,901 in Q3-11, a 6% decrease, reflecting our efforts to reduce
vessel operating costs.
Amortization of fair value of time charter
attached to vessels Amortization during Q3-12 was $0.5 million
compared to $0.3 million during Q3-11. Amortization refers to the
fair value of above market time charters attached to the two
vessels acquired during the second half of 2011, which is amortized
on a straight line basis over the remaining period of the time
charters.
Loss/gain 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 September 30, 2012, the two interest rate
swap agreements (for $25 million in total, or ~23% of our total
debt outstanding of $107.3 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 non-cash unrealized gain of $0.2
million was recorded for Q3-12, compared to a non-cash unrealized
loss of $0.05 million for Q3-11, a result of the change in the fair
market value of the interest rate swaps.
Nine Months 2012 Compared to the Nine Months
2011
Total comprehensive loss for 9M-12 amounted to $1.6 million
versus a total comprehensive income of $4.6 million for 9M-11
mainly due to the following factors:
Revenue Revenue decreased by 4% and
reached $24.5 million in the 9M-12 period compared to $25.4 million
for the same period in 2011. The decrease is primarily attributable
to the 32% decrease in the average TCE rate ($10,770 in 9M-12
versus $15,910 in 9M-11) despite the 27% increase in the number of
operating days (from 1,439 in 9M-11 to 1,828 in 9M-12).
Voyage expenses Voyage expenses during
9M-12 reached $3.7 million, including the one-time charge of about
$1.5 million taken in the second quarter of 2012 relevant to the
non-performance by Allied during the charter of the vessel "Star
Globe" (as reported in September 2012), compared to $2.7 million in
9M-11.
Vessel operating expenses Vessel operating
expenses increased by 32%, from $5.7 million in 9M-11 to $7.5
million for 9M-12, an increase mainly attributable to the increase
in the size of our fleet.
Average daily operating expenses dropped from $4,753 in 9M-11 to
$4,540 in 9M-12, as a result of our efforts to reduce costs.
Depreciation Depreciation increased by
$1.5 million to $8.7 million in 9M-12 from $7.2 million in 9M-11.
The increase in depreciation expense is due to the increased size
of our fleet.
Amortization of fair value of time charter
attached to vessels Amortization during 9M-12 was $1.4 million
compared to $0.3 million during Q3-11. Amortization refers to the
fair value of above market time charters attached to the two
vessels acquired during the second half of 2011, which is amortized
on a straight line basis over the remaining period of the time
charters.
Interest expense and finance costs
Interest expenses grew from $2.0 million in 9M-11 to $2.6 million
in 9M-12, attributable primarily to the higher level of bank debt.
All of the Company's bank loans are denominated in U.S.
dollars.
Liquidity and capital resources
Net cash generated from operating activities for the nine months
ended September 30, 2012 and 2011 was $8.7 million and $14.6
million, respectively.
Net cash used in investing activities for the nine months ended
September 30, 2012 and 2011 was $nil and $62.8 million,
respectively. For 9M-11 cash used in investing activities
predominantly related to purchases of the vessels "Moon Globe" and
"Sun Globe".
Cash used in financing activities for the quarter ended
September 30, 2012 mainly consisted of the following:
1) The regular installment totaling $0.5 million to Deutsche
Schiffsbank (now Commerzbank) 2) Two regular installments totaling
$0.8 million to DVB Bank. 3) an amount of $0.7 million interest
paid on our loans.
During Q3-12 we paid a preferred dividend of $37.50 per share to
the holders of our Series A Preferred Shares. There are 3,347
Series A Preferred Shares issued and outstanding as of today.
As of September 30, 2012, our cash and bank balances and bank
deposits were $8.7 million and our outstanding debt was $107.3
million, while an amount up to $5.5 million remained "undrawn and
available" under the Credit Suisse revolving facility.
Scheduled vessel repairs
We incur capital expenditures due to the special surveys and
drydockings for our fleet. The vessel "Sun Globe" was drydocked
during the third quarter of 2012. We anticipate that two of our
vessels will be drydocked in 2013.We budget 20 days per drydocking
per vessel. Actual length will vary based on the condition of each
vessel, shipyard 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
Wednesday, November 28, 2012, at 9:00 a.m. Eastern Daylight
Time.
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 December
5, 2012 by dialing 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 Nine months ended
September 30, September 30,
------------------ ------------------
(in thousands of U.S. dollars,
except per share data) 2012 2011 2012 2011
-------- -------- -------- --------
(Unaudited) (Unaudited)
Statement of comprehensive
(loss)/income data:
Revenue 7,396 9,197 24,514 25,423
Voyage expenses (825) (853) (3,739) (2,682)
-------- -------- -------- --------
Net Revenue (1) 6,571 8,344 20,775 22,741
Vessels operating expenses (2,545) (2,328) (7,463) (5,742)
Depreciation (2,819) (2,667) (8,674) (7,245)
Depreciation of dry docking costs (266) (101) (584) (158)
Amortization of fair value of time
charter acquired (459) (301) (1,365) (319)
Administrative expenses (420) (529) (1,347) (1,578)
Administrative expenses payable to
related parties (147) (288) (440) (858)
Share-based payments (86) (87) (445) (276)
Other expenses, net (16) - (52) (65)
-------- -------- -------- --------
Operating (loss)/profit before
financial activities (187) 2,043 405 6,500
Interest income from bank balances &
deposits 9 11 39 38
Interest expense and finance costs (836) (775) (2,551) (1,975)
Gain/(loss) on derivative financial
instruments 194 (52) 494 25
Foreign exchange (losses)/gains, net 24 9 53 -
-------- -------- -------- --------
Total loss from financial activities (609) (807) (1,965) (1,912)
-------- -------- -------- --------
Total comprehensive (loss)/income
for the period (796) 1,236 (1,560) 4,588
-------- -------- -------- --------
Basic (loss)/earnings per share for
the period (0.09) 0.12 (0.19) 0.56
Diluted (loss)/earnings per share
for the period (0.09) 0.12 (0.19) 0.55
Adjusted EBITDA (2) 3,357 5,112 11,028 14,222
(1) Net Revenue is computed by subtracting voyage expenses from
revenue. Net Revenue is not a recognized measurement under
international financial reporting standards ("IFRS") and should not
be considered as an alternative or comparable to net income.
(2) 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,
amortization of fair value of time charter acquired, impairment and
gains or losses on 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. Adjusted EBITDA
is not a recognized measurement under IFRS.
Adjusted EBITDA is included herein because it is a basis upon
which we assess our financial performance and because we believe
that it presents useful information to investors regarding a
company's ability to service and/or incur indebtedness and it is
frequently used by securities analysts, investors and other
interested parties in the evaluation of companies in our
industry.
Adjusted EBITDA has limitations as an analytical tool, and you
should not consider it in isolation, or as a substitute for
analysis of our results as reported under IFRS. Some of these
limitations are:
- Adjusted EBITDA does not reflect our cash expenditures or
future requirements for capital expenditures or contractual
commitments;
- Adjusted EBITDA does not reflect the interest expense or the
cash requirements necessary to service interest or principal
payments on our debt;
- Adjusted EBITDA does not reflect changes in or cash
requirements for our working capital needs; and
- other companies in our industry may calculate Adjusted EBITDA
differently than we do, limiting its usefulness as a comparative
measure.
Because of these limitations, Adjusted EBITDA should not be
considered a measure of discretionary cash available to us to
invest in the growth of our business.
The following table sets forth a reconciliation of total
comprehensive income to Adjusted EBITDA for the periods
presented:
Three months ended Nine months ended
September 30, September 30,
------------------ ------------------
(Expressed in thousands of U.S.
dollars) 2012 2011 2012 2011
-------- -------- -------- --------
(Unaudited) (Unaudited)
Total comprehensive (loss)/income
for the period (796) 1,236 (1,560) 4,588
Interest and finance costs, net 827 764 2,512 1,937
Loss/(gain) on derivative financial
instruments (194) 52 (494) (25)
Foreign exchange losses net, (24) (9) (53) -
Depreciation 2,819 2,667 8,674 7,245
Depreciation of drydocking costs 266 101 584 158
Amortization of fair value of time
charter acquired 459 301 1,365 319
-------- -------- -------- --------
Adjusted EBITDA (unaudited) 3,357 5,112 11,028 14,222
======== ======== ======== ========
------------- -------------
As of As of
(Expressed in thousands of U.S. Dollars) September 30, December 31,
------------- -------------
2012 2011
------------- -------------
(Unaudited) Audited
------------- -------------
Consolidated statement of financial position
data:
Vessels, net 232,823 242,507
Office furniture and equipment 98 75
Other non-current assets 10 10
Total non-current assets 232,931 242,592
Cash and bank balances and bank deposits 8,698 9,301
Trade receivables, net 1,999 1,386
Inventories 679 554
Prepayments and other assets 3,690 2,226
Total current assets 15,066 13,467
Total assets 247,997 256,059
Share capital 40 40
Share premium 109,440 109,229
Retained earnings 26,548 30,750
Total equity 136,028 140,019
Long-term borrowings, net of current portion 98,037 105,518
Provision for staff retirement indemnities 74 66
Total non-current liabilities 98,111 105,584
Current portion of long-term borrowings 8,806 5,297
Trade accounts payable 1,769 945
Accrued liabilities and other payables 1,218 1,206
Derivative financial instruments 937 1,431
Deferred revenue 1,128 1,577
Total current liabilities 13,858 10,456
Total Liabilities 111,969 116,040
Total equity and liabilities 247,997 256,059
Three months ended Nine months ended
September 30, September 30,
------------------ ------------------
(Expressed in thousands of U.S.
dollars) 2012 2011 2012 2011
-------- -------- -------- --------
(Unaudited) (Unaudited)
Statement of cash flow data:
Net cash generated from operating
activities 2,281 3,718 8,733 14,597
Net cash generated from/(used in)
investing activities 5 (28,260) - (62,787)
Net cash (used in)/generated from
financing activities (2,213) (522) (9,344) 29,597
Three months ended Nine months ended
September 30, September 30,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Ownership days (1) 644 567 1,918 1,481
Available days (2) 630 567 1,854 1,467
Operating days (3) 625 544 1,828 1,439
Bareboat charter days (4) 92 92 274 273
Fleet utilization (5) 99.2% 95.9% 98.6% 98.1%
Average number of vessels (6) 7.0 6.2 7.0 5.4
Daily time charter equivalent
(TCE) rate (7) $ 9,868 $ 14,912 $ 10,770 $ 15,910
Daily operating expenses (8) $ 4,611 $ 4,901 $ 4,540 $ 4,753
(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 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 less
the aggregate number of days that the vessels are off-hire due to
any reason, including unforeseen circumstances. (4) Bareboat
charter days are the aggregate number of days during which the
vessels in our fleet are subject to a bareboat charter. (5) We
calculate fleet utilization by dividing the number of operating
days during a period by the number of available days during the
period. (6) 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. (7)
TCE rates are our revenue less net revenue from our bareboat
charters less voyage expenses during a period divided by the number
of our available days during the period excluding bareboat charter
days, which is consistent with industry standards. TCE is a measure
not in accordance with GAAP. (8) We calculate daily vessel
operating expenses by dividing vessel operating expenses by
ownership days for the relevant time period excluding bareboat
charter days.
The following table reflects the calculation of our daily TCE
rates for the periods presented.
Three months ended Nine months ended
September 30, September 30,
------------------- -------------------
(Expressed in thousands of U.S.
dollars, except number of days and
TCE rates) 2012 2011 2012 2011
--------- --------- --------- ---------
(Unaudited) (Unaudited)
Revenue $ 7,396 $ 9,197 $ 24,514 $ 25,423
Less: Voyage expenses $ 825 $ 853 $ 3,739 $ 2,682
Less: bareboat charter net revenue $ 1,262 $ 1,261 $ 3,758 $ 3,744
--------- --------- --------- ---------
Net revenue excluding bareboat
charter revenue $ 5,309 $ 7,083 $ 17,017 $ 18,997
Available days net of bareboat
charter days 538 475 1,580 1,194
Daily TCE rate $ 9,868 $ 14,912 $ 10,770 $ 15,910
About Globus Maritime Limited
Globus is an integrated dry bulk shipping company that provides
marine transportation services worldwide and presently owns,
operates and manages a fleet of dry bulk vessels that transport
iron ore, coal, grain, steel products, cement, alumina and other
dry bulk cargoes internationally. Globus' subsidiaries own and
operate seven vessels with a total carrying capacity of 452,886 DWT
and a weighted average age of 5.8 years as of September 30,
2012.
Safe Harbor Statement
This communication contains "forward-looking statements" as
defined under U.S. federal securities laws. Forward-looking
statements provide the Company's current expectations or forecasts
of future events. Forward-looking statements include statements
about the Company'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. The Company's actual
results could differ materially from those anticipated in
forward-looking statements for many reasons specifically as
described in the Company'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.
For further information please contact: Globus Maritime
Limited Elias Deftereos CFO +30 210 960 8300
deftereos@globusmaritime.gr Capital Link - New York Nicolas
Bornozis Matthew Abenante +1 212 661 7566 globus@capitallink.com
Registered office: Trust Company Complex, Ajeltake Road, Ajeltake
Island, P.O. Box 1405, Majuro Marshall Islands MH 96960
Comminucations Address: c/o Globus Shipmanagement Corp. 128
Vouliagmenis Avenue, 3rd Floor 166 74 Glyfada, Greece Tel: +30 210
9608300 Fax: +30 210 9608359 e-mail: info@globusmaritime.gr
www.globusmaritime.gr
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