Globus Maritime Limited Reports Financial Results for the Quarter Ended March 31, 2022
Globus Maritime Limited (NASDAQ: GLBS) reported strong Q1 2022 results, with voyage revenues rising 256% to $18.4 million compared to Q1 2021. Adjusted EBITDA soared 10.5 times YoY to $13.8 million, reflecting improved operational efficiency. The total comprehensive income was $12.1 million, a turnaround from a loss of $0.8 million a year prior. The company also strengthened its balance sheet with a 17% increase in cash to $59 million. Additionally, Globus plans to expand its fleet with three new vessel constructions, enhancing future growth prospects.
- Voyage revenues increased 256% YoY to $18.4 million.
- Adjusted EBITDA rose to $13.8 million, a 10.5-fold increase.
- Total comprehensive income turned positive at $12.1 million compared to a loss of $0.8 million.
- Cash and bank balances increased by 17% to $59 million.
- Plans for fleet expansion with three new vessels indicate growth potential.
- Ongoing risks from the COVID-19 pandemic could negatively impact operations and demand.
- Potential volatility from the transition away from LIBOR may affect financing costs and terms.
GLYFADA, Greece, June 06, 2022 (GLOBE NEWSWIRE) -- 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 quarter ended March 31, 2022.
Financial Highlights
- In Q1 2022, Voyage revenues increased by about
256% compared to Q1 2021. - The Adjusted EBITDA for Q1 2022 increased by
$12.5 million or 10.5 times compared to Q1 2021 and reached$13.8 million . - The Total comprehensive income for Q1 2022 reached
$12.1 million in Q1 2022 compared to$0.8 million Total comprehensive loss in Q1 2021. - As at March 31, 2022, and December 31, 2021, our cash and bank balances and bank deposits (including restricted cash) were
$59 and$50.4 million , respectively, an increase of17% .
Three months ended March 31, | ||||
(Expressed in thousands of U.S dollars except for daily rates and per share data) | 2022 | 2021 | ||
Voyage revenues | 18,351 | 5,167 | ||
Total comprehensive income/(loss) | 12,083 | (766 | ) | |
Adjusted EBITDA (1) | 13,821 | 1,306 | ||
Basic income/(loss) per share (2) | 0.59 | (0.11 | ) | |
Daily Time charter equivalent rate (“TCE”) (3) | 23,643 | 9,857 | ||
Average operating expenses per vessel per day | 5,377 | 5,698 | ||
Average number of vessels | 9.0 | 6.0 |
(1) | 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 Adjusted EBITDA to total comprehensive income/(loss) and net cash generated from operating activities, which are the most directly comparable financial measures calculated and presented in accordance with the GAAP measures. |
(2) | The weighted average number of shares for the three-month period ended March 31, 2022, was 20,582,301 compared to 7,209,657 shares for the three-month period ended March 31, 2021. |
(3) | Daily Time charter equivalent rate (“TCE”) is a measure not in accordance with generally accepted accounting principles (“GAAP”). See a later section of this press release for a reconciliation of Daily TCE to Voyage revenues. |
Current Fleet Profile
As of the date of this press release, Globus’ subsidiaries own and operate nine dry bulk carriers, consisting of four Supramax, one Panamax and four Kamsarmax.
Vessel | Year Built | Yard | Type | Month/Year Delivered | DWT | Flag |
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. |
Galaxy Globe | 2015 | Hudong-Zhonghua | Kamsarmax | October 2020 | 81,167 | Marshall Is. |
Diamond Globe | 2018 | Jiangsu New Yangzi Shipbuilding Co. | Kamsarmax | June 2021 | 82,027 | Marshall Is. |
Power Globe | 2011 | Universal Shipbuilding Corporation | Kamsarmax | July 2021 | 80,655 | Marshall Is. |
Orion Globe | 2015 | Tsuneishi Zosen | Kamsarmax | November 2021 | 81,837 | Marshall Is. |
Weighted Average Age: 10.4 Years as at March 31, 2022 | 626,257 |
Current Fleet Deployment
All our vessels are currently operating on short-term time charters (“on spot”).
Management Commentary
“We are proud to announce our Q1 2022 results. This has been one of the best first quarters in the Company’s recent history. During the last couple of years, the Company took significant steps to improve its balance sheet and at the same time expand and renew its fleet. During this time, we have also refinanced our debt position at lower costs. We are pleased that our efforts are now bearing fruits. The Company is well-positioned to grow further while it takes full advantage and enjoys a strong market.
As previously announced, we have recently entered into three new agreements for the construction of three new vessels; we view this as a pivotal next step for the Company going forward well-aligned with our continuous effort to prepare for future environmental regulations and compliance. We are excited in our modern, fuel-efficient new building units which we hope will add significant competitive advantages to our existing operations.
As the market continues to be healthy, we look for these prosperous days to remain, however, there are a lot of threats and uncertainties in the world today; the effects of the pandemic and the conflict in Ukraine have had significant impact in our industry; we do still experience various disruptions in the market such as delays at ports and crewing operations as well as a shift of cargo flows. Therefore, we always need to be ready and agile to adjust and cope with any such difficulties. We also find ourselves operating in an uncertain world economic environment, the galloping of inflation and the possible hike in interest rates are major events that we are closely monitoring. We continue to be vigilant on the financial, operational, and environmental regulation front, and we hope that our strong balance sheet will help us overcome any short-term volatility.
Last but not least, we are always looking for ways to expand and upgrade our fleet and operations, with the current market remaining healthy we continue to explore further growth opportunities and ways to produce value for our shareholders.”
Management Discussion and Analysis of the Results of Operations
First Quarter of the Year 2022 compared to the First Quarter of the Year 2021
Total comprehensive income for the three-month period ended March 2022 amounted to
The following table corresponds to the breakdown of the factors that led to the increase in total comprehensive income during the three-month period ended March 31, 2022, compared to the three-month period ended March 31, 2021 (expressed in
1st Quarter of 2022 vs 1st Quarter of 2021
Net loss and total comprehensive loss for the 1st Quarter of 2021 | (766 | ) | ||
Increase in Voyage revenues | 13,184 | |||
Increase in Management & consulting fee income | 90 | |||
Increase in Voyage expenses | (271 | ) | ||
Increase in Gain on sale of bunkers, net | 1,149 | |||
Increase in Vessels operating expenses | (1,278 | ) | ||
Increase in Depreciation | (693 | ) | ||
Increase in Depreciation of dry-docking costs | (459 | ) | ||
Increase in Total administrative expenses | (355 | ) | ||
Decrease in Other income, net | (4 | ) | ||
Increase in Interest income | 4 | |||
Decrease in Interest expense and finance costs | 541 | |||
Increase in Gain on derivative financial instruments | 967 | |||
Decrease in Foreign exchange gains | (26 | ) | ||
Net income and total comprehensive income for the 1st Quarter of 2022 | 12,083 |
Voyage revenues
During the three-month period ended March 31, 2022, and 2021, our Voyage revenues reached
Management & consulting fee income
On July 15, 2021, the Company entered into a consultancy agreement with Eolos Shipmanagement S.A., a related party, for the purpose of providing consultancy services to Eolos Shipmanagement S.A. For these services the Company receives a daily fee of
Voyage expenses
Voyage expenses reached
In | 2022 | 2021 | ||||
Commissions | 288 | 72 | ||||
Other voyage expenses | 61 | 6 | ||||
Total | 349 | 78 |
Gain on sale of bunkers, net
During the three-month period ended March 31, 2022, we recognized a gain of approximately
Vessel operating expenses
Vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oils, insurance, maintenance, and repairs, reached
2022 | 2021 | |||||
Crew expenses | 49 | % | 52 | % | ||
Repairs and spares | 22 | % | 24 | % | ||
Insurance | 8 | % | 7 | % | ||
Stores | 13 | % | 11 | % | ||
Lubricants | 5 | % | 3 | % | ||
Other | 3 | % | 3 | % |
Average daily operating expenses during the three-month periods ended March 31, 2022, and 2021 were
Depreciation
Depreciation charge during the three-month period ended March 31, 2022, reached
Total administrative expenses
Total administrative expenses, including administrative expenses to related parties and share bases payments, increased to
Interest expense and finance costs
Interest expense and finance costs reached
In | 2022 | 2021 | ||||
Interest payable on long-term borrowings | 312 | 810 | ||||
Bank charges | 23 | 22 | ||||
Operating lease liability interest | 16 | 10 | ||||
Amortization of debt discount | 35 | 77 | ||||
Other finance expenses | 3 | 11 | ||||
Total | 389 | 930 |
As at March 31, 2022, and 2021 we and our vessel-owning subsidiaries had outstanding borrowings under our Loan agreements of an aggregate of
Gain on derivative financial instruments
Following the new loan facility with CIT Bank N.A., the Company entered into an Interest Rate Swap agreement on May 10, 2021. As at March 31, 2022, the Company recognized a gain of approximately
Liquidity and capital resources
As at March 31, 2022, and December 31, 2021, our cash and bank balances and bank deposits (including restricted cash) were
Net cash generated from operating activities for the three-month period ended March 31, 2022, was
Net cash used in investing activities for the three-month period ended March 31, 2022, was
Net cash used in financing activities during the three-month period ended March 31, 2022, and net cash generated from financing activities during the three-month period ended March 31, 2021, were as follows:
Three months ended March 31, | ||||||
In | 2022 | 2021 | ||||
(Unaudited) | ||||||
Proceeds from issuance of share capital | - | 42,999 | ||||
Proceeds from issuance of warrants | - | 15 | ||||
Transaction costs on issue of new common shares | - | (272 | ) | |||
Repayment of long-term debt | (1,250 | ) | (1,493 | ) | ||
Prepayment of long-term debt | - | (4,477 | ) | |||
(Increase)/Decrease in restricted cash | (541 | ) | 360 | |||
Repayment of lease liability | (75 | ) | (80 | ) | ||
Interest paid | (382 | ) | (813 | ) | ||
Net cash (used in)/generated from financing activities | (2,248 | ) | 36,239 |
As at March 31, 2022, and 2021, we and our vessel-owning subsidiaries had outstanding borrowings under our Loan agreements of an aggregate of
Recent Developments
Contract for new building vessels
On April 29, 2022, the Company has signed a contract for the construction and purchase of one fuel efficient bulk carrier of about 64,000 dwt. The vessel will be built at Nihon Shipyard Co. in Japan and is scheduled to be delivered during the first half of 2024. The total consideration for the construction of the vessel is approximately
On May 13, 2022, the Company has signed two contracts for the construction and purchase of two fuel-efficient bulk carriers of about 64,000 dwt each. The sister vessels will be built at Nantong COSCO KHI Ship Engineering Co. in China with the first one scheduled to be delivered during the third quarter of 2024 and the second one during the fourth quarter of 2024. The total consideration for the construction of both vessels is approximately
LIBOR will be replaced as the reference rate under debt obligations
The Company’s indebtedness accrues interest based on LIBOR, which has been historically volatile and which will no longer be published after June 30, 2023. The publication of U.S. Dollar LIBOR for only the one-week and two-month U.S. Dollar LIBOR tenors ceased on December 31, 2021, and the ICE Benchmark Administration (“IBA”), the administrator of LIBOR, with the support of the United States Federal Reserve and the United Kingdom’s Financial Conduct Authority, announced the publication of all other U.S. Dollar LIBOR tenors will cease on June 30, 2023. The United States Federal Reserve concurrently issued a statement prohibiting banks from issuing U.S. Dollar LIBOR instruments after 2021. As such, any new loan agreements The Company enters into will not use LIBOR as an interest rate, and the Company will need to transition its existing loan agreements from U.S. Dollar LIBOR to an alternative reference rate prior to June 2023.
The Company’s financing agreement contain a provision requiring or permitting it to enter into negotiations with its lenders to agree to an alternative interest rate or an alternative basis for determining the interest rate in anticipation of the cessation of LIBOR. These clauses present significant uncertainties as to how alternative reference rates or alternative bases for determination of rates would be agreed upon, as well as the potential for disputes or litigation with the Company’s lenders regarding the appropriateness or comparability to LIBOR of any substitute indices, such as SOFR, and any credit adjustment spread between the two benchmarks. The discontinuation of LIBOR presents a number of risks to the Company’s business, including volatility in applicable interest rates among the Company’s financing agreements, potential increased borrowing costs for future financing agreements or unavailability of or difficulty in attaining financing, which could in turn have an adverse effect on the Company’s profitability, earnings and cash flow.
Impact of COVID-19 on the Company’s Business
The spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization in 2020 has caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain.
The impact of the COVID-19 pandemic continues to unfold and may continue to have a negative effect on the Company’s business, financial performance and the results of its operations. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. Besides reducing demand for cargo, coronavirus may functionally limit the amount of cargo that the Company and its competitors are able to move because countries worldwide have imposed quarantine checks on arriving vessels, which have caused delays in loading and delivery of cargoes.
The Company has evaluated the impact of current economic situation on the recoverability of the carrying amount of its vessels. For the first quarter of 2022 and 2021 the Company evaluated the carrying amount of its vessels and concluded that no impairment of its vessels should be recorded, or previously recognized impairment should be reversed.
Conflicts
The conflict between Russia and Ukraine, which commenced in February 2022, has disrupted supply chains and caused instability and significant volatility in the global economy. Much uncertainty remains regarding the global impact of the conflict in Ukraine, and it is possible that such instability, uncertainty and resulting volatility could significantly increase the costs of the Company and adversely affect its business, including the ability to secure charters and financing on attractive terms, and as a result, adversely affect the Company’s business, financial condition, results of operation and cash flows. Currently there is no direct effect on the Company’s operations.
Selected Consolidated Financial & Operating Data
Three months ended March 31, | |||||
Consolidated Statements of Comprehensive Income/(Loss) Data | 2022 | 2021 | |||
(in thousands of U.S. dollars, except per share data) | (unaudited) | ||||
Voyage revenues | 18,351 | 5,167 | |||
Management & consulting fee income | 90 | - | |||
Total Revenues | 18,441 | 5,167 | |||
Voyage expenses | (349 | ) | (78 | ) | |
Gain on sale of bunkers, net | 1,149 | - | |||
Vessel operating expenses | (4,355 | ) | (3,077 | ) | |
Depreciation | (1,404 | ) | (711 | ) | |
Depreciation of dry-docking costs | (951 | ) | (492 | ) | |
Administrative expenses | (716 | ) | (556 | ) | |
Administrative expenses payable to related parties | (359 | ) | (154 | ) | |
Share-based payments | - | (10 | ) | ||
Other income, net | 10 | 14 | |||
Operating income/(loss) | 11,466 | 103 | |||
Interest income | 5 | 1 | |||
Interest expense and finance costs | (389 | ) | (930 | ) | |
Gain on derivative financial instruments, net | 967 | - | |||
Foreign exchange gains, net | 34 | 60 | |||
Total finance gains/(costs), net | 617 | (869 | ) | ||
Total comprehensive income/(loss) for the period | 12,083 | (766 | ) | ||
Basic & diluted income/(loss) per share for the period (1) | 0.59 | (0.11 | ) | ||
Adjusted EBITDA (2) | 13,821 | 1,306 |
(1) The weighted average number of shares for the three-month period ended March 31, 2022, was 20,582,301 compared to 7,209,657 shares for the three-month period ended March 31, 2021.
(2) Adjusted EBITDA represents net earnings/(losses) 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 dry-docking 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 Adjusted EBITDA to total comprehensive income/(loss) and net cash generated from operating activities for the periods presented:
Three months ended March 31, | ||||
(Expressed in thousands of U.S. dollars) | 2022 | 2021 | ||
(Unaudited) | ||||
Total comprehensive income/(loss) for the period | 12,083 | (766 | ) | |
Interest and finance costs, net | 389 | 930 | ||
Interest income | (5 | ) | (1 | ) |
Foreign exchange gains, net | (34 | ) | (60 | ) |
Depreciation | 1,404 | 711 | ||
Depreciation of dry-docking costs | 951 | 492 | ||
Gain on derivative financial instruments | (967 | ) | - | |
Adjusted EBITDA | 13,821 | 1,306 | ||
Share-based payments | - | 10 | ||
Payment of deferred dry-docking costs | (891 | ) | (731 | ) |
Net (increase)/decrease in operating assets | (2,562 | ) | 625 | |
Net decrease in operating liabilities | (42 | ) | (773 | ) |
Provision for staff retirement indemnities | (2 | ) | 1 | |
Foreign exchange gains/(losses) net, not attributed to cash and cash equivalents | 3 | (2 | ) | |
Net cash generated from operating activities | 10,327 | 436 |
Three months ended March 31, | ||||
(Expressed in thousands of U.S. dollars) | 2022 | 2021 | ||
(Unaudited) | ||||
Statement of cash flow data: | ||||
Net cash generated from operating activities | 10,327 | 436 | ||
Net cash used in investing activities | (15 | ) | (4,326 | ) |
Net cash (used in)/generated from financing activities | (2,248 | ) | 36,239 |
As at March 31, | As at December 31, | |||
(Expressed in thousands of U.S. Dollars) | 2022 | 2021 | ||
(Unaudited) | ||||
Consolidated condensed statement of financial position: | ||||
Vessels, net | 128,610 | 130,724 | ||
Other non-current assets | 5,571 | 4,988 | ||
Total non-current assets | 134,181 | 135,712 | ||
Cash and bank balances and bank deposits (including restricted cash) | 55,499 | 46,861 | ||
Other current assets | 5,850 | 3,079 | ||
Total current assets | 61,349 | 49,940 | ||
Total assets | 195,530 | 185,652 | ||
Total equity | 158,501 | 146,418 | ||
Total debt net of unamortized debt discount | 30,088 | 31,303 | ||
Other liabilities | 6,941 | 7,931 | ||
Total liabilities | 37,029 | 39,234 | ||
Total equity and liabilities | 195,530 | 185,652 |
Consolidated statement of changes in equity: | ||||||||
(Expressed in thousands of U.S. Dollars) | Issued share | Share | (Accumulated | Total | ||||
Capital | Premium | Deficit) | Equity | |||||
As at December 31, 2021 | 82 | 284,406 | (138,070 | ) | 146,418 | |||
Total comprehensive income for the period | - | - | 12,083 | 12,083 | ||||
As at March 31, 2022 | 82 | 284,406 | (125,987 | ) | 158,501 |
Three months ended March 31, | ||||||
2022 | 2021 | |||||
Ownership days (1) | 810 | 540 | ||||
Available days (2) | 810 | 516 | ||||
Operating days (3) | 798 | 512 | ||||
Fleet utilization (4) | 98.5 | % | 99.2 | % | ||
Average number of vessels (5) | 9.0 | 6.0 | ||||
Daily time charter equivalent (“TCE”) rate (6) | 23,643 | 9,857 | ||||
Daily operating expenses (7) | 5,377 | 5,698 |
Notes: | |
(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 but excluding days during which vessels are seeking employment. |
(4) | We calculate fleet utilization by dividing the number of operating days during a period by the number of 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 revenues plus any potential gain on sale of bunkers less voyage expenses during a period divided by the number of our available days during the period 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 time period. |
Voyage Revenues to Daily Time Charter Equivalent (“TCE”) Reconciliation
Three months ended March 31, | ||||||
2022 | 2021 | |||||
(Unaudited) | ||||||
Voyage revenues | 18,351 | 5,167 | ||||
Plus: Gain on sale of bunkers, net | 1,149 | - | ||||
Less: Voyage expenses | 349 | 78 | ||||
Net revenues | 19,151 | 5,089 | ||||
Available days | 810 | 516 | ||||
Daily TCE rate (1) | 23,643 | 9,857 |
(1) Subject to rounding.
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 nine dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. Globus’ subsidiaries own and operate nine vessels with a total carrying capacity of 626,257 Dwt and a weighted average age of 10.4 years as at March 31, 2022.
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 | +30 210 960 8300 |
Athanasios Feidakis, CEO | a.g.feidakis@globusmaritime.gr |
Capital Link – New York | +1 212 661 7566 |
Nicolas Bornozis | globus@capitallink.com |
FAQ
What were Globus Maritime's Q1 2022 financial results?
What is the significance of the 10.5x increase in Adjusted EBITDA for GLBS?
How is Globus Maritime planning to expand its fleet?
What challenges does Globus Maritime face in the current market?