Globus Maritime to Report Earnings this Week, Financial Review

Globus Maritime Limited (NASDAQ: GLBS) 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 Maritime Limited announced that they will release financial results for the three-month period ended March 31, 2018, after the market closes in New York on June 6th, 2018.


GLBS received written notification from The Nasdaq Stock Market dated April 30, 2018, indicating that because the closing bid price of the Company’s common stock for the last 30 consecutive business days was below $1.00 per share, the Company no longer meets the minimum bid price continued listing requirement for the Nasdaq Capital Market. Pursuant to Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until October 29, 2018.


Net cash provided by operating activities for the year ended December 31, 2017 was $0.6 million compared to net cash used in operating activities of $3.6 million during the year 2016.


On October 19, 2017, GLBS entered into a Share and Warrant Purchase Agreement pursuant to which they sold, for $2.5 million, an aggregate of 2.5 million of common shares and a warrant to purchase 12.5 million of common shares at a price of $1.60 per share (subject to adjustment) to an investor in a private placement.


On February 5, 2018, GLBS announced that investors holding warrants originally issued pursuant to the Company’s February 2017 private placement have elected to exercise their right to purchase 375,000 of the Company’s common shares at a price of $1.60 per share.


About the company:


Globus is a drybulk shipping company, providing marine transportation services on a worldwide basis.  The Company was incorporated on July 26, 2006 in Jersey and has executive offices in Athens, Greece. On November 24, 2010, Globus Maritime Limited redomiciled into the Republic of the Marshall Islands.


They currently own five modern drybulk carriers, consisting of one Panamax, and four Supramax vessels with a weighted average age of approximately 9.8 years as of December 31, 2017 and a total carrying capacity of 300,571 DWT. They are a vertically integrated shipping company that 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 worldwide. Their current fleet consists of one Kamsarmax, one Panamax, and four Supramax vessels.




GLBS own vessels through separate wholly owned subsidiaries. Details of all the active subsidiaries appear below.



The Dry Bulk Shipping Industry


The world dry bulk fleet is generally divided into six major categories, based on a vessel’s cargo carrying capacity. These categories consist of: Handysize, Handymax/Supramax, Panamax, Kamsarmax, Capesize and Very Large Ore Carrier.


Dry bulk vessels are one of the most versatile elements of the global shipping fleet in terms of employment alternatives. They seldom operate on round trip voyages with high ballasting times. Rather, they often participate in triangular or multi-leg voyages.


Latest Quarter Financial position FYE 2017

Revenue                           $14,423,000

Operating expense         $18,438,000

Financing expense          $2,360,000

Net loss                             $(6,475,000)


Globus Maritime Limited is a small-cap stock with a market capitalization of US$24.65M.

Net cash provided by operating activities for the year ended December 31, 2017 was $0.6 million compared to net cash used in operating activities of $3.6 million during the year 2016.

  • Debt: GLBS’s debt levels have fallen from US$65.57M to US$41.54M over the last 12 months, which comprises of short- and long-term debt. With this debt repayment, GLBS’s cash and short-term investments stands at US$2.76M, ready to deploy into the business.
  • Cash Position: The fair value of cash and cash equivalents as at December 31, 2017 and 2016, was $2,756 and $163, respectively.
  • Capital deficit: They had a working capital deficit (being our total consolidated current liabilities exceeding our total consolidated current assets) of $43.3 million as of December 31, 2017. With current liabilities at US$47.55M, it appears that the company has not maintained a sufficient level of current assets to meet its obligations, with the current ratio last standing at 0.089x.


Stock Influences and Risk Factors:


  • Currently all of their vessels are chartered on short-term time charters and on the spot market, and are exposed therefore to changes in spot market and short-term charter rates for dry bulk vessels;
  • Due to the credit crisis in Europe, in particular in Greece, Cyprus, Italy, Ireland, Portugal and Spain, concerns persist regarding the debt burden of certain Eurozone countries and their ability to meet future financial obligations and the overall stability of the Euro. An extended period of adverse development in the outlook for European countries could reduce the overall demand for dry bulk cargoes;
  • There are substantial doubts about their ability to continue as a going concern and if they are unable to continue their business, GLBS shares may have little or no value;
  • GLBS stock price has been volatile and no assurance can be made that it will not substantially depreciate. The closing price of GLBS shares within the past 18 months has ranged from a peak of $10.77 on January 23, 2017 to a low of $0.74 on May 31, 2018.


Stock Chart:


On Friday, June 1, 2018, GLBS shares were at $.74 on traded volume of 62K shares. The current RSI (14) is 38.12

At $.74, GLBS shares are trading below their 50 DMA and 200 DMA of $.78 and $.99 respectively.



Traders News Source is a wholly owned subsidiary of Traders News Source LLC, herein referred to as TNS LLC.
Traders News Source has not been compensated for this report by anyone and the opinions if any are that of the author Brindha Dhanabalan, CFA. Author’s Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I, wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in the article.
This web site, published by TNS LLC, and is an investment newsletter that is built on the premise of assisting individual investors in learning about investing. Our goal as publishers of financial information is to provide research and analysis of investments to our subscribers. TNS LLC does not give buy or sell recommendations. We do purchase distribution rights from analyst, financial writers and bloggers for a fee that may be licensed to issue price targets and recommendations. Furthermore, we encourage you to speak to a licensed professional prior to making an investment in any type of publicly traded security.
We do sell advertising to other companies including brokerage firms, web sites, publicly traded issuers, investor relations firms, and investment publications, among others. TNS LLC makes no warranty as to the policies of these organizations, and in no way endorses their offers, services, or the content of their advertisements.
When an advertiser is a publicly traded company or a third party acting on behalf of a public company, we fully disclose all compensation in the email advertisement. Such disclosure is included in a disclosure statement in each of the advertisements sent via email.
17B Disclosure
Our reports/releases are a commercial advertisement and are for general information purposes ONLY. We are engaged in the business of marketing and advertising companies for monetary compensation. Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. The disclaimer is to be read and fully understood before using our services, joining our site or our email/blog list as well as any social networking platforms we may use.
PLEASE NOTE WELL: TNS LLC and its employees are not a Registered Investment Advisor, Broker Dealer or a member of any association for other research providers in any jurisdiction whatsoever.
Release of Liability: Through use of this website viewing or using you agree to hold TNS LLC, its operator’s owners and employees harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damage (monetary or otherwise), or injury (monetary or otherwise) that you may incur. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. TNS LLC encourages readers and investors to supplement the information in these reports with independent research and other professional advice. All information on featured companies is provided by the companies profiled or is available from public sources and TNS LLC makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies. None of the materials or advertisements herein constitute offers or solicitations to purchase or sell securities of the companies profiled herein and any decision to invest in any such company or other financial decisions should not be made based upon the information provide herein. Instead TNS LLC strongly urges you conduct a complete and independent investigation of the respective companies and consideration of all pertinent risks. Readers are advised to review SEC periodic reports: Forms 10-Q, 10K, Form 8-K, insider reports, Forms 3, 4, 5 Schedule 13D.
TNS LLC is compliant with the Can Spam Act of 2003. TNS LLC does not offer such advice or analysis, and TNS LLC further urges you to consult your own independent tax, business, financial and investment advisors. Investing in micro-cap and growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investor’s investment may be lost or impaired due to the speculative nature of the companies profiled.
The Private Securities Litigation Reform Act of 1995 provides investors a ‘safe harbor’ in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact may be “forward looking statements”. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as “projects”, “foresee”, “expects”, “will”, “anticipates”, “estimates”, “believes”, “understands”, or that by statements indicating certain actions & quote; “may”, “could”, or “might” occur.
Understand there is no guarantee past performance will be indicative of future results. In preparing this publication, TNS LLC has relied upon information supplied by its customers, publicly available information and press releases which it believes to be reliable; however, such reliability cannot be guaranteed. Investors should not rely on the information contained in this website. Rather, investors should use the information contained in this website as a starting point for doing additional independent research on the featured companies. The advertisements in this website are believed to be reliable, however, TNS LLC and its owners, affiliates, subsidiaries, officers, directors, representatives and agents disclaim any liability as to the completeness or accuracy of the information contained in any advertisement and for any omissions of materials facts from such advertisement. TNS LLC is not responsible for any claims made by the companies advertised herein, nor is TNS LLC responsible for any other promotional firm, its program or its structure.