GLOBUS
Net income increased by 422% in the first 9 months of 2008
NOV, 19.2008
Globus Maritime Ltd, listed on the AIM of the London Stock Exchange (George Karageorgiou, CEO), for the 3rd Q of 2008 announced gross revenues of USD 28.3m versus USD 12.3m, an increase of 130% from the same period of 2007. Net revenues was USD 26.3m (+125%) while EBITDA was USD 21.8m (+145%).
Cash flow from operations was USD 21.5m (+165%) and net income increased by 222% to USD 14.8m versus USD 4.6m.
Average Time Charter Equivalent (TCE) rate was USD 35,705 per vessel per day with an average 8 vessels operated, versus an average TCE of USD 21,837 per vessel per day with an average of 5.9 vessels, while fleet utilization was 94.7% versus 100%.
For 9 months ended 30 September 2008, the company reported gross revenues of USD 81.1m (+192%), net revenues of USD 76.7m (+192%), EBITDA of USD 64m (+230%), cash flow from operations of USD 62.6m (+195%) and net income of USD 43.3m (+422%).
Average Time Charter Equivalent (TCE) rate was USD 35,890 per vessel per day, with an average 8 vessels operated, versus an average TCE rate of USD 18,575 per vessel per day with an average 5.3 vessels, while fleet utilization was 97.3% versus 91.1%.
Globus is a global provider of seaborne transportation services for dry bulk cargoes, including among others iron ore, coal, grain, cement, and fertilizers, along worldwide shipping routes.The Company owns and operates 5 Handymax and 2 Panamax vessels, with a weighted average age of approximately 11.4 years as at November 12, 2008 and a total carrying capacity of 372,369 dwt. Jefferies International Ltd is acting as nominated adviser and broker to the company.
