Globus Maritime Remains in Red in Q1

Image Courtesy: Globus Maritime

Greek dry bulk shipping company Globus Maritime Limited reported a 50 percent increase in revenues for the first quarter this year reaching USD 2.69 million compared to the corresponding quarter from 2016.

The 50% increase in voyage revenues was mainly attributed to the increase in the average time charter rates during the  quarter as TCE rate reached USD 5,079 per vessel per day versus last year’s equivalent of USD 2,211, an increase of 130%.

However, total comprehensive loss for the first quarter of the year amounted to USD 2.3 million, compared to USD 1.7 million for the same period last year.

“The dry bulk shipping market started the year (2017) weak but gradually improved during the first quarter and especially towards the end of the quarter. We remain vigilant, operating in the spot market but getting longer term cover for our vessels when we see good opportunities. 2016 proved to be a very challenging year, the industry experienced multiyear market lows but we remain cautiously optimistic for the future as the world economy stabilizes and grows,” Athanasios Feidakis, President, Chief Executive Officer of Globus Maritime Limited, said.

During the quarter the company reduced its debt under loan agreements by about 30% compared to Q1 2016, having secured a breather from lenders in March.

As explained by Feidakis, the move is aimed at shielding the company from any near term market volatility.

“The market started to soften recently but the signals we get for the market encourage us to remain cautiously optimistic,” he added.

Globus’ subsidiaries own and operate seven vessels with a total carrying capacity of 300,571 dwt, and all of them are currently operating on short term time charters.

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