Globus Maritime Limited reports developments for an integrated dry bulk shipping company that provides marine transportation services worldwide. Its subsidiaries own and operate dry bulk carriers, including Kamsarmax and Ultramax vessels, used to transport iron ore, coal, grain, steel products, cement, alumina and other bulk cargoes internationally.
Company news commonly covers quarterly and annual financial results, time-charter-equivalent performance, freight-rate conditions, vessel employment, fleet composition and vessel transactions. Other recurring items include financing arrangements for vessels, annual shareholder meetings, auditor appointments, share-capital proposals and environmental operating updates such as preparation for maritime regulations and completed biofuel testing.
On January 6, 2021, Globus Maritime Limited (NASDAQ: GLBS) announced a new time charter for its vessel Moon Globe. The charter, starting January 21, 2021, has a minimum duration of three months and can extend up to six months, potentially generating gross revenues of approximately $1.3 million for the minimum and $2.4 million for the maximum duration. This secures about 40% of the company's projected fleet operating expenses for 2021, indicating a strong start for the year.
On December 9, 2020, Globus Maritime Limited (NASDAQ: GLBS) completed a registered direct offering of 1,256,765 common shares, 155,000 pre-funded warrants, and warrants for an additional 1,270,587 common shares. The company raised approximately $12 million before deducting fees and expenses. This offering was conducted under an effective shelf registration statement filed with the SEC. The company operates six dry bulk vessels with a total capacity of 381,738 Dwt as of December 7, 2020, and focuses on transporting a variety of dry bulk cargoes.
Globus Maritime Limited (NASDAQ: GLBS) has announced a registered direct offering to sell approximately 1.41 million common shares and warrants to purchase an additional 1.27 million shares at a price of $8.50 per share. The gross proceeds are estimated at $12 million before fees. The offering is expected to close on or around December 9, 2020, pending customary conditions. Maxim Group LLC is the sole placement agent for this transaction, which falls under a shelf registration statement approved by the SEC.
Globus Maritime Limited (NASDAQ: GLBS) reported significant financial results for Q3 and the nine-month period ending September 30, 2020. Total assets rose to $76.4 million, a 37% increase from $55.7 million in December 2019. Cash and bank balances surged by 550% to $31.2 million. However, total comprehensive loss for Q3 was $1.3 million, with a loss per share of $0.80. Voyage revenues fell 35% to $7.8 million, driven by a 44% drop in daily time charter equivalent rates due to COVID-19 impacts. Management remains optimistic about improving market conditions in 2021.
Globus Maritime Limited (NASDAQ: GLBS) will announce its financial results for the three and nine months ending September 30, 2020, on December 4, 2020, after market close. The company operates and manages a fleet of six dry bulk vessels, with a total carrying capacity of 381,738 Dwt and a weighted average age of 10.9 years. Globus specializes in transporting various cargoes, including iron ore, coal, and grain, providing marine transportation services globally.
Globus Maritime Limited (NASDAQ: GLBS) announced on November 9, 2020, new time charter employment for its m/v Galaxy Globe, an 81,167-deadweight ton Kamsarmax dry bulk carrier. The charter is with a Europe-based charterer, starting November 8, and has a minimum duration of 10 months, extendable to 14 months. This contract is projected to generate approximately $3.2 million in gross revenue if the charter lasts the minimum period, or about $4.9 million for the maximum duration, assuming no offhire days.
On November 5, 2020, Globus Maritime Limited (NASDAQ: GLBS) announced it has regained compliance with NASDAQ's minimum closing bid price requirement. From October 21 to November 4, 2020, the company's closing bid price exceeded $1.00 for ten consecutive business days. This follows NASDAQ's notification that the compliance issue is resolved under Listing Rule 5550(a)(2). Globus operates a fleet of six dry bulk vessels with a total carrying capacity of 381,738 Dwt, transporting various cargoes globally.
Globus Maritime Limited (NASDAQ: GLBS) has taken delivery of the M/V 'Galaxy Globe', a Kamsarmax dry bulk carrier acquired for $18.4 million. Built in 2015 at the Hudong-Zhonghua Shipyard, the vessel has a carrying capacity of 81,167 DWT. With this acquisition, Globus now operates a fleet of six dry bulk carriers totaling 381,738 DWT. The company focuses on marine transportation services for various dry bulk cargoes, including iron ore and coal. The fleet's average age is 10.9 years as of September 30, 2020.
Globus Maritime Limited (NASDAQ: GLBS) has announced a 1-for-100 reverse stock split effective October 21, 2020. This decision follows shareholder approval at the annual general meeting on September 24, 2020. The reverse stock split will reduce the number of common shares from approximately 175.7 million to 1.76 million and Series B preferred shares from 30,000 to 300. Shareholders holding fractional shares will receive cash payments instead. This strategic move aims to enhance the stock’s marketability and compliance with NASDAQ listing requirements.
Globus Maritime Limited (GLBS) announced the acquisition of a Kamsarmax vessel built in 2015 for $18.4 million. The deal, expected to close in Q4 2020, will expand Globus' fleet to six dry bulk carriers with a total capacity of 381,738 deadweight tons and a weighted average age of 10.9 years. This strategic purchase aims to increase carrying capacity and reduce the average age of the fleet, reflecting the company's optimism about market prospects.