Globus Maritime reports $11.6m loss for H1
Globus Maritime, the London-listed bulk carrier owner, went steeply into the red with an $11.6m loss for the first half of 2009, down 141% from the same period a year earlier.
Gross revenues for the period declined 50% to $26.5m.
The loss follows sales of two vessels and an associated impairment charge of $18.8m.
Without the charge, the company said that it would have reported profits of $7.2m. Its earnings before interest, tax, depreciation and amortisation amounted to $15.8m, adjusted for the same impairment charge.
The company, led by George Karageorgiou, is listed on London’s Alternative Investment Market.
Globus sold the 1995-built Island Globe for $19.1m on April 29, for delivery this month. It had originally bought the vessel two years before for $37m. The loss booked on the vessel after depreciation and other factors were accounted for was $14.4m.
On June 26, it sold the 1994-built 43,245 dwt Gulf Globe for $16m, for delivery in October, booking a $4.2m loss. The impairment charge on the sale of the two vessels resulted from a write down of the vessels’ book values, which the company says approximates the proceeds of the sales.
Regarding the environment for dry bulk, Mr Karageorgiou said: “We are selling vessels, so this indicates that we’re not that positive on the environment, and we are seeking to strengthen our balance sheet, hoping for an improvement in six months to a year.”
He said Globus had about $55m in available cash. The company has had some success on reducing operating costs, down 10.7% year on year to $5.7m.
Gross revenues for the period declined 50% to $26.5m.
The loss follows sales of two vessels and an associated impairment charge of $18.8m.
Without the charge, the company said that it would have reported profits of $7.2m. Its earnings before interest, tax, depreciation and amortisation amounted to $15.8m, adjusted for the same impairment charge.
The company, led by George Karageorgiou, is listed on London’s Alternative Investment Market.
Globus sold the 1995-built Island Globe for $19.1m on April 29, for delivery this month. It had originally bought the vessel two years before for $37m. The loss booked on the vessel after depreciation and other factors were accounted for was $14.4m.
On June 26, it sold the 1994-built 43,245 dwt Gulf Globe for $16m, for delivery in October, booking a $4.2m loss. The impairment charge on the sale of the two vessels resulted from a write down of the vessels’ book values, which the company says approximates the proceeds of the sales.
Regarding the environment for dry bulk, Mr Karageorgiou said: “We are selling vessels, so this indicates that we’re not that positive on the environment, and we are seeking to strengthen our balance sheet, hoping for an improvement in six months to a year.”
He said Globus had about $55m in available cash. The company has had some success on reducing operating costs, down 10.7% year on year to $5.7m.