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Globus Maritime Limited Reports Financial Results for the Quarter and Nine-Month Period Ended September 30, 2018

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ATHENS, Greece, Nov. 12, 2018 (GLOBE NEWSWIRE) -- Globus Maritime Limited (“Globus”, the “Company”, “we”, or “our”) (GLBS), a dry bulk shipping company, today reported its unaudited consolidated operating and financial results for the quarter and nine month period ended September 30, 2018.

  1. In Q3 2018 the Company had total comprehensive income of US$254 thousand compared to a loss of US$1,473 thousand in Q3 2017.

  2. In 9M 2018, Total revenues increased by about 31% compared to 9M 2017.

  3. In Q3 2018, Total revenues increased by about 27% compared to Q3 2017.

  4. In Q3 2018, Vessel Operating expenses decreased by around 14% compared to Q3 2017.

Financial Highlights

Three months ended

Nine months ended

September 30,

September 30,

(Expressed in thousands of U.S dollars except for daily rates and per share data)

2018

2017

2018

2017

Total revenues

4,861

3,834

12,993

9,931

Adjusted EBITDA (1)

2,254

519

3,534

802

Total comprehensive income/(loss)

254

(1,473)

(2,219)

(5,198)

Basic earnings/(loss) per share (2)

0.08

(0.53)

(0.69)

(2.15)

Time charter equivalent rate (“TCE”) (3)

10,317

7,621

9,254

6,620

Average operating expenses per vessel per day

4,453

5,160

5,370

4,917

Average number of vessels

5.0

5.0

5.0

5.0

(1) Adjusted EBITDA is a measure not in accordance with generally accepted accounting principles (“GAAP”). See a later section of this press release for a reconciliation of EBITDA to total comprehensive income(loss) and net cash generated from operating activities, which are the most directly comparable financial measures calculated and presented in accordance with the GAAP measures.
(2) Shares and per share data give effect to the 1‐for‐10 reverse stock split, approved on October 8, 2018, and became effective on October 15, 2018.The weighted average number of shares for the nine month period ended September 30, 2018 was 3,198,894 compared to 2,414,814 shares for the nine month period ended September 30, 2017. The weighted average number of shares for the three month period ended September 30, 2018 was 3,204,271 compared to 2,767,769 shares for the three month period ended September 30, 2017.
(3) Daily Time charter equivalent rate (“TCE”) is a measure not in accordance with generally accepted accounting principles (“GAAP”). See a later section of this press release for a reconciliation of Daily TCE to Voyage revenues.

Current Fleet Profile
As of the date of this press release, Globus’ subsidiaries own and operate five dry bulk carriers, consisting of four Supramax and one Panamax.

Vessel

Year
Built

Yard

Type

Month/Year
Delivered

DWT

Flag

Moon Globe

2005

Hudong-Zhonghua

Panamax

June 2011

74,432

Marshall Is.

Sun Globe

2007

Tsuneishi Cebu

Supramax

Sept 2011

58,790

Malta

River Globe

2007

Yangzhou Dayang

Supramax

Dec 2007

53,627

Marshall Is.

Sky Globe

2009

Taizhou Kouan

Supramax

May 2010

56,855

Marshall Is.

Star Globe

2010

Taizhou Kouan

Supramax

May 2010

56,867

Marshall Is.

Weighted Average Age: 10.6 Years as of September 30, 2018

300,571

Current Fleet Deployment

All our vessels are currently operating on short term time charters (“on spot”).

Management Commentary

Athanasios Feidakis, President, Chief Executive Officer and Chief Financial Officer of Globus Maritime Limited, stated:

“After four long years, we are pleased to report our return to profitability.”

“Our effort to control costs as well as the strengthening of the market led us to positive quarterly results. We managed to decrease our operational costs by about 25% compared to last quarter without hampering our operational ability and utilization of the fleet.

“We are very encouraged to see an improved sentiment across all sectors compared to a year ago. In the Dry Bulk sector, not only have we experienced a higher BDI, but also the demand for dry bulk vessels is picking up significantly during the recent months with rates increasing in the Atlantic and Pacific basins. As a result, we have enjoyed higher rates and this is evident in our results for the third quarter and nine months. In Q3 2018, total revenues increased by about 27% compared to Q3 in 2017, resulting in a total comprehensive income of $254,000. During the first nine months of 2018, overall total revenues increased by about 31% compared to the nine month period in 2017. We are delighted with our performance and overall improvement of the dry bulk sector.

“Additionally we are pleased to report our recent developments are as follows:

  • On October 29, 2018 and following our Reverse Split effect of October 15, 2018 we have received notice from NASDAQ Stock Exchange that we have regained compliance with the price of $1.00 per share minimum closing bid price requirement for continued listing on the NASDAQ Capital Market, pursuant to the NASDAQ marketplace rules.

  • In that same month, the Company signed a non-binding term sheet with a first class international bank for up to US$14 million in order to refinance two of its vessels. The transaction should close on or about December 15, 2018;

  • Furthermore, at present we are working in reaching an agreement with an entity that may be deemed an affiliated party through common control. The potential transaction is comprised of a revolving credit facility agreement of up to US$15 million.

“Once all the above take effect we will work with a restored balance sheet with significant liquidity being available to us so we may start looking at accretive acquisition opportunities to enhance not only shareholder value but also stabilize the financial growth of our company”

Third quarter of the year 2018 compared to the third quarter of the year 2017

Total comprehensive income for the third quarter of the year 2018 amounted to $0.3 million or $0.08 basic earnings per share based on 3,204,271 weighted average number of shares, compared to total comprehensive loss of $1.5 million for the same period last year or $0.53 basic loss per share based on 2,767,769 weighted average number of shares.

The following table corresponds to the breakdown of the factors that led to the total comprehensive income during the third quarter of 2018 compared to the total comprehensive loss for the corresponding quarter in 2017 (expressed in $000’s):

3rd Quarter of 2018 vs 3rd Quarter of 2017

Net loss for the 3rd quarter of 2017

(1,473)

Increase in Voyage revenues

1,027

Decrease in Voyage expenses

370

Decrease in Vessels operating expenses

326

Decrease in Depreciation

31

Increase in Depreciation of dry docking costs

(102)

Decrease in Total administrative expenses

6

Increase in Other income, net

8

Decrease in Interest expense and finance costs

57

Decrease in Foreign exchange losses

4

Net income for the 3rd quarter of 2018

254

Voyage revenues
During the three-month period ended September 30, 2018 and 2017, our revenue reached $4.9 million and $3.8 million respectively. The increase in Voyage revenues was mainly attributed to the increase in the average time charter rates achieved by our vessels during the third quarter of 2018 compared to the same period in 2017. Time Charter Equivalent rate (“TCE”) for the third quarter of 2018 amounted to $10,317 per vessel per day against $7,621 per vessel per day during the same period in 2017 corresponding to an increase of 35%.

Voyage expenses
Voyage expenses reached $0.1 million during the third quarter of 2018 compared to $0.5 million during the same period last year. Voyage expenses include commissions on revenues, port and other voyage expenses and bunker expenses. Bunker expenses mainly refer to the cost of bunkers consumed during periods that our vessels are travelling seeking employment. Voyage expenses for the third quarter of 2018 and 2017 are analyzed as follows:

In $000’s

2018

2017

Commissions

79

63

Bunkers expenses

45

380

Other voyage expenses

9

43

Total

116

486

Vessel operating expenses
Vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oils, insurance, maintenance, and repairs, decreased by $0.4 million or 17% to $2.0 million during the three month period ended September 30, 2018 compared to $2.4 million during the same period in 2017. The breakdown of our operating expenses for the quarters ended September 30, 2018 and 2017 was as follows:

2018

2017

Crew expenses

56%

50%

Repairs and spares

19%

24%

Insurance

9%

7%

Stores

8%

10%

Lubricants

4%

6%

Other

4%

3%

Average daily operating expenses during the three-month periods ended September 30, 2018 and 2017 were $4,453 per vessel per day and $5,160 per vessel per day respectively, corresponding to a decrease of 14%.

Nine month period ended September 30, 2018 compared to the nine month period ended September 30, 2017

Total comprehensive loss for the nine month period ended September 30, 2018 amounted to $2.2 million or $0.69 basic loss per share based on 3,198,894 weighted average number of shares, compared to total comprehensive loss of $5.2 million for the same period last year or $2.15 basic loss per share based on 2,414,818 weighted average number of shares.

The following table corresponds to the breakdown of the factors that led to the decrease of the total comprehensive loss for the nine month period ended September 30, 2018 compared to the total comprehensive loss ended September 30, 2017 (expressed in $000’s):

9 month period of 2018 vs 9 month period of 2017

Net loss for the 9 month period of 2017

(5,198)

Increase in Voyage revenues

3,093

Decrease in Management fee income

(31)

Decrease in Voyage expenses

285

Increase in Vessels operating expenses

(619)

Decrease in Depreciation

219

Increase in Depreciation of dry docking costs

(190)

Decrease in Total administrative expenses

67

Decrease in Other income, net

(63)

Decrease in Interest expense and finance costs

19

Decrease in Foreign exchange losses

199

Net loss for the 9 month period of 2018

(2,219)

Voyage revenues
During the nine month period ended September 30, 2018 and 2017, our Voyage revenue reached $13 million and $9.9 million respectively. The 31% increase in revenue was mainly attributed to the increase in the average time charter rates achieved by our vessels during the nine month period ended September 30, 2018 compared to the same period in 2017. Time Charter Equivalent rate (“TCE”) for the nine month period in 2018 amounted to $9,254 per vessel per day against $6,620 per vessel per day during the same period in 2017 corresponding to an increase of 40%.

Voyage expenses
Voyage expenses reached $0.7 million during the nine month period ended September 30, 2018 compared to $1 million during the same period last year. Voyage expenses include commissions on revenue, port and other voyage expenses and bunker expenses. Bunker expenses mainly refer to the cost of bunkers consumed during periods that our vessels are travelling seeking employment. Voyage expenses for the nine month period in 2018 and 2017 are analyzed as follows:

In $000’s

2018

2017

Commissions

209

166

Bunkers expenses

368

721

Other voyage expenses

148

123

Total

725

1,010

Vessel operating expenses
Vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oils, insurance, maintenance, and repairs, reached $7.3 million during the nine month period ended September 30, 2018 compared to $6.7 million during the same period in 2017. The breakdown of our operating expenses for the nine month period ended September 30, 2018 and 2017 was as follows:

2018

2017

Crew expenses

48%

52%

Repairs and spares

27%

23%

Insurance

6%

8%

Stores

10%

8%

Lubricants

5%

6%

Other

4%

3%

Average daily operating expenses during the nine periods ended September 30, 2018 and 2017 were $5,370 per vessel per day and $4,914 per vessel per day respectively, corresponding to an increase of 9%.

Interest expense and finance costs
Interest expense and finance costs reached $1.6 million during the nine month period ended September 30, 2018 and 2017. The weighted average interest rate on our debt outstanding during the nine month period ended September 30, 2018 reached 4.8% compared to 3.7% during the same period last year. Our weighted average debt outstanding during the nine month period in 2018 was $40.4 million compared to $47.5 million during the same period last year. Interest expense and finance costs for the nine month period in 2018 and 2017 are analyzed as follows:

In $000’s

2018

2017

Interest payable on long-term borrowings

1,483

1,332

Bank charges

22

25

Amortization of debt discount

56

64

Other finance expenses

5

164

Total

1,566

1,585

Liquidity and capital resources
As of September 30, 2018 and 2017, our cash and bank balances and bank deposits were $0.8 million and $0.2 million respectively.

In October the Company has signed a non-binding term sheet with a first class international bank for up to US$14 million in order to refinance two of its vessels. The proposed loan would carry a 5 year tenor and an interest of LIBOR + 4.25%. Both parties are working together on documentation and all customary closing steps. We expect to close on the loan around December 15, 2018.

At present we are in process of reaching an agreement with an entity that may be deemed an affiliated party through common control. The potential transaction is comprised of a revolving credit facility agreement of up to US$15 million. This facility is expected to have a tenor of 2 years and an interest rate of 7% per annum (plus a default interest rate) as well as a prepayment conversion clause where the Company in its sole option shall have the right to convert in whole or in part any outstanding unpaid principal amount and accrued but unpaid interest at a 20% discount off the 10 day volume weighted average price of our common shares. The Company expects to close on the transaction in 2018.

Net cash generated from operating activities for the three month period ended September 30, 2018 was $1.2 million compared to net cash generated from operating activities of $1.8 million during the respective period in 2017. The $0.6 million decrease in our cash from operations was mainly attributed to the negative movement of working capital during the third quarter of 2018 compared to the negative one during the respective period in 2017.

Net cash generated from operating activities for the nine month period ended September 30, 2018 was $2.5 million compared to net cash provided from operating activities of $0.6 million during the respective period in 2017. The $1.9 million increase in our cash from operations was mainly attributed to the $2.7 million increase in our adjusted EBITDA from $0.8 million during the nine month period in 2017 to $3.5 million during the nine month period under consideration.

Net cash generated from/(used in) financing activities during the three-month and nine-month periods ended September 30, 2018 and 2017 were as follows:

Three months ended September 30,

Nine months ended September 30,

In $000’s

2018

2017

2018

2017

Proceeds from issuance of share capital

-

800

600

5,811

Net proceeds from shareholders loan

-

280

-

280

Repayment of long term debt

(1,549)

(2,713)

(3,793)

(4,119)

Restricted cash

-

-

210

-

Interest paid

(542)

(584)

(1,462)

(2,814)

Net cash (used in)/ generated from financing activities

(2,091)

(2,217)

(4,445)

(842)

As of September 30, 2018, we and our vessel-owning subsidiaries had outstanding borrowings under our Loan agreement with DVB Bank SE and the Loan agreement with HSH Nordbank AG of an aggregate of $37.9 million compared to $41.9 million as of September 30, 2017, gross of unamortized debt discount.

Exercise of Warrants

In January 2018, an investor partially exercised his warrant by purchasing 375,000 of the Company’s common shares for aggregate gross proceeds to the Company of $600,000. For guidance please refer to our last published Annual Report discussing in detail t the Company’s Share and Warrant Purchase Agreement of February 8, 2017 (“February 2017 private placement”).

As of September 30, 2018, in connection with the February 2017 private placement, the February 2017 Warrants outstanding were exercisable for an aggregate of 3,052,321 common shares.

Gaining Compliance with NASDAQ Capital Market

On May 4, 2018, the Company received written notification from The Nasdaq Stock Market (“Nasdaq”) dated April 30, 2018, indicating that because the closing bid price of its common stock for the last 30 consecutive business days was below $1.00 per share, the Company no longer met the minimum bid price continued listing requirement for the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until October 29, 2018.

On October 8, 2018 the Company determined to effect a 1‐for-10 reverse stock split in order to regain compliance with the Nasdaq Capital Market concerning the minimum bid price requirement. On October 15, 2018, the Company had the 1‐for‐10 reverse stock split effected and on October 29, 2018 it received notification from Nasdaq that it had regained compliance with the minimum bid price and the matter is now closed.

CONSOLIDATED FINANCIAL & OPERATING DATA

Three months ended

Nine months ended

September 30,

September 30,

2018

2017

2018

2017

(in thousands of U.S. dollars, except per share data)

(unaudited)

(unaudited)

Statement of comprehensive income data:

Voyage revenues

4,861

3,834

12,993

9,900

Management fee income

-

-

-

31

Total Revenues

4,861

3,834

12,993

9,931

Voyage expenses

(116)

(486)

(725)

(1,010)

Vessel operating expenses

(2,048)

(2,374)

(7,331)

(6,712)

Depreciation

(1,159)

(1,190)

(3,440)

(3,659)

Depreciation of dry docking costs

(279)

(178)

(772)

(582)

Administrative expenses

(323)

(346)

(1,002)

(1,238)

Administrative expenses payable to related parties

(131)

(114)

(398)

(229)

Share-based payments

(10)

(10)

(30)

(30)

Other income, net

21

15

27

90

Operating profit/(loss) before financing activities

817

(849)

(678)

(3,439)

Interest expense and finance costs

(540)

(597)

(1,566)

(1,585)

Foreign exchange (losses)/gains, net

(23)

(27)

25

(174)

Total finance costs, net

(563)

(624)

(1,541)

(1,759)

Total comprehensive income/(loss) for the period

254

(1,473)

(2,219)

(5,198)

Basic & diluted (loss)/earnings per share for the period(1)

0.08

(0.53)

(0.69)

(2.15)

Adjusted EBITDA (1)

2,254

519

3,534

802

(1) Shares and per share data give effect to the 1‐for‐10 reverse stock split, approved on October 8, 2018, and became effective on October 15, 2018. The weighted average number of shares for the nine month period ended September 30, 2018 was 3,198,894 compared to 2,414,814 shares for the nine month period ended September 30, 2017. The weighted average number of shares for the three month period ended September 30, 2018 was 3,204,271 compared to 2,767,769 shares for the three month period ended September 30, 2017.

(2) Adjusted EBITDA represents net earnings before interest and finance costs net, gains or losses from the change in fair value of derivative financial instruments, foreign exchange gains or losses, income taxes, depreciation, depreciation of dry-docking costs, amortization of fair value of time charter acquired, impairment and gains or losses on sale of vessels. Adjusted EBITDA does not represent and should not be considered as an alternative to total comprehensive income/(loss) or cash generated from operations, as determined by IFRS, and our calculation of Adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is not a recognized measurement under IFRS.

Adjusted EBITDA is included herein because it is a basis upon which we assess our financial performance and because we believe that it presents useful information to investors regarding a company’s ability to service and/or incur indebtedness and it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under IFRS. Some of these limitations are:

  • Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;

  • Adjusted EBITDA does not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our debt;

  • Adjusted EBITDA does not reflect changes in or cash requirements for our working capital needs; and

  • Other companies in our industry may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

Because of these limitations, Adjusted EBITDA should not be considered a measure of discretionary cash available to us to invest in the growth of our business.

The following table sets forth a reconciliation of Adjusted EBITDA to total comprehensive income/(loss) and net cash generated from operating activities for the periods presented:

Three months ended

Nine months ended

September 30,

September 30,

(Expressed in thousands of U.S. dollars)

2018

2017

2018

2017

(Unaudited)

(Unaudited)

Total comprehensive income/(loss) for the period

254

(1,473)

(2,219)

(5,198)

Interest and finance costs, net

540

597

1,566

1,585

Foreign exchange gains net,

23

27

(25)

174

Depreciation

1,159

1,190

3,440

3,659

Depreciation of dry docking costs

278

178

772

582

Adjusted EBITDA

2,254

519

3,534

802

Share-based payments

10

10

40

30

Payment of deferred dry docking costs

(227)

(508)

(517)

(685)

Net (increase)/decrease in operating assets

(64)

175

(676)

311

Net (decrease)/increase in operating liabilities

(684)

1,654

147

708

Provision for staff retirement indemnities

2

1

4

3

Foreign exchange gains net, not attributed to cash & cash equivalents

(9)

(23)

(21)

(45)

Net cash generated from operating activities

1,282

1,828

2,511

1,124


Three months ended

Nine months ended

September 30,

September 30,

(Expressed in thousands of U.S. dollars)

2018

2017

2018

2017

(Unaudited)

(Unaudited)

Statement of cash flow data:

Net cash generated from operating activities

1,282

1,828

2,511

1,124

Net cash (used in)/generated from investing activities

(14)

(219)

(57)

(227)

Net cash (used in)/generated from financing activities

(2,091)

(2,217)

(4,445)

(842)


As of September 30,

As of December 31,

(Expressed in thousands of U.S. Dollars)

2018

2017

(Unaudited)

Consolidated condensed statement of financial position:

Vessels, net

84,177

87,320

Other non-current assets

69

53

Total non-current assets

84,246

87,373

Cash and bank balances and bank deposits

765

2,756

Other current assets

1,940

1,474

Total current assets

2,705

4,230

Total assets

86,951

91,603

Total equity

42,389

43,968

Total debt net of unamortized debt discount

37,801

41,538

Other liabilities

6,761

6,097

Total liabilities

44,562

47,635

Total equity and liabilities

86,951

91,603

Consolidated statement of changes in equity:

(Expressed in thousands of U.S. Dollars)

Issued share

Share

(Accumulated

Total

Capital

Premium

Deficit)

Equity

As at December 31, 2017

126

139,571

(95,729)

43,968

Loss for the period

-

-

(2,219)

(2,219)

Issuance of common stock due to exercise of warrants (1)

2

598

-

600

Share-based payments

-

40

-

40

As at September 30, 2018

128

140,209

(97,948)

42,389

(1) Following the “February 2017 private placement”, warrants to buy 37,500 common shares were exercised in January 2018.

Three months ended
September 30,

Nine months ended
September 30,

2018

2017

2018

2017

Ownership days (1)

460

460

1,365

1,365

Available days (2)

460

439

1,326

1,343

Operating days (3)

449

427

1,296

1,310

Fleet utilization (4)

97.7%

97.2%

97.8%

97.5%

Average number of vessels (5)

5.0

5.0

5.0

5.0

Daily time charter equivalent (“TCE”) rate (6)

10,317

7,621

9,254

6,620

Daily operating expenses (7)

4,453

5,160

5,370

4,917

Notes:

(1) Ownership days are the aggregate number of days in a period during which each vessel in our fleet has been owned by us.
(2) Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys.
(3) Operating days are the number of available days less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances but excluding days during which vessels are seeking employment.
(4) We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during the period.
(5) Average number of vessels is measured by the sum of the number of days each vessel was part of our fleet during a relevant period divided by the number of calendar days in such period.
(6) TCE rates are our voyage revenues less net revenues from our bareboat charters less voyage expenses during a period divided by the number of our available days during the period excluding bareboat charter days, which is consistent with industry standards. TCE is a measure not in accordance with GAAP.
(7) We calculate daily vessel operating expenses by dividing vessel operating expenses by ownership days for the relevant time period excluding bareboat charter days.

Voyage Revenues to Daily Time Charter Equivalent (“TCE”) Reconciliation

Three months ended
September 30,

Nine months ended
September 30,

2018

2017

2018

2017

(Unaudited)

(Unaudited)

Voyage revenues

4,861

3,834

12,993

9,900

Less: Voyage expenses

116

486

725

1,010

Net revenue excluding bareboat charter revenue

4,745

3,348

12,268

8,890

Available days net of bareboat charter days

460

439

1,326

1,343

Daily TCE rate*

10,317

7,621

9,254

6,620

* Subject to rounding.

About Globus Maritime Limited
Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide and presently owns, operates and manages a fleet of five dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. Globus’ subsidiaries own and operate five vessels with a total carrying capacity of 300,571 Dwt and a weighted average age of 10.6 years as of September 30, 2018.

Safe Harbor Statement
This communication contains “forward-looking statements” as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in the Company’s filings with the Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Globus undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Globus describes in the reports it will file from time to time with the Securities and Exchange Commission after the date of this communication.

For further information please contact:

Globus Maritime Limited
Athanasios Feidakis, CEO
+30 210 960 8300
a.g.feidakis@globusmaritime.gr

Capital Link – New York
Nicolas Bornozis
+1 212 661 7566
globus@capitallink.com