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Sunday, November 28, 2021

Globus Maritime Ltd. (GLBS) Stock on a Decline in Premarket

Globus Maritime Ltd. (GLBS), an integrated dry bulk shipping company, has seen a decline of 8.04% in the premarket trading session. As a result, GLBS stock is changing hands at $3.09 at the time of this writing. The decline came after the company reported the financial results for the second quarter of the fiscal year 2021. On Monday, GLBS stock closed the day at $3.36 after increasing 7.01% in regular hours.

Q2 2021 results

In the late hours of Monday, GLBS reported the quarterly results for the second quarter of fiscal 2021, which ended 30th June. According to the details, the company had cash and cash equivalents of $75.04 million on the 30th of June. The total assets stood at $170.65 million. The total liabilities at the end of the quarter were $39.99 million. The net cash generated from financing activities during the period was $46.13 million. During the comparative period of 2020, the net cash generated from financing activities was $19..92 million. The total revenue generated by the company during the quarter stood at $6.82 million. During the equivalent period of 2020, the total revenue generated by the company was $2.29 million. The operating profit of the company during the period was $1.65 million. During the equivalent period of 2020, the company bore an operating loss of $1.69 million. The net financial costs for the period stood at $1.67 million. For the equivalent period of 2020, the net financial costs remained at $2.50 million. The total comprehensive loss for the quarter was $23,000. For an equivalent period of 2020, the total comprehensive loss stood at $4.19 million. Commenting on the results, the management of the company praised the performance and said that the company has a strong balance sheet, and its growing fleet will help it to fully take advantage of the strong market.


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GLBS secured charter employments of vessels

On 23rd August, GLBS announced that it had secured new charter employments of M/V Sun Globe & M/V Moon Globe, two of the company’s primary vessels. M/V Sun Globe had been chartered to an unrelated party. The gross daily rate for the vessel was fixed at $32,000. The charter commenced on 15th August. It had a minimum duration of 5 and a maximum duration of 7 months. M/V Globe Moon was also chartered to an unrelated party. The gross daily rate for the vessel was fixed at $29,250. Like M/V Sun, the charter commenced on 15th August and had a minimum period of 5 and a maximum period of 7 months.

What’s ahead for GLBS?

The 52 weeks high of GLBS has been $15.60 and 52 week low has remained at $2.55. The stock has gained an increase of 18% during the last week. According to the analyst estimates, the EPS of GLBS stock is expected to increase by 97% during the current fiscal year. All of these indicators point toward a bright future for GLBS stock.

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