Globus Maritime Slumps on Q4 Figures

Globus Maritime Limited (NASDAQ:GLBS) shares slide on reporting fourth-quarter numbers

The Greek-based shipping company revealed total comprehensive loss for the fourth quarter of the year 2018 amounted to $1,349 thousand or $0.42 basic loss per share based on 3,206,959 weighted average number of shares, compared to total comprehensive loss of $1,277 thousand for the same period last year or $0.42 basic loss per share based on 3,050,316 weighted average number of shares.

During the three-month periods ended December 31, 2018 and 2017, our revenue reached $4.4 million and $4 million respectively. The 10% increase in Voyage revenues was mainly attributed to the increase in the average time charter rates achieved by our vessels during the fourth quarter of 2018 compared to the same period in 2017.

Total comprehensive loss for the year ended December 31, 2018 amounted to $3.6 million or $1.11 basic loss per share based on 3,200,927 weighted average number of shares, compared to total comprehensive loss of $6.5 million for the same period last year or $2.51 basic loss per share based on 3,050,316 weighted average number of shares

CEO Athanasios Feidakis said: "We are very pleased with our overall performance during 2018. Our total revenues increased by about 25% when compared to year 2017. At the same time, our comprehensive loss went down 45% in 2018 compared to 2017. Additionally our fourth-quarter 2018 had an increase in our total revenues of 10% compared to the same quarter in 2017."

Shares backed off 47 cents, or 8.4%, to $5.15