New York-listed Globus Maritime has improved its financial results, reporting a narrow loss for the second quarter as both revenue and costs increased during the Covid-19 pandemic.
Net loss at the Feidakis family-controlled company, which owns nine bulkers, shrank to $23,000 from $4.2m in the same period last year. The loss also narrowed in the first half, to $0.8m from $13.1m in the corresponding period of 2020.
Higher freight rates boosted voyage revenue, almost tripling it year-on-year in the second quarter to $6.8m.
On the other hand, operating expenses spiralled by 51% to $3m.
This was caused mainly by crew repatriation and rotation costs, as well as growing expenses for testing and quarantine compliance.
The pandemic led to other extra charges as well.
"There are delays on schedules of loading, discharging, crew exchanges and spare part procurement as well as repairs," Globus management said in a statement issued late on Monday.
Globus, however, remains bullish on its prospects.
"The combined effect of a healthy demand and a limit on the supply of ships helps the market and elevates rates," the company said.
"Since we expect the market to remain strong for the medium term and as our fleet comes out from legacy charters, we will be able to take advantage of the strong rates by positioning it accordingly," it added.
Its fleet of four supramaxes, three kamsarmaxes and one panamax are all currently trading in the spot market.
Growing on all fronts
In line with its optimism, Globus confirmed on Monday the acquisition of a further ship, revealing that it had spent $28.4m on the 81,800-dwt Peak Liberty (built 2015). TradeWinds reported earlier this month that JP Morgan-controlled Defender Holdings committed the ship to Globus for about $29m.
Globus has not lined up employment for the Japanese-built vessel yet but expects to do so closer to the fourth quarter, when it is scheduled to take delivery of it.
This is the fourth vessel that Globus has purchased over the past 12 months, helped by three separate share offerings in which the company raised about $90m.
The Feidakis family has been buying on the private side as well.
Its ship management outfit Eolos emerged over the summer as the new owner of two kamsarmaxes — the 81,600-dwt Nord Stellar (renamed Eolos Angel, built 2016) and the 81,800-dwt kamsarmax Emerald Star (renamed Eolos G, built 2014).
Brokers reported these ships as sold to unidentified Greeks during the spring, for about $50m in total.
