Globus Maritime, a New York-listed owner of a dozen bulkers in the water or under construction, said it expects its market to continue generating good earnings, despite a recent rate decline.
“Although we have recently seen time charters easing back a bit, nearly all the markets are well above trend,” the Athanasios Feidakis-led company said in financial results late on Tuesday.
“We continue to believe that the freight rates will remain healthy for the foreseeable future,” added the Athens-based company.
All of Globus’s nine ships in the water — four kamsarmaxes, four supramaxes and a panamax — are operating in the spot market.
That spot market exposure ensured soaring profit in the second quarter, during which the company booked a net income of $11m from a narrow loss of $23,000 in the same period of 2021.
Profit surged to $24.2m in the first half, from a $0.8m loss last year.
As a sign of long-term confidence in its market, Globus ordered three ultramax newbuildings in the spring, all due for delivery in 2024.
In a more recent development, the company revealed it found a new creditor to top up an existing $34.25m loan with CIT Bank by an additional $18m.
The object of the combined loan of $52.25m is to refinance its 81,800-dwt Orion Globe (built 2015).
“By doing this our gain was twofold,” the company said in its statement.
“…we have been able to enhance our cash position by $18m and also succeeded to reduce the applicable margin from 3.75% to 3.35% for the whole CIT loan facility,” it said.
