Globus Maritime is focusing on the issues it can control as it trimmed its loss in the first half of the year.
The Greek bulker owner posted a net deficit of $6.9m, compared to $13.6m in the corresponding period of 2015.
Its six-month revenue was $3.88m, against $6.9m a year ago.
Athanasios Feidakis, president of Globus, said: “It has been a very challenging year for us and as a small cap company we have limited control over the supply and demand side of the equation.
“We have focused on matters and issues that we control, mainly our own operating performance through careful work with all our stakeholders.”
In the first six months of the year, Globus’ five bulkers were earning an average of $3,097 per day while daily operating expenses stood at $4,337.
“While we remain cautious and guarded, we note that all our vessels are deployed at better rates than last year, which allows us to be optimistic about our earnings and cash flow generation capacity in the near future,” Feidakis said.
New director appointed
Globus’ first half results come hot on the heels of the appointment of Dimitrios Stratikopoulos to the board of directors.
Stratikopoulos will serve as non-executive director, while he has been also appointed to the company’s audit, remuneration and nomination committees.
He was the managing director of Deutsche Bank in London and has held the position of vice-president of the European M&A department at Merrill Lynch in the past.
His appointment follows a series of moves that Globus has made in order to survive in the tough market.
The company sold a vessel in March in order to repay a Commerzbank facility while it sealed two agreements with DVB and HSH, that will see Globus receive waivers and relaxation on its loan covenants.
