Globus Maritime Ltd. (GLBS), an integrated dry bulk shipping company, has gained an increase of 4.05% in aftermarket trading session. As a result, GLBS stock is changing hands at $2.57 at the time of the writing. The increase is attributable to the announcement of quarterly results by the company. On Tuesday, GLBS closed the day at $2.47 after declining 1.59% during the regular trading session.
Why GLBS Stock Increasing?
In the late hours of Tuesday, GLBS released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The comprehensive income for the quarter stood at $5.6 million (or $0.27 per basic and diluted share). For the same period of 2020, the comprehensive loss stood at $1.3 million (or $0.8 per basic and diluted share). The voyage revenue during the three months stood at $12.7 million, an increase of 297% when compared with the same period of 2020. The voyage expenses for the period were $0.5 million against $0.2 million for the same period of 2020. The vessel-operating expenses for the period were $3.6 million during the quarter, an increase of 80% when compared with the same period of 2020.
Business Highlights
Alongside the operational results, GLBS also reported the recent business highlights. In May, the company reached an agreement with CiT Bank N.A. for a loan facility of $34.25 million. In late June, the company entered into a securities purchase agreement with certain institutional investors. In the same month, the company took the delivery of m/v “Diamond Globe”, a 2018-built Kamsarmax dry bulk carrier. In July, the company took delivery of the m/v “Power Globe”, a 2011-built Kamsarmax dry bulk carrier.
Management Commentary
The management of GLBS, while commenting on the results, said that the quarter proved pivotal for the company as it signified a return to the profit. The company was pleased that the market moved to higher territories and provided excellent rates for the vessels of the company. The company remains optimistic regarding the supply and demand basics of the market, keeping in mind the near and long-term growth targets that it intends to achieve.
Future Outlook for GLBS
During the last three months, GLBS stock has declined more than 20% despite strong positive sentiments associated with it in the form of subsiding impacts of the COVID pandemic. However, the analysts believe that the stock tends to attract investors in the long term.
