Why Globus Maritime Limited (NASDAQ: GLBS) Stocks Soaring Today?

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Globus Maritime Limited (NASDAQ: GLBS) shares soared 22.03% after the company has announced the financial results for the six months period ended June 30, 2020. The company has reported total revenue of 4,589 compared to the 6,942 revenue for six months period ended on June 30, 2019. Its revenue for the three months period ended June 30, 2020, was 2,299 compared to the revenue of 3,399 for the three-month period ended June 30, 2019.

The weighted average number of shares for the six-month period ended June 30, 2020, of the company was 8,339,137 as compared to 3,642,256 shares for the six-month period ended June 30, 2019. The weighted average number of shares for the three-month period ended June 30, 2020 was 10,861,371 compared to 4,070,153 shares for the three-month period ended June 30, 2019.

The fist half of 2020 was very difficult period for the company as it has experienced the major hit because the marine shipping has badly affected.

Globus Maritime Limited (NASDAQ: GLBS) shares were trading up 22.03% at $0.14 at the time of writing on Monday. Globus Maritime Limited (GLBS) share price went from a low point around $0.10 to briefly over $3.10 in past 52 weeks, though shares have since pulled back to $0.14. It has moved up 33.33% from its 52-weeks low and -95.46% from its 52-weeks high. GLBS market cap has remained high, hitting $18.42 Million at the time of writing.

Globus Maritime Limited is planning to expand its fleet after raising significant capital via offerings and private placements. Company revealed that it has enough cash and debt financing support to be able to buy additional vessels, however the company has not met any suitable candidate.

It has also revealed that its subsidiaries has owned and operate five dry bulk carriers, including four Supramax and one Panamax. All of its vessels are currently working on short-term time charters. Globus Maritime has revealed that when it decides to buy the vessels, the company first analyze that it has right technical and commercial aspect or not. It has no intention to only increase the number of vessels in the water.

 

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