In pre-market trade here, shares are up 35%.
The post-earnings strength seen in GLBS is spreading to some of its peers as well, which includes SHIP +10%, SINO +6.4%, NM +6.3%, DRYS +4%, DSX +2%.
Moving back to the quarter... During the three month period ended September 30, 2017 and 2016, its revenue reached $4.0 million and $2.5 million respectively. The 60% increase in Voyage revenues was mainly attributed to the increase in the average time charter rates achieved by its vessels during the third quarter of 2017 compared to the same period in 2016.
The company's Time Charter Equivalent rate for the third quarter of 2017 amounted to $7,621 per vessel per day against $5,031 per vessel per day during the same period in 2016 corresponding to an increase of 51%.
The company reported strong revenue growth and significant debt reduction during the first nine months of 2017. The company continues to monitor its operational expenses carefully, as well as follow the market closely. The company also remains on the lookout for any accretive transactions that will enhance its shareholders value.
In June and July 2017, the company agreed the restructure of its loan agreements with DVB Bank SE and HSH Nordbank AG, respectively. By these agreements the Company was successful in achieving waivers and relaxations on its loan covenants as well as defer instalment loan payments due in 2017.
Overall, the stock continues to be categorized as a speculative stock and can trade with a high level of volatility. Today is a good example as the shares are 35% higher pre-market.
Globus is a drybulk shipping company that provides marine transportation services on a worldwide basis.
It holds a market cap of $44.2 million and presently owns, operates and manages a fleet of five dry bulk vessels (four supramaxes and one panama) that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. Its vessels hold an average age of 8.8 years old and can hold deadweight tons 300,571.