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Globus Maritime reports a decline in Q1 revenue

Shipping company Globus Maritime (Nasdaq: GLBS) reported its Q1 2019 results after the market close. Globus Maritime’s comprehensive loss for the first quarter of 2019 narrowed to $0.5 million or $0.15 basic loss per share from a loss of $1.5 million or $0.48 basic loss per share for the same period last year. Revenue decreased to $3.5 million for the quarter ended March 31, 2019, from $3.9 million in the prior-year quarter.

“This has been a very precarious first quarter where rates in the dry bulk sector have taken an unexpected dive. We do see several factors that might have contributed to that, such as lower seasonal demand, weather disruptions in Australia and the Vale dam failure. Undoubtedly, weak rates have had a negative impact on the hiring of our vessels that were operating on the spot market during the quarter,” said Athanasios Feidakis, CEO and CFO of Globus Maritime.

He also added that the company expects rates to improve in the latter part of the year, mainly due to continuous demand from China for dry bulk goods and the IMO 2020 regulations.

Globus Maritime stock whipsawed higher and lower during the after-hours and finally settled in the negative territory. Post hitting the 52-week high ($11.90) in early November, the stock plunged to a 52-week low ($2.46) on December 27, 2018. Shares of Globus ended today’s session at $2.92, up 1.39%.

Globus Maritime stock had increased 5% since the beginning of this year and dropped 57% in the past 52 weeks.

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