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2nd Quarter 2013 Results
Company Presentation
Sept 2013
22222
Disclaimer – Forward Looking Statement
This presentation (and oral statements made regarding the subjects of this presentation) includes statements that
are, or may be deemed to be, “forward-looking statements” as defined under U.S. federal securities laws. These
forward-looking statements reflect the current views, forecasts, expectations, beliefs and projections of Globus
Maritime Limited (the “Company”) with respect to future events and financial performance and may include plans,
objectives, intentions and other statements concerning, among other things, results of operations, financial
condition, liquidity, prospects, growth, strategies and the industry in which the Company operates, all of which
are not historical facts.
The forward-looking statements in this presentation are based on various assumptions, including without
limitation, management’s examination of historical operating trends, data from the Company’s records and other
data available from third parties. Because these assumptions are inherently subject to significant uncertainties
and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the
Company cannot assure you that it will achieve or accomplish these forecasts, beliefs or projections. Past
performance, trends or activities of the Company or its shares cannot be relied on as a guide to future
performance, trends or activities.
The Company’s actual results could differ materially from those anticipated in forward-looking statements for
many reasons specifically as described in the Company’s filings with the Securities and Exchange Commission
(the “SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as
of the date of this communication. The Company does not assume and expressly disclaims any obligation to
update these forward looking statements or to reflect the occurrence or non-occurrence of any events. You
should, however, review the factors and risks the Company describes in the reports it will file from time to time
with the SEC after the date of this communication.
The financial information and data contained in this communication is unaudited and does not conform to the
SEC Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may
be presented differently in, the Company’s filings with the SEC. This communication includes certain financial
information that is not derived in accordance with generally accepted accounting principles (“GAAP”), and which
may be deemed to be non-GAAP financial measures within the meaning of Regulation G promulgated by the SEC.
The Company believes that the presentation of these non-GAAP financial measures serves to enhance the
understanding of the financial performance of the Company. However, these non-GAAP financial measures
should be considered in addition to and not as substitutes for, or superior to, financial measures of financial
performance prepared in accordance with GAAP. Please refer to the Company’s filings with the Securities and
Exchange Commission for a discussion of these non-GAAP financial measures.
Company Update Report
Company Update
Results Q2 - 13 Q2 – 12 %change H1-13 H1-12 %change
Total Comprehensive (loss)/ income: ($1.1)m ($2.4)m 54% $0.2m ($0.8)m 125%
Revenue: $6.8m $7.7m -12% $14.3m $17.1m -16%
Net Revenue: $5.8m $4.9 m 18% $12.8m $14.2m -10%
Adj. EBITDA: $2.5m $1.7m 47% $6.6m $7.7m -14%
Avg. TCE1 (pvpd)2: $8,838/day $7,353/day 20% $9,712/day $11,236/day -14%
Avg. OPEX1 (pvpd)2: $4,791/day $4,249/day 13% $4,333 $4,504 -4%
Utilization Rate: 97.4% 97.1% 98.5% 98.3%
(1) Excluding Bareboat charter days
(2) Per vessel per day
4
55
Operating Highlights
Q2 2013 Q2 2012 H1 2013 H1 2012
Ownership Days 637 637 1,267 1,274
Available Days 609 587 1,239 1,224
Operating Days 593 570 1,220 1,203
Bareboat Charter Days 91 91 181 182
Average No. of Vessels 7.0 7.0 7.0 7.0
Fleet Utilization 97.4% 97.1% 98.5% 98.3%
TCE1 (pv/pd2) $8,838 $7,353 $9,712 $11,236
Operating Expeses1
(pv/pd2)
$4,791 $4,249 $4,333 $4,504
(1) Excluding Bareboat charter days
(2) Per vessel per day
6
Fleet and Employment Profile (as of September 4th 2013)
Vessel Name Type Year Built DWT
Daily Charter
Rate(1)
Earliest
Expected
Charter
Expiration
Charterer
Tiara Globe Panamax 1998 72,928 Spot Spot Spot
River Globe Supramax 2007 53,627 $7,600 Jan 2014 GMT Singapore
Star Globe Supramax 2010 56,867 Spot Spot Spot
Sky Globe Supramax 2009 56,855 $8,300 Oct 2013 HMM
Jin Star Kamsarmax 2010 79,387 $14,250(2) Jan 2015
Eastern Media
& Far Eastern
Sun Globe Supramax 2007 58,790 $16,000 Jan 2015 Cosco Qingdao
Moon Globe Panamax 2005 74,432
$8,500/day +
$500K bb
Nov 2013 NOBLE
weighted average age 6.6 years at 30/6/13 452,886
(1) All rates are gross and include brokers’ commission.
(2) Jin Star rate is Bareboat.
7
September 4th 2013
1. As of September 4th, 2013 - based on the earliest anticipated charter expiration dates
31-Dec-13
$14,250/day
$7,600/day
$16,000/day
Spot
Spot
Spot
Spot
Spot
$8,300/day
Spot
Spot
Moon Globe
Sun Globe
Jin Star
Sky Globe
Star Globe
River Globe
Tiara Globe
$8,500/day
2013 2014 2015
Time Charter Coverage
7
56% 29% 1%
31-Dec-14
Industry Section
9
Market Update
N/B prices rising (+10%)
Nom. Values bouncing from lows
+15%-20% in smaller sizes
Short term
optimism for
larger sizes
Longer term
optimism for all
sizes
Source: Baltic Exchange - Galbraiths
Past performance & Future Dynamics
10
Source: Braemar Seascope
Dry Bulk Fleet Developments
11
Source: Braemar Seascope
Iron Ore & Steel
12
Source: Braemar Seascope
Coal
13
Source: Braemar Seascope
Financials
15
Statement of Comprehensive Income
($ 000’s) Q2-13 Q2 - 12 H1-13 H1-12
Revenue 6,849 7,660 14,256 17,118
Voyage expenses (1,022) (2,765) (1,498) (2,914)
Net revenue 5,827 4,895 12,758 14,204
Vessel operating expenses (2,616) (2,320) (4,706) (4,918)
Admin expenses1 (709) (691) (1,426) (1,579)
Other expenses, net (13) (171) (37) (36)
Adjusted EBITDA 2,489 1,713 6,589 7,671
Gain on SWAPs 265 256 454 300
Depreciation & amortization2 (1,955) (3,543) (3,940) (7,079)
Impairment (1,031) - (1,031) -
Interest expense and finance costs (935) (843) (1,893) (1,715)
Interest income 15 12 28 30
FX gain/(loss) 19 (16) (20) 29
Total comprehensive (loss)/income (1,133) (2,421) 187 (764)
(1) This data appears as (i) administrative expenses, (ii) administrative expenses to related parties, and (iii) share-based payments;
(2) This data appears as (i) Depreciation, (ii) Depreciation of dry docking costs, and (iii) Amortization of fair value of time charter attached to vessels.
1616
Statement of Financial Position
($ 000’s)
30 / 06 / 13 31 / 12 / 12 31 / 12 / 11 31 / 12 / 10
Cash 4,142 9,653 7,301 23,618
Restricted cash 2,000 2,000 2,000 1,000
Other Current Assets 4,074 4,227 4,166 2,278
Non-Current assets held for sale 8,682 8,876 - -
Non-Current Assets 137,065 140,966 242,592 191,556
Total Assets 155,963 165,722 256,059 218,452
Total Bank Debt 95,365 105,519 110,815 96,238
Deferred Revenue 926 1,387 1,577 526
Other Liabilities 4,344 3,634 3,648 3,899
(Accumulated Deficit)/ Retained
Earnings
(54,486) (54,612) 30,750 28,942
Share Capital & Share Premium 109,814 109,794 109,269 88,847
Total Liabilities & Equity 155,963 165,722 256,059 218,452
17
Statement of Cash Flows
($ 000’s)
Q2-13 Q2 - 12 H1-13 H1-12
Net (loss)/Income (1,133) (2,421) 187 (764)
Non Cash/operating items 3,667 4,231 6,475 8,840
Dry Docking cost (837) (670) (841) (670)
Working Capital movement 1,480 1,518 705 (954)
Cash from operations 3,177 2,658 6,526 6,452
Vessel and other asset acquisitions-
Improvements
(35) (17) (35) (37)
Interest received 17 18 29 32
Cash (used in)/from investing activities (18) 1 (6) (5)
Repayment of Debt (8,856) (1,357) (10,213) (2,713)
Dividends (common/preferred) - (1,130) - (2,752)
Interest paid (993) (895) (1,831) (1,666)
Cash used in financing activities (9,849) (3,382) (12,044) (7,131)
Decrease in cash (6,690) (723) (5,524) (684)
Effect of FX on Cash 17 (22) 13 (12)
Cash B/F 10,815 7,350 9,653 7,301
Cash C/F 4,142 6,605 4,142 6,605
1818
Bank Debt development during the 1st half of 2013
($000’s)
Balance as of December 31, 2012 (gross of unamortized discount) 105,929
Scheduled principal installments to DVB Bank (857)
Scheduled principal installment to Commerzbank (500)
Balance as of March 31, 2013 (gross of unamortized discount) 104,572
Scheduled principal installments to DVB Bank (856)
One-off prepayment to DVB Bank to by applied to the balloon (1,000)
Scheduled principal installment to Commerzbank (500)
One-off prepayment to Commerzbank against the six following installments (3,000)
Scheduled principal installment to Credit Suisse (3,500)
Balance as of June 30, 2013 (gross of unamortized discount) 95,716
Appendix
202020202020
Executive Team
George Karageorgiou, Chief Executive Officer
 Co-founder, Chief Executive Officer since September 2006
 22 years shipping experience (10 years of which involved public company experience)
− Projects engineer for Kassos Maritime Enterprises from 1990-1992
− Director and Corporate Secretary for the NYSE listed Stelmar Shipping Limited from 1992-2004. During his
time at Stelmar Shipping Limited, Mr. Karageorgiou assisted with both vessel acquisitions, financings and
strategy
 Previously a director of easyGroup Ltd, easyJet Holdings Ltd, easyInternetCafe Ltd, easyCruise
Ltd and a number of other easyGroup subsidiaries
 Mr. Karageorgiou holds a BE in Mechanical Engineering and an ME in Ocean Engineering from
Stevens Institute of Technology and an MSc in Shipping Trade and Finance from CASS
Business School
Nikolaos Kalapotharakos, Financial Controller
 Is our Financial Controller since July 2007 responsible for all financial reporting requirements
 In 2001 he joined PricewaterhouseCoopers (PwC) where he served as an external auditor
specializing in shipping companies until July 2007
 Mr Kalapotharakos holds a BSc with Honours in Economics and Social studies in Economics
from University of Wales, Aberystwyth UK and an MSc in Financial and Business Economics
from the University of Essex UK
2121212121
Contacts
Globus Maritime Limited
George Karageorgiou
President & CEO
info@globusmaritime.gr
Tel: +30 210 960 8300
www.globusmaritime.gr
Capital Link – New York
Nicolas Bornozis
Matthew Abenante
+1 212 661 7566
globus@capitallink.com

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Globus Maritime Q2 2013 results presentation

  • 1. 2nd Quarter 2013 Results Company Presentation Sept 2013
  • 2. 22222 Disclaimer – Forward Looking Statement This presentation (and oral statements made regarding the subjects of this presentation) includes statements that are, or may be deemed to be, “forward-looking statements” as defined under U.S. federal securities laws. These forward-looking statements reflect the current views, forecasts, expectations, beliefs and projections of Globus Maritime Limited (the “Company”) with respect to future events and financial performance and may include plans, objectives, intentions and other statements concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates, all of which are not historical facts. The forward-looking statements in this presentation are based on various assumptions, including without limitation, management’s examination of historical operating trends, data from the Company’s records and other data available from third parties. Because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these forecasts, beliefs or projections. Past performance, trends or activities of the Company or its shares cannot be relied on as a guide to future performance, trends or activities. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in the Company’s filings with the Securities and Exchange Commission (the “SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. The Company does not assume and expressly disclaims any obligation to update these forward looking statements or to reflect the occurrence or non-occurrence of any events. You should, however, review the factors and risks the Company describes in the reports it will file from time to time with the SEC after the date of this communication. The financial information and data contained in this communication is unaudited and does not conform to the SEC Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, the Company’s filings with the SEC. This communication includes certain financial information that is not derived in accordance with generally accepted accounting principles (“GAAP”), and which may be deemed to be non-GAAP financial measures within the meaning of Regulation G promulgated by the SEC. The Company believes that the presentation of these non-GAAP financial measures serves to enhance the understanding of the financial performance of the Company. However, these non-GAAP financial measures should be considered in addition to and not as substitutes for, or superior to, financial measures of financial performance prepared in accordance with GAAP. Please refer to the Company’s filings with the Securities and Exchange Commission for a discussion of these non-GAAP financial measures.
  • 4. Company Update Results Q2 - 13 Q2 – 12 %change H1-13 H1-12 %change Total Comprehensive (loss)/ income: ($1.1)m ($2.4)m 54% $0.2m ($0.8)m 125% Revenue: $6.8m $7.7m -12% $14.3m $17.1m -16% Net Revenue: $5.8m $4.9 m 18% $12.8m $14.2m -10% Adj. EBITDA: $2.5m $1.7m 47% $6.6m $7.7m -14% Avg. TCE1 (pvpd)2: $8,838/day $7,353/day 20% $9,712/day $11,236/day -14% Avg. OPEX1 (pvpd)2: $4,791/day $4,249/day 13% $4,333 $4,504 -4% Utilization Rate: 97.4% 97.1% 98.5% 98.3% (1) Excluding Bareboat charter days (2) Per vessel per day 4
  • 5. 55 Operating Highlights Q2 2013 Q2 2012 H1 2013 H1 2012 Ownership Days 637 637 1,267 1,274 Available Days 609 587 1,239 1,224 Operating Days 593 570 1,220 1,203 Bareboat Charter Days 91 91 181 182 Average No. of Vessels 7.0 7.0 7.0 7.0 Fleet Utilization 97.4% 97.1% 98.5% 98.3% TCE1 (pv/pd2) $8,838 $7,353 $9,712 $11,236 Operating Expeses1 (pv/pd2) $4,791 $4,249 $4,333 $4,504 (1) Excluding Bareboat charter days (2) Per vessel per day
  • 6. 6 Fleet and Employment Profile (as of September 4th 2013) Vessel Name Type Year Built DWT Daily Charter Rate(1) Earliest Expected Charter Expiration Charterer Tiara Globe Panamax 1998 72,928 Spot Spot Spot River Globe Supramax 2007 53,627 $7,600 Jan 2014 GMT Singapore Star Globe Supramax 2010 56,867 Spot Spot Spot Sky Globe Supramax 2009 56,855 $8,300 Oct 2013 HMM Jin Star Kamsarmax 2010 79,387 $14,250(2) Jan 2015 Eastern Media & Far Eastern Sun Globe Supramax 2007 58,790 $16,000 Jan 2015 Cosco Qingdao Moon Globe Panamax 2005 74,432 $8,500/day + $500K bb Nov 2013 NOBLE weighted average age 6.6 years at 30/6/13 452,886 (1) All rates are gross and include brokers’ commission. (2) Jin Star rate is Bareboat.
  • 7. 7 September 4th 2013 1. As of September 4th, 2013 - based on the earliest anticipated charter expiration dates 31-Dec-13 $14,250/day $7,600/day $16,000/day Spot Spot Spot Spot Spot $8,300/day Spot Spot Moon Globe Sun Globe Jin Star Sky Globe Star Globe River Globe Tiara Globe $8,500/day 2013 2014 2015 Time Charter Coverage 7 56% 29% 1% 31-Dec-14
  • 9. 9 Market Update N/B prices rising (+10%) Nom. Values bouncing from lows +15%-20% in smaller sizes Short term optimism for larger sizes Longer term optimism for all sizes Source: Baltic Exchange - Galbraiths
  • 10. Past performance & Future Dynamics 10 Source: Braemar Seascope
  • 11. Dry Bulk Fleet Developments 11 Source: Braemar Seascope
  • 12. Iron Ore & Steel 12 Source: Braemar Seascope
  • 15. 15 Statement of Comprehensive Income ($ 000’s) Q2-13 Q2 - 12 H1-13 H1-12 Revenue 6,849 7,660 14,256 17,118 Voyage expenses (1,022) (2,765) (1,498) (2,914) Net revenue 5,827 4,895 12,758 14,204 Vessel operating expenses (2,616) (2,320) (4,706) (4,918) Admin expenses1 (709) (691) (1,426) (1,579) Other expenses, net (13) (171) (37) (36) Adjusted EBITDA 2,489 1,713 6,589 7,671 Gain on SWAPs 265 256 454 300 Depreciation & amortization2 (1,955) (3,543) (3,940) (7,079) Impairment (1,031) - (1,031) - Interest expense and finance costs (935) (843) (1,893) (1,715) Interest income 15 12 28 30 FX gain/(loss) 19 (16) (20) 29 Total comprehensive (loss)/income (1,133) (2,421) 187 (764) (1) This data appears as (i) administrative expenses, (ii) administrative expenses to related parties, and (iii) share-based payments; (2) This data appears as (i) Depreciation, (ii) Depreciation of dry docking costs, and (iii) Amortization of fair value of time charter attached to vessels.
  • 16. 1616 Statement of Financial Position ($ 000’s) 30 / 06 / 13 31 / 12 / 12 31 / 12 / 11 31 / 12 / 10 Cash 4,142 9,653 7,301 23,618 Restricted cash 2,000 2,000 2,000 1,000 Other Current Assets 4,074 4,227 4,166 2,278 Non-Current assets held for sale 8,682 8,876 - - Non-Current Assets 137,065 140,966 242,592 191,556 Total Assets 155,963 165,722 256,059 218,452 Total Bank Debt 95,365 105,519 110,815 96,238 Deferred Revenue 926 1,387 1,577 526 Other Liabilities 4,344 3,634 3,648 3,899 (Accumulated Deficit)/ Retained Earnings (54,486) (54,612) 30,750 28,942 Share Capital & Share Premium 109,814 109,794 109,269 88,847 Total Liabilities & Equity 155,963 165,722 256,059 218,452
  • 17. 17 Statement of Cash Flows ($ 000’s) Q2-13 Q2 - 12 H1-13 H1-12 Net (loss)/Income (1,133) (2,421) 187 (764) Non Cash/operating items 3,667 4,231 6,475 8,840 Dry Docking cost (837) (670) (841) (670) Working Capital movement 1,480 1,518 705 (954) Cash from operations 3,177 2,658 6,526 6,452 Vessel and other asset acquisitions- Improvements (35) (17) (35) (37) Interest received 17 18 29 32 Cash (used in)/from investing activities (18) 1 (6) (5) Repayment of Debt (8,856) (1,357) (10,213) (2,713) Dividends (common/preferred) - (1,130) - (2,752) Interest paid (993) (895) (1,831) (1,666) Cash used in financing activities (9,849) (3,382) (12,044) (7,131) Decrease in cash (6,690) (723) (5,524) (684) Effect of FX on Cash 17 (22) 13 (12) Cash B/F 10,815 7,350 9,653 7,301 Cash C/F 4,142 6,605 4,142 6,605
  • 18. 1818 Bank Debt development during the 1st half of 2013 ($000’s) Balance as of December 31, 2012 (gross of unamortized discount) 105,929 Scheduled principal installments to DVB Bank (857) Scheduled principal installment to Commerzbank (500) Balance as of March 31, 2013 (gross of unamortized discount) 104,572 Scheduled principal installments to DVB Bank (856) One-off prepayment to DVB Bank to by applied to the balloon (1,000) Scheduled principal installment to Commerzbank (500) One-off prepayment to Commerzbank against the six following installments (3,000) Scheduled principal installment to Credit Suisse (3,500) Balance as of June 30, 2013 (gross of unamortized discount) 95,716
  • 20. 202020202020 Executive Team George Karageorgiou, Chief Executive Officer  Co-founder, Chief Executive Officer since September 2006  22 years shipping experience (10 years of which involved public company experience) − Projects engineer for Kassos Maritime Enterprises from 1990-1992 − Director and Corporate Secretary for the NYSE listed Stelmar Shipping Limited from 1992-2004. During his time at Stelmar Shipping Limited, Mr. Karageorgiou assisted with both vessel acquisitions, financings and strategy  Previously a director of easyGroup Ltd, easyJet Holdings Ltd, easyInternetCafe Ltd, easyCruise Ltd and a number of other easyGroup subsidiaries  Mr. Karageorgiou holds a BE in Mechanical Engineering and an ME in Ocean Engineering from Stevens Institute of Technology and an MSc in Shipping Trade and Finance from CASS Business School Nikolaos Kalapotharakos, Financial Controller  Is our Financial Controller since July 2007 responsible for all financial reporting requirements  In 2001 he joined PricewaterhouseCoopers (PwC) where he served as an external auditor specializing in shipping companies until July 2007  Mr Kalapotharakos holds a BSc with Honours in Economics and Social studies in Economics from University of Wales, Aberystwyth UK and an MSc in Financial and Business Economics from the University of Essex UK
  • 21. 2121212121 Contacts Globus Maritime Limited George Karageorgiou President & CEO info@globusmaritime.gr Tel: +30 210 960 8300 www.globusmaritime.gr Capital Link – New York Nicolas Bornozis Matthew Abenante +1 212 661 7566 globus@capitallink.com