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Losses widen in Q2 for Globus Maritime

Losses widen in Q2 for Globus Maritime
NASDAQ-listed Globus Maritime reported a second quarter loss of $10.33m hit by the weak dry bulk market.

The Q2 2015 loss of $10.3m compared to a loss of $1.24m in the same period a year earlier. Revenues were also down sharply at $2.88m in the Q 2015 compared to $6.1m corresponding period in 2014.

“This decline was mainly attributed to 50% lower rates achieved by our vessels during the second quarter of this year compared to the same period in 2014, following the soft dry bulk market,” said George Karageorgiou, president, ceo and cfo of Globus Maritime.

Looking ahead he said: “The nearterm outlook for the dry bulk shipping market remains grim, at least through this year.

“Although we have seen encouraging steps on the supply side, with high scrapping rates during the first half of 2015, low new orders and significant delivery slippage, the demand prospects remain weak until the end of this year given a slowing Chinese economy and the recent turmoil in the China equity market, though we look for another modest uptick in the historically seasonally stronger fourth quarter.”

Globus Maritime has a fleet of six dry bulk carriers.