Globus Maritime (GLBS) Stock: Skyrocketing On Strong Earnings

Globus Maritime Ltd (NASDAQ: GLBS) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company reported its earnings for the first quarter during the pre-market trading hours, beating expectations and causing excitement among investors. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:30), GLBS is trading at $1.70 per share after a gain of $0.43 per share or 33.86% thus far today.

GLBS Gains Big On Earnings

As mentioned above, Globus Maritime is having an incredible start to the trading session this morning after reporting solid earnings. Through the earnings report, investors learned that the company generated Q1 revenue in the amount of $2.693 million. Also, the daily time charter equivalent rate climbed dramatically. During the quarter, this figure came in at $5,079, compared to $2,211 in the same quarter last year. Here are a few key comments offered by GLBS management…

In Q12017, we took further steps to improve our balance sheet in order to position us better for the future and shield us from any near term market volatility. After working closely with our banks, we have managed to get some payment and waiver relaxations for 2017 and part of 2018.

The market started to soften recently but the signals we get for the market encourage us to remain cautiously optimistic. The fleet operated well in Q1 with no major technical or operational challenges.”

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on GLBS. In particular, we’re interested in following the company through what looks to be a tumultuous rest of the year. However, the company is cautiously optimistic, so there may be some positive surprises in the months ahead. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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