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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Globus Maritime | GLBS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 700.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 700.00 |
| Top Posts |
|---|
Posted at 09/9/2010 07:35 by alter ego results for half year are encouraging - and dividend is reinstated |
Posted at 30/6/2009 16:24 by strollingmolby Gulf Globe sold for $16m cash to pay down debt. How many boats does GLBS have left - 5/6 ? |
Posted at 04/6/2009 13:39 by sharpshare Spot charter rates rising fast. Should be good news for GLBS. |
Posted at 05/5/2009 16:45 by kinbasket I'm nearer to licking my lips at the moment.If GLBS and/or HCL can survive for a few months more without a covenant breach they will be multibaggers from these levels. It's a risky investment but it never did Aristotle Onassis any harm buying ships in a recession |
Posted at 05/2/2009 18:43 by deadly The trading statement from GPRT did wonders for GLBS today, less so for GPRT. Signs that their leasing of ships at above current rates means better times sooner than later. |
Posted at 28/9/2008 18:54 by courant I admit the short-term outlook for the BDI is a little uncertain, both on the supply and demand side. There's a big question mark about how much global growth has come off the rails; also, it's clear now that the credit crunch is impacting new builds, with slippage and cancelled orders being reported. Who knows? Not me!However, I do know that GLBS is cheap and for that reason alone I'll hold, obviously subject to revision depending on how things go - my warning lights will start to flash a little if/when the BDI goes below 2500, because that's my feeling for where the long-term break-even point is for GLBS. Their ship sale looks a very good move now! Courant |
Posted at 28/8/2008 16:46 by courant More back of the envelope calculations...Assuming rates stay constant between now and december, GLBS could fix 6 ships on TCs of around 3 yr duration at USD45k. This would bring the EV/EBITDA down below 4 with a guarantee of earnings almost 3 years into the future. This is crazy - GLBS would have to really mess up not to earn back the share price in cash plus pay off the debt within 5 years, effectively leaving you the owner of 8 ships fully paid off and cash for your shares. Silly valuation, there's virtually no real downside in this share price! (although the share price will no doubt do what it may in the meantime!) Cheers, will listen to the conference call later. Courant |
Posted at 28/8/2008 07:59 by courant Slap,Couple of things: with an EV/EBITDA approaching 4 and ships fixed for 2-3 years, plus a average ship life in their fleet in excess of 15 more years, you're basically going to be earning back the EV in cash over a very short period, with the rest in for free. It would take a *serious* collapse in rates for you to lose money on this one. Can't remember which webcast this was on, but GLBS's CEO stated that when looking at long term profitability of a ship, they use a worse case BDI value around the 2/3000 mark. Which tallies with my back of an envelope calc: shipping rates a quarter of current value would give them a net yield per ship around 5%, which is about the same as long term interest rates. Every day the BDI stays above this is cash in the pocket effectively. The BDI has seasonally been weak over the summer months due to low transactions - things have geared up in the autumn. Whether this will happen again this year is an interesting question. Very interesting, because if rates firm up, GLBS will be in a tremendous position to be able to fix 6/8 of their ships in this period. Excellent risk-reward position: continue as they are and they'll earn very decent money; if rates spike, they'll be earning serious money into 2009 and beyond. All this protection against rate collapses in the future. Also interesting to see how the credit crunch impacts ship supply, and how china fares post olympics. Plus india, of course. US firms in general are rated quite highly and, if anything, have higher payout ratios and are more highly geared. UK shippers are cheap in absolute terms, not even allowing for their conservatism. Courant |
Posted at 28/8/2008 07:43 by slapdash looks ok... interim dividend of about 6.7%..i.e. about 27p.... probably ahead of expectations... dividend goes ex on 5th Septembercurrent dividend yield about 13.3%... time charters 65% of 2008 fixed and 25% of 2009... so they are relatively unfixed on forward rates compared to some other companies... they are looking to fix up at the appropriate time.. P/E after dividend paid and assuming stock price of 405p... is 3.7X this year and 3X next year's earnings... we shoudl be careful here as all depends what P/E a cyclical company deserves and how long one assumes freight rates will remain high.. some forecast a collpase in frieght rates sometime in late 2009 as more ships are delivered to the market... Also I think what distinguishes GLBS and the other recently listed shipping companies is that they do have gearing which might exacerbate the downside... Saying all this 3X next year's earnings might be said to offer good protection in terms of a relatively low valuation... Any other thoughts?? In case of interest one can view the commentaries for Eagle bulk shipping and Drybulk on the website Seekingalpha.com - One of these companies states that it believes Q4 this year will be strong for frieght rates... hard to get a feel for how these U.S. companies are rated as there are so many one-off in their results... however GLBS does have a much higher dividend which might indicate it is relatively cheaper but might just reflect a higher pay-out ratio.. Slap |
Posted at 18/6/2008 10:58 by slapdash bought some today... spread a killer... but appears like good entry point given that P/E for this year is about 4.5X and next year 3.4X....(these fall down further after the hopefully 5% interim dividend)... calender forward p/e about 4X... dividend this year say 10% and next year say 15%....yes freight rates are off a lot but they had a strong rise beforehand... So it is a gamble as who knows where frieght rates will be in a year's time.... but I think this is a reasonble one... however, we will have to wait for interims in September I guess.... as these companies don't exactly produce much newsflow... dividend then should be nice.. also we may see earnings surprises on the upside come September given the strong freight rates for the second quarter... it all comes down to what risk-premium investors put on this sector... (I don't blame the market for a high risk premium given how freight rates can collapse in a matter of months).....and when (probably not if) freight rates do fall back markedly (hopefully a few years out given credit crunch has reduced ship buying/building)... in any event if we get the 25% dividend for the next two years then that is 25% of our money back... Slapper |
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