Globus Maritime Share Discussion Threads

[domwilliams] 07/5/2008 16:49

You're not wrong about the ridiculous spread - when I opened a long spreadbet on the morning of the results, I immediately got a margin call as I breached my limits !!

[domwilliams] 07/5/2008 16:47

slap - yes AGM was this morning. Just click the news item above from 16/4 ("Distribution of Annual Report").

This is GLBS' first AGM as a listed co, so there is no precedent as to when they will issue the result of the resolutions tabled. Perhaps first thing tomorrow now, with a trading update...?

[slapdash] 07/5/2008 16:26

domwilliams - you sure AGM is today???

trouble with this stock is that after buying it you realize you need it to move 6% just to cover the bid-ask spread...

quite bizzare for a company of £130m...

some buying today... who knows

slap

[slapdash] 07/5/2008 10:50

hard buying stock and a ridiculous spread but I have bought a few... slap

[domwilliams] 07/5/2008 09:51

Well, the AGM must be nearly over in Greece now (12 o'clock start local time, 9am BST), so we should have an RNS soon, and hopefully a trading statement to go with 'All the resolutions were passed'.

[domwilliams] 06/5/2008 12:50

I see both GOC and GPRT are up today - what will it take to move GLBS I wonder?

With the AGM tomorrow, and hopefully the Q1 numbers released too (per darlocst's post above) we will have more future visibility of new rates for the ships coming up for charter renewal.

So what numbers are holders looking for? I see revenues coming in anywhere between $23m-26m, depending on utilization rates and whether Tiara and Island Globes were in for dry docking. Can anyone tell me if these numbers are in the right ballpark - they are double the revenues from Q4 08.

[darlocst] 30/4/2008 15:05

AGM next Wednesday. GLBS also confirmed to me they will be releasing Q1 financial results some time next week to.

With the recent strong rise in the BDI GLBS are looking cheap again. They have two ships in the spot market so will benefit from rising contract rates & hopefully will be able to switch these ships into longer contracts at high rates in the near future.

[slapdash] 13/3/2008 08:27

well the Chairman bought some more.. I think the problem with this stock is the small free float... Chairman owns I think close to 70%... some people think that this means that such shares will always be at a discount as minority shareholders have no control while it is nigh impossible to buy and sell in any reasonable size.... of course the contra argument is that the management will run the thing truly with shareholders interests in mind.... as they wouldn't if they had small stakes...

I would like to see some more ships being chartered at high rates here.... and some proper share price movement.... this is potentially a high risk/reward stock given the low amount of forward chartering but the forward P/E does appear low...

Courant where are you I asked you some Qs a while ago..

Slap

[robsy2] 12/3/2008 12:09

that sounds like a good analysis.

[slapdash] 11/3/2008 18:24

reasonable volume.. i can only guess they are meeting investors...

another theory might be that this is a company which is very exposed to the BDI spot rates as it hasn't hedged forward much and the BDI has moved up quite nicely recently...

Slap

[robsy2] 11/3/2008 16:27

This seems to be bucking the trend.

[slapdash] 07/3/2008 07:57

fairly measley buy if the CFO believes in the company but positive nevertheless....

I just can't help feeling though that it is tokenistic.... I own more shares that the CFO and I'm only half interested in the stock..........

slap

[slapdash] 04/3/2008 10:03

presentation..

well stock price a bit of a damp squid....

Courant what else do you hold?

slap

[courant] 03/3/2008 22:37

At work!!! Along with my cornflakes, I managed to digest the RNS first thing this morning. All looks good, the bonus was a bit of a surprise, spot rates sound good. Still happy :-)

Courant

[kinbasket] 03/3/2008 17:04

Latest estimates for year. I get about 93p after adjusting for all todays new information and using SMs revenue estimate.

[slapdash] 03/3/2008 14:06

if this is tipped... and I expect it will be... it will fly given the illiquidity... anyone going to listen to the conference call at 3.30pm?? slap

hey courant where are you????

[kinbasket] 03/3/2008 13:54

Great results. The most interesting thing in the report is the new rates for the three ships on the spot market. These are all nearly double the existing rates and the rates I had in my model for 2008. At those values it adds $31m to the revenue for 2008. I now get EPS for 2008 at US$2.25 or about 112p a PE of 3.6. The dividend should be half that so roughly a 14% yield.

Certainly now looks better value than GOC.

I will update the earnings forcasts I did on the Fool and post them later today.

[darlocst] 03/3/2008 08:35

slap - 2008 is only 65% under charter because the rest of the ship are on the spot market. I assume management anticipate being able to lock in better charter rates later in the year.

As for 2009, yes not much is locked in now so there is a good deal of variability in what could be achieved.

[slapdash] 03/3/2008 07:56

darlocst - your estimates are basically what the forecasts are....

2008 - 97p... 2009... 135p.....

and divi to be half earnings...

2008 should be achieved given 60% under charter... but slightly strange to have only 60% at this stage in the year??? I guess a lot coming up for re-charter????

I don't see how this can't go highger if charter rates remain strong...

again my pet hate is the spread at about 10%... so buying and selling you instantly lose 10%... it is ridiculous for a company this size and the LSE should investigate collusion among market makers...

so P/E for 2009 is about 3X!!! and yield is 16%... what am I missing here... I guess not much of 2009 rates locked in yet.. slap

[darlocst] 03/3/2008 07:51

Results are good & in line but the key is what results for FY 2008 will look like.

Plugging the spot rates currently being acheived into my spreadsheet shows if the current rates are acheived for the rest of the year then they will acheive EPS 96p (based on $2:£1 exchange rate) and a DVD of around 48p. This is right in line with the broker forecasts & of course there is room for upside if they achieve higher rates later in the year & exchange rate movements of course.

This share is on a fwd PE of 4.27 & a yield of 11.7%.

I will continue to hold.

Note that GLBS is quite exposed to the spot market & future rates with only 25% of its fleet under charter for 2009. If the shipping rates declined substantially from here forward earnings for 2009 & beyond would come under pressure.

[slapdash] 03/3/2008 07:35

these are basically inline and we have conference call at 3.30pm today...

is all about going forward I guess...... interesting to see how market reacts but I think that will have to do with conference call... and brokers notes..

these results didn't obviously employ all of newly acquired fleet.....

Courant - do you think they can manage the growth ok... 4 ships start of 2006 to I think about 9 now and growing... what do you make of results etc

slap

[slapdash] 03/3/2008 07:35

these are basically inline and we have conference call at 3.30pm today...

is all about going forward I guess...... interesting to see how market reacts but I think that will have to do with conference call... and brokers notes..

these results didn't obviously employ all of newly acquired fleet.....

Courant - do you think they can manage the growth ok... 4 ships start of 2006 to I think about 9 now and growing... what do you make of results etc

Looking at the charter tables appears to be a lot of upside in just re-charting old ships at higher rates...

slap

[slapdash] 29/2/2008 17:55

I am here.. also in GPRT which I am dissapointed with to date... Yield this year (2008) is 8% and then 2009 is 9.5% but no interest and p/e's also low...

we will see what Monday brings on this one.. slap

Courant have some comments for you on the GLBS thread..

also whatever stocks do you own??

[courant] 29/2/2008 17:09

"Wonder what he does for a day job?"

He works too hard in a non-shipping industry. Unfortunately, he also has an active and inquisitive mind and the boundary between work/pleasure/free time gets blurred sometimes :-)

Courant