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Vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oils, insurance, maintenance, and repairs, increased by $0.2 million or 8% to $2.6 million during the three month period ended Septemcompared to $2.4 million during the same period in 2014. Bunker expenses during the third quarter of 2015 reached $0.03 million compared to $0.6 million during the same period in 2014. Bunker expenses mainly refer to the cost of bunkers consumed during periods that our vessels are travelling seeking employment. Voyage expenses include commissions on revenue, port and other voyage expenses and bunker expenses. Voyage expenses reached $0.2 million during the third quarter of 2015 compared to $0.9 million during the same period last year. Time Charter Equivalent rate (TCE) for the third quarter of 2015 amounted to $5,664 per vessel per day against $7,524 per vessel per day during the same period in 2014 corresponding to a decrease of 25%. The 49% decrease in revenue was mainly attributed to the decrease in the average time charter rates achieved by our vessels during the third quarter of 2015 compared to the same period in 2014. Increase in Interest expense and finance costs net,ĭuring the three-month period ended Septemand 2014, our revenue reached $3.2 million and $6.3 million respectively. Increase in Depreciation of dry docking costsĭecrease in Amortization of fair value of time charter attached to vesselsĭecrease in Total administrative expenses The following table corresponds to the breakdown of the factors that led to the total comprehensive loss during the third quarter of 2015 compared to the total comprehensive income during the corresponding quarter in 2014 (expressed in $000’s):ģ rd Quarter of 2015 vs 3 rd Quarter of 2014 Total comprehensive loss for the third quarter of the year 2015 amounted to $2.5 million or $0.24 basic loss per share based on 10,264,256 weighted average number of shares, compared to total comprehensive income of $0.2 million for the same period last year or $0.02 basic earnings per share based on 10,236,134 weighted average number of shares. Third quarter of the year 2015 compared to the third quarter of the year 2014 Management Discussion and Analysis of the Results of Operations While the drybulk market remains depressed year to date, including this fourth quarter, which historically is a strong period for the market, the freight rate weakness helps keep the supply side from growing with minimum newbuilding orders placed alleviating what has been a problem for the industry. While the slowing demand has also hampered the sector, we remain cautiously optimistic on China’s economy and expect demand for dry bulk commodities going forward to remain strong.”
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Our objective in 2016 is to maintain our chartering strategy with full spot exposure that will allow Globus to capitalize on the eventual market recovery. At the same time, we continue our efforts towards maintaining operational efficiency as our average daily operating expenses decreased by 6% in the first nine months of 2015 versus the same period last year. Specifically, our time charter equivalent rate decreased by 25% for the third quarter of 2015 compared to the same period in 2014. “Given that our vessels are employed in the spot market, Globus’ financial results for the third quarter 2015 were heavily affected by the historical low dry bulk markets. George Karageorgiou, President, Chief Executive Officer and Chief Financial Officer of Globus Maritime Limited, stated: Weighted Average Age: 7.2 Years as of September 30, 2015Īll our vessels are currently operating on short term time charters (“on spot”).