Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document Entity Information [Abstract] | |
Entity Registrant Name | GLOBUS MARITIME LTD |
Trading Symbol | GLBS |
Entity Central Index Key | 0001499780 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Well Known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Ex Transition Period | false |
Entity Common Stock Shares Outstanding | 3,209,327 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUE: | |||
Voyage revenues | $ 17,354 | $ 13,852 | $ 8,423 |
Management and consulting fee income | 0 | 31 | 278 |
Total Revenues | 17,354 | 13,883 | 8,701 |
EXPENSES & OTHER OPERATING INCOME: | |||
Voyage expenses | (1,188) | (1,352) | (954) |
Vessel operating expenses | (9,925) | (9,135) | (8,688) |
Depreciation | (4,601) | (4,854) | (5,014) |
Depreciation of dry docking costs | (1,166) | (862) | (1,005) |
Administrative expenses | (1,356) | (1,224) | (2,094) |
Administrative expenses payable to related parties | (528) | (514) | (351) |
Share-based payments | (40) | (40) | (50) |
Gain from sale of subsidiary | 0 | 0 | 2,257 |
Other (expenses)/income, net | 2 | 83 | (30) |
Operating loss | (1,448) | (4,015) | (7,228) |
Interest income | 0 | 3 | 5 |
Interest expense and finance costs | (2,056) | (2,221) | (2,676) |
Loss on derivative financial instruments | (131) | 0 | 0 |
Foreign exchange gains/(losses), net | 67 | (242) | 74 |
TOTAL LOSS FOR THE YEAR | (3,568) | (6,475) | (9,825) |
Other Comprehensive Income | 0 | 0 | 0 |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | $ (3,568) | $ (6,475) | $ (9,825) |
Loss per share (U.S.$): | |||
- Basic and Diluted loss per share for the year | $ (1.11) | $ (2.51) | $ (37.73) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
NON-CURRENT ASSETS | ||
Vessels, net | $ 83,750 | $ 87,320 |
Office furniture and equipment | 120 | 43 |
Other non-current assets | 10 | 10 |
Total non-current assets | 83,880 | 87,373 |
CURRENT ASSETS | ||
Trade accounts receivable | 577 | 177 |
Inventories | 650 | 661 |
Prepayments and other assets | 171 | 426 |
Restricted cash | 1,350 | 210 |
Cash and cash equivalents | 46 | 2,756 |
Total current assets | 2,794 | 4,230 |
TOTAL ASSETS | 86,674 | 91,603 |
EQUITY | ||
Issued share capital | 13 | 13 |
Share premium | 140,334 | 139,684 |
Accumulated deficit | (99,297) | (95,729) |
Total equity | 41,050 | 43,968 |
NON-CURRENT LIABILITIES | ||
Long-term borrowings, net of current portion | 1,500 | 0 |
Fair value of derivative financial instruments | 831 | 0 |
Provision for staff retirement indemnities | 87 | 82 |
Total non-current liabilities | 2,418 | 82 |
CURRENT LIABILITIES | ||
Current portion of long-term borrowings | 35,368 | 41,538 |
Trade accounts payable | 6,433 | 4,258 |
Accrued liabilities and other payables | 1,319 | 1,455 |
Deferred revenue | 86 | 302 |
Total current liabilities | 43,206 | 47,553 |
TOTAL LIABILITIES | 45,624 | 47,635 |
TOTAL EQUITY AND LIABILITIES | $ 86,674 | $ 91,603 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Issued Share Capital | Share Premium | (Accumulated Deficit) |
As at Dec. 31, 2015 | $ 30,535 | $ 1 | $ 109,963 | $ (79,429) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (9,825) | (9,825) | ||
Loss for the year | (9,825) | (9,825) | ||
Other comprehensive income | 0 | 0 | ||
Share-based payments (note 13) | 50 | 50 | ||
As at Dec. 31, 2016 | 20,760 | 1 | 110,013 | (89,254) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (6,475) | (6,475) | ||
Loss for the year | (6,475) | (6,475) | ||
Other comprehensive income | 0 | 0 | ||
Share-based payments (note 13) | 30 | 30 | ||
Issuance of common shares (note 10) | 27,282 | 11 | 27,271 | |
Issuance of common stock due to exercise of warrants (note 10) | 2,371 | 1 | 2,370 | |
As at Dec. 31, 2017 | 43,968 | 13 | 139,684 | (95,729) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (3,568) | (3,568) | ||
Loss for the year | (3,568) | (3,568) | ||
Other comprehensive income | 0 | 0 | ||
Share-based payments (note 13) | 50 | 50 | ||
Issuance of common stock due to exercise of warrants (note 10) | 600 | 600 | ||
As at Dec. 31, 2018 | $ 41,050 | $ 13 | $ 140,334 | $ (99,297) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities | |||
Loss for the year | $ (3,568) | $ (6,475) | $ (9,825) |
Adjustments for: | |||
Depreciation | 4,601 | 4,854 | 5,014 |
Depreciation of deferred dry docking costs | 1,166 | 862 | 1,005 |
Payment of deferred dry docking costs | (1,204) | (412) | (478) |
Gain from sale of subsidiary | 0 | 0 | (2,257) |
Provision for staff retirement indemnities | 5 | 4 | 5 |
Loss on derivative financial instruments | 131 | 0 | 0 |
Interest expense and finance costs | 2,056 | 2,221 | 2,676 |
Interest income | 0 | (3) | (5) |
Foreign exchange gains, net | (81) | 181 | (58) |
Share based payment | 50 | 30 | 50 |
Trade accounts receivable | (400) | 66 | (270) |
Inventories | 11 | (145) | (161) |
Prepayments and other assets | 255 | 591 | (232) |
Trade accounts payable | 1,303 | (499) | 746 |
Accrued liabilities and other payables | (258) | (726) | 141 |
Deferred revenue | (216) | 82 | 49 |
Net cash generated from/(used in) operating activities | 3,851 | 631 | (3,600) |
Cash flows from investing activities: | |||
Net proceeds from sale of vessel/subsidiary | 0 | 0 | 374 |
Purchase of vessel equipment | (26) | (245) | 0 |
Purchases of office furniture and equipment | (100) | (21) | (19) |
Interest received | 0 | 3 | 7 |
Net cash (used in)/generated from investing activities | (126) | (263) | 362 |
Cash flows from financing activities: | |||
Proceeds from loans | 15,700 | 280 | 5,950 |
Repayment of long-term debt | (19,497) | (4,399) | (3,100) |
Proceeds from issuance of share capital | 600 | 9,653 | 0 |
Pledged bank deposits | (1,140) | 0 | 290 |
Dividends paid | 0 | 0 | (14) |
Payment of financing costs | (203) | 0 | 0 |
Interest paid | (1,895) | (3,309) | (1,730) |
Net cash generated (used in)/from financing activities | (6,435) | 2,225 | 1,396 |
Net (decrease)/increase in cash and cash equivalents | (2,710) | 2,593 | (1,842) |
Cash and cash equivalents at the beginning of the year | 2,756 | 163 | 2,005 |
Cash and cash equivalents at the end of the year | $ 46 | $ 2,756 | $ 163 |
Basis of Presentation And Gener
Basis of Presentation And General Information | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of subsidiaries [abstract] | |
Basis of presentation and general information | 1 Basis of presentation and general information The accompanying consolidated financial statements include the financial statements of Globus Maritime Limited (“Globus”) and its wholly owned subsidiaries (collectively the “Company”). Globus was formed on July 26, 2006, under the laws of Jersey. On June 1, 2007, Globus concluded its initial public offering in the United Kingdom and its shares were admitted for trading on the Alternative Investment Market (“AIM”). On November 24, 2010, Globus was redomiciled to the Marshall Islands and its shares were admitted for trading in the United States (NASDAQ Global Market) under the Securities Act of 1933, as amended. On November 26, 2010, Globus shares were effectively delisted from AIM. The address of the registered office of Globus is: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The principal business of the Company is the ownership and operation of a fleet of dry bulk motor vessels (“m/v”), providing maritime services for the transportation of dry cargo products on a worldwide basis. The Company conducts its operations through its vessel owning subsidiaries. The operations of the vessels are managed by Globus Shipmanagement Corp. (the “Manager”), a wholly owned Marshall Islands corporation. The Manager has an office in Greece, located at 128 Vouliagmenis Avenue, 166 74 Glyfada, Greece and provides the commercial, technical, cash management and accounting services necessary for the operation of the fleet in exchange for a management fee. The management fee is eliminated on consolidation. The consolidated financial statements include the financial statements of Globus and its subsidiaries listed below, all wholly owned by Globus as of December 31, 2018: Company Country of Incorporation Vessel Delivery Date Vessel Owned Globus Shipmanagement Corp. Marshall Islands - Management Co Devocean Maritime Ltd. Marshall Islands December 18, 2007 m/v River Globe Domina Maritime Ltd. Marshall Islands May 19, 2010 m/v Sky Globe Dulac Maritime S.A. Marshall Islands May 25, 2010 m/v Star Globe Artful Shipholding S.A. Marshall Islands June 22, 2011 m/v Moon Globe Longevity Maritime Limited Malta September 15, 2011 m/v Sun Globe On October 20, 2016, the Company effected a four-for-one reverse stock split which reduced number of outstanding common shares from 10,510,741 to 2,627,674 shares (adjustments were made based on fractional shares). On October 15, 2018, the Company effected a ten-for-one reverse stock split which reduced number of outstanding common shares from 32,065,077 to 3,206,495 shares (adjustments were made based on fractional shares). Unless otherwise noted, all historical share numbers and per share amounts have been adjusted to give effect to these two reverse stock splits. The consolidated financial statements as of December 31, 2018 and 2017 and for the three years in the period ended December 31, 2018, were approved for issuance by the Board of Directors on March 26, 2019. |
Basis of Preparation And Signif
Basis of Preparation And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Preparation and Significant Accounting Policies [Abstract] | |
Basis of Preparation and Significant Accounting Policies | 2. Basis of Preparation and Significant Accounting Policies 2.1 Basis of Preparation: The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise indicated. Going concern basis of accounting: As of December 31, 2018, the Company was not in compliance with the loan covenants of the agreement with Hamburg Commercial Bank AG (previously known as HSH Nordbank AG) which loan balance of $22.2 million matures through December 2019. The Company did not obtain waivers and the breached covenants contained in this loan agreement constitute an event of default. In the event of default under the Hamburg Commercial Bank AG loan agreement and, due to the cross-default provisions included in the agreement with Macquarie Bank International Limited, the Company’s lenders, Hamburg Commercial Bank AG and Macquarie Bank International Limited, can elect to declare the outstanding debt, together with accrued interest and other fees, to be immediately due and payable and proceed against the collateral securing that debt, which can constitute all or substantially all of the Company’s assets. Until the date of issuance of these consolidated financial statements no such action has been taken by the lenders against the Company. Accordingly, as the Company did not have an unconditional right to defer settlement of the outstanding loan with Macquarie Bank International Limited for at least twelve months after the date of these consolidated financial statements and, as it has not refinanced the outstanding loan with Hamburg Commercial Bank AG, the total balance of the loans outstanding to Macquarie Bank International Limited and to Hamburg Commercial Bank AG aggregating to $35,368 at December 31, 2018, have been classified as current. As a result, as of December 31, 2018, the Company reported a working capital deficit of $40,412. The Company’s cash flow projections indicated that cash on hand and cash to be generated by operating activities might not be sufficient to cover the liquidity needs, including the debt obligations that become due in the twelve-month period ending following the issuance of these consolidated financial statements. The above conditions raise substantial doubt about the entity's ability to continue as a going concern. The Company is exploring several alternatives aiming to manage its working capital requirements and other commitments, including drawdown of additional funds available of $12,800 under the facility with Firment Shipping Inc, if needed raising of additional debt and discussions with other financial institutions and private funds to provide the Company with refinancing of the existing loans. In this respect, on March 13, 2019, the Company signed a securities purchase agreement with a private investor and on the same date issued, for gross proceeds of $5 million, a senior convertible note (the “Convertible Note”) that is convertible into shares of the Company’s common stock, par value $0.004 per share. If not converted or redeemed beforehand pursuant to the terms of the Convertible Note, the Convertible Note matures upon the anniversary of its issue. The Company will use part of the proceeds from the Convertible Note for general corporate purposes and working capital including repayment of debt. Management expects that the lenders will not demand payment of the loans before their maturity, provided that the Company pays scheduled loan instalments and accumulated interest as they fall due under the existing loan agreements. Management plans to settle loan interest and scheduled loan repayments with cash at hand and cash expected to be generated from the operations and from financing activities. If for any reason the Company is unable to continue as a going concern, this could have an impact on the Company’s ability to realize assets at their recognized values and to extinguish liabilities in the normal course of business at the amounts stated in these consolidated financial statements. Statement of Compliance: These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Basis of Consolidation: The consolidated financial statements comprise the financial statements of Globus and its subsidiaries listed in note 1. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All inter-company balances and transactions have been eliminated upon consolidation. Subsidiaries are fully consolidated from the date on which control is transferred to the Company and cease to be consolidated from the date on which control is transferred out of the Company. 2.2 Standards amendments and interpretations: The accounting policies adopted are consistent with those of previous financial year except for the following amended IFRS which have been adopted by the Company as of January 1, 2018. IFRS 9 Financial Instruments: Classification and Measurement In July 2014, the IASB issued the complete version of IFRS 9 Financial Instruments. IFRS 9 Financial Instruments specifies how an entity should classify and measure financial assets and financial liabilities. The new standard requires all financial assets to be subsequently measured at amortized cost or fair value depending on the business model of the legal entity in relation to the management of the financial assets and the contractual cash flows of the financial assets. The standard also requires a financial liability to be classified as either at fair value through profit or loss or at amortized cost. In addition, a new hedge accounting model was introduced, that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures. The Company has elected to take the transition relief and not to restate prior periods with respect to classification and measurement (including impairment). Accordingly, the information presented for 2017 has not been restated. The Company had no impact of transition to IFRS 9 on the opening balance of accumulated deficit. IFRS 15 Revenue from Contracts with Customers IFRS 15 establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard’s requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity’s ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. The Company elected to apply IFRS 15 fully retrospectively. The Company has assessed that this standard does not have a material effect on its consolidated financial statements. In addition, pursuant to this standard, as of January 1, 2018, the Company elected to present Voyage revenues net of address commissions. Address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for this consideration provided to the charterer. These commissions are presented as a reduction of revenue in the accompanying consolidated statements of comprehensive loss. In this respect, for the year ended December 31, 2018, 2017 and 2016, Voyage revenues and Voyage expenses each decreased by $668, $540 and $317, respectively. IFRS 15: Revenue from Contracts with Customers (Clarifications) The objective of the Clarifications is to clarify the IASB’s intentions when developing the requirements in IFRS 15 Revenue from Contracts with Customers, particularly the accounting of identifying performance obligations amending the wording of the “separately identifiable” principle, of principal versus agent considerations including the assessment of whether an entity is a principal or an agent as well as applications of control principle and of licensing providing additional guidance for accounting of intellectual property and royalties. The Clarifications also provide additional practical expedients for entities that either apply IFRS 15 fully retrospectively or that elect to apply the modified retrospective approach. The Company has assessed that the adoption did not have a material effect on its consolidated financial statements, other than additional disclosure requirements in the notes to the consolidated financial statements, since the Company has chartered its vessels under time charter agreements, and in this respect revenue is accounted under the leases standard. IFRS 2: Classification and Measurement of Share based Payment Transactions (Amendments) The Amendments provide requirements on the accounting for the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments, for share-based payment transactions with a net settlement feature for withholding tax obligations and for modifications to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. The Company has assessed that these amendments have no impact on its financial position or performance. IFRIC INTERPETATION 22: Foreign Currency Transactions and Advance Consideration The Interpretation clarifies the accounting for transactions that include the receipt or payment of advance consideration in a foreign currency. The Interpretation covers foreign currency transactions when an entity recognizes a non-monetary asset or a non-monetary liability arising from the payment or receipt of advance consideration before the entity recognizes the related asset, expense or income. The Interpretation states that the date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-monetary prepayment asset or deferred income liability. If there are multiple payments or receipts in advance, then the entity must determine a date of the transactions for each payment or receipt of advance consideration. The Company has assessed that this interpretation has no impact on its financial position or performance. Standards issued but not yet effective and not early adopted: The standards and interpretations issued, but not yet effective, up to the date of issuance of the Company’s consolidated financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. IFRS 16: Leases The standard is effective for annual periods beginning on or after January 1, 2019. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer (‘lessee’) and the supplier (‘lessor’). The new standard requires lessees to recognize most leases on their financial statements. Lessees will have a single accounting model for all leases, with certain exemptions. Lessor accounting is substantially unchanged. The standard is effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted for entities that apply IFRS 15 Revenue from Contracts with Customers at or before the date of initial application of IFRS 16. The Company will adopt IFRS 16 as of January 1, 2019. The Company expects that the most significant impact will be that the Company will recognize new assets and liabilities for its operating leases as lessee (for office rental). The Company identified the rental agreement with Cyberonica S.A., to give rise to a right of use asset and a corresponding liability estimated to approximately $674 as of January 1, 2019, calculated as the present value of minimum future lease payments. The discount rate used is the incremental cost of borrowing In addition, the nature and recognition of expenses related to those leases will change as IFRS 16 replaces the straight-line operating lease expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities. For time charters that qualify as leases, the Company will be required to disclose lease and non-lease components of lease revenue. The revenue earned under time charters is not negotiated in its two separate components, but as a whole. In order to prepare the future required disclosure, the residual allocation method will be used. The Company will estimate the non-lease component as the cost of operating the vessels by its technical department. The lease component to be disclosed then will be calculated as the difference between total revenue and the non-lease component revenue. The Company does not expect the adoption of IFRS 16 to impact its ability to comply with the loan covenants described in Note 12 Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting. IFRS 9 Amendment: Prepayment features with negative compensation The Amendment is effective for annual reporting periods beginning on or after January 1, 2019, with earlier application permitted. The Amendment allows financial assets with prepayment features that permit or require a party to a contract either to pay or receive reasonable compensation for the early termination of the contract (so that, from the perspective of the holder of the asset there may be ‘negative compensation’), to be measured at amortized cost or at fair value through other comprehensive income. Management does not expect that these amendments will have an impact on the Company’s financial position or performance. IAS 28 Amendments: Long-term Interests in Associates and Joint Ventures The Amendments are effective for annual reporting periods beginning on or after January 1, 2019, with earlier application permitted. The Amendments relate to whether the measurement, in particular impairment requirements, of long term interests in associates and joint ventures that, in substance, form part of the ‘net investment’ in the associate or joint venture should be governed by IFRS 9, IAS 28 or a combination of both. The Amendments clarify that an entity applies IFRS 9 Financial Instruments, before it applies IAS 28, to such long-term interests for which the equity method is not applied. In applying IFRS 9, the entity does not take account of any adjustments to the carrying amount of long- term interests that arise from applying IAS 28. Management does not expect that these amendments will have an impact on its financial position or performance. IFRIC INTERPETATION 23: Uncertainty over Income Tax Treatments The Interpretation is effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12. The Interpretation provides guidance on considering uncertain tax treatments separately or together, examination by tax authorities, the appropriate method to reflect uncertainty and accounting for changes in facts and circumstances. The Company does not expect that this interpretation will have an impact on the Company’s financial position or performance. IAS 19: Plan Amendment, Curtailment or Settlement (Amendments) The Amendments are effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. The amendments require entities to use updated actuarial assumptions to determine current service cost and net interest for the remainder of the annual reporting period after a plan amendment, curtailment or settlement has occurred. The amendments also clarify how the accounting for a plan amendment, curtailment or settlement affects applying the asset ceiling requirements. Management does not expect that these amendments will have an impact on the Company’s financial position or performance. IFRS 3: Business Combinations (Amendments) The IASB issued amendments in Definition of a Business (Amendments to IFRS 3) aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. The Amendments are effective for business combinations for which the acquisition date is in the first annual reporting period beginning on or after 1 January 2020 and to asset acquisitions that occur on or after the beginning of that period, with earlier application permitted. Management does not expect that these amendments will have an impact on the Company’s financial position or performance. IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of ‘material’ (Amendments) The Amendments are effective for annual periods beginning on or after January 1, 2020, with earlier application permitted. The Amendments clarify the definition of material and how it should be applied. The new definition states that, ’Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity’. In addition, the explanations accompanying the definition have been improved. The Amendments also ensure that the definition of material is consistent across all IFRS Standards. Management does not expect that these amendments will have an impact on the Company’s financial position or performance. The IASB has issued the Annual Improvements to IFRSs 2015 – 2017 Cycle , which is a collection of amendments to IFRSs. The amendments are effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. Management is in the process of assessing the impact of these Amendments on the Company’s financial position or performance. IFRS 3 Business Combinations and IFRS 11 Joint Arrangements : The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. The amendments to IFRS 11 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. IAS 12 Income Taxes : The amendments clarify that the income tax consequences of payments on financial instruments classified as equity should be recognized according to where the past transactions or events that generated distributable profits has been recognized. IAS 23 Borrowing Costs : The amendments clarify paragraph 14 of the standard that, when a qualifying asset is ready for its intended use or sale, and some of the specific borrowing related to that qualifying asset remains outstanding at that point, that borrowing is to be included in the funds that an entity borrows generally. 2.3 Significant accounting policies, judgments, estimates and assumptions: The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses recognised during the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Judgments: In the process of applying the Company’s accounting policies, management has made the following judgments that had a significant effect on the amounts recognised in the consolidated financial statements. Allowance for doubtful trade accounts receivable: Following adoption of IFRS 9 as of January 1, 2018, the Company measures allowance for all trade accounts receivable under the simplified model using the lifetime expected credit loss (“ECL”) approach. When estimating ECLs, the Company considers reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. The application of the ECL requirements under IFRS 9 did not result in the recognition of an impairment charge under the new impairment model. Provisions for doubtful trade accounts receivable as of December 31, 2018 and 2017 were $68 and $138, respectively. No extra allowance for impairment over these receivables was recognized in opening accumulated deficit at January 1, 2018, on transition to IFRS 9. Estimates and assumptions: The key assumptions concerning the future and other key sources of estimation uncertainty at the financial position date, that have a significant risk of causing a significant adjustment to the carrying amount of assets and liabilities within the next financial year, are discussed below. The Company based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur. Carrying amount of vessels, net : Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs and the amortization of the component attributable to favourable or unfavourable lease terms relative to market terms) and accumulated impairment losses. The estimates and assumptions that have the most significant effect on the vessels carrying amount are estimations in relation to useful lives of vessels, their residual value and estimated dry docking dates. The key assumptions used are further explained in notes 2.9 to 2.13. Impairment of Non-Financial Assets : The Company’s impairment test for non-financial assets is based on the assets’ recoverable amount, where the recoverable amount is the greater of fair value less costs to sell and value in use. The Company engaged independent valuation specialists to determine the fair value of non-financial assets as at December 31, 2018. The value in use calculation is based on a discounted cash flow model. The value in use calculation is most sensitive to the discount rate used for the discounted cash flow model as well as the expected net cash flows and the growth rate used for extrapolation. See notes 2.13 and 5 . Share based payments : The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based payment transactions may require determination of the most appropriate valuation model, which is depended on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including, expected volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in note 13. 2.4 Accounting for revenue and related expenses: The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using time charters and bareboat, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. If a time charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognised on a straight-line basis over the period of the time charter. Such revenues are treated in accordance with IAS 17 as lease income as explained in note 2.23 below. Associated voyage expenses are recognised on a pro-rata basis over the duration of the period of the time charter. Deferred revenue relates to cash received prior to the financial position date and is related to revenue earned after such date. Interest income : interest income is recognised as interest on an accrual basis. Voyage expenses : Voyage expenses primarily consisting of port, canal and bunker expenses that are unique to a particular charter under time charter arrangements are paid by the charterer. Furthermore, voyage expenses include brokerage commission on revenue paid by the Company. Voyage expenses are accounted for on an accrual basis. Under a bareboat charter, the charterer assumes responsibility for all voyage expenses and risk of operation. Vessel operating expenses : Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs. Under time charter arrangements, these expenses are paid by the charterer and by the Company under voyage charter arrangements. Vessel operating expenses are accounted for on an accruals basis. Under a bareboat charter, the charterer assumes responsibility for all vessel operating expenses and risk of operation. 2.5 Foreign currency translation: The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the presentation currency of the Company, since the Company’s vessels operate in international shipping markets, whereby the U.S. dollar is the currency used for transactions. Transactions involving other currencies during the period are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the financial position dates, monetary assets and liabilities, which are denominated in currencies other than the U.S. dollar, are translated into the functional currency using the period-end exchange rate. Gains or losses resulting from foreign currency transactions are included in foreign exchange gains/(losses), net in the consolidated statement of comprehensive loss. 2.6 Cash and cash equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with original maturity of three months or less to be cash and cash equivalents. 2.7 Trade accounts receivable, net : The amount shown as trade accounts receivable at each financial position date includes estimated recoveries from charterers for hire, freight and demurrage billings, net of an allowance for doubtful accounts. Trade accounts receivable without a significant financing component are initially measured at their transaction price and subsequently measured at amortized cost less impairment losses, which are recognized in the consolidated statement of comprehensive loss. At each financial position date, all potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate allowance for doubtful accounts. The provision for doubtful accounts at December 31, 2018 was $68 (2017: $138). 2.8 Inventories: Inventories consist of lubricants, bunkers and gas cylinders and are stated at the lower of cost and net realisable value. The cost is determined by the first-in, first-out method. 2.9 Vessels, net: Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs and amortization of components attributable to favourable or unfavourable lease terms relative to market terms) and accumulated impairment losses. Vessel cost consists of the contract price for the vessel and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest, commissions paid and on-site supervision costs incurred during the construction periods). Any seller’s credit, i.e., amounts received from the seller of the vessels until date of delivery is deducted from the cost of the vessel. Subsequent expenditures for conversions and major improvements are also capitalised when the recognition criteria are met. Otherwise these amounts are charged to expenses as incurred. 2.10 Deferred dry-docking costs: Vessels are required to be dry-docked for major repairs and maintenance that cannot be performed while the vessels are operating. Dry-dockings occur approximately every 2.5 years. The costs associated with the dry-dockings are capitalised and depreciated on a straight-line basis over the period between dry-dockings, to a maximum of 2.5 years. At the date of acquisition of a vessel, management estimates the component of the cost that corresponds to the economic benefit to be derived until the first scheduled dry-docking of the vessel under the ownership of the Company and this component is depreciated on a straight-line basis over the remaining period through the estimated dry-docking date. 2.11 Depreciation : The cost of each of the Company’s vessels is depreciated on a straight-line basis over each vessel’s remaining useful economic life, after considering the estimated residual value of each vessel, beginning when the vessel is ready for its intended use. Management estimates that the useful life of new vessels is 25 years, which is consistent with industry practice. The residual value of a vessel is the product of its lightweight tonnage and estimated scrap value per lightweight ton. The residual values and useful lives are reviewed at each reporting date and adjusted prospectively. During the second quarter of 2016, the Company reduced the scrap rate from $240/ton to $200/ton due to the reduced scrap rates worldwide. This resulted to an additional depreciation expense of $96 included in the consolidated statement of comprehensive loss for 2016. During the third quarter of 2017, the Company adjusted the scrap rate from $200/ton to $250/ton due to the increased scrap rates worldwide. This resulted to a decrease of $86 to the depreciation charge included in the consolidated statement of comprehensive loss for 2017. During the first quarter of 2018, the Company adjusted the scrap rate from $250/ton to $300/ton due to the increased scrap rates worldwide. This resulted to a decrease of $178 to the depreciation charge included in the consolidated statement of comprehensive loss for 2018. 2.12 Amortization of lease component: When the Company acquires a vessel subject to an operating lease, it amortizes the amount reflected in the cost of that vessel that is attributable to favourable or unfavourable lease terms relevant to market terms, over the remaining term of the lease . The amortization is included in the line “amortization of fair value of time charter attached to vessels” in the income statement component of the consolidated statement of comprehensive loss. 2.13 Impairment of non-financial assets: The Company assesses at each reporting date whether there is an indication that a vessel may be impaired. The vessel’s recoverable amount is estimated when events or changes in circumstances indicate the carrying value may not be recoverable. If such indication exists and where the carrying value exceeds the estimated recoverable amounts, the vessel is written down to its recoverable amount. The recoverable amount is the greater of fair value less costs to sell and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the vessel. Impairment losses are recognised in the consolidated statement of comprehensive loss. A previously recognised impairment loss is reversed only if t |
Cash and Cash Equivalents And R
Cash and Cash Equivalents And Restricted Cash | 12 Months Ended |
Dec. 31, 2018 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents and Restricted cash | 3 Cash and cash equivalents and Restricted cash For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise the following: December 31, 2018 2017 Cash on hand 46 - Cash at banks - 2,756 Total 46 2,756 Cash held in banks earns interest at floating rates based on daily bank deposit rates. The fair value of cash and cash equivalents as at December 31, 2018 and 2017, was $46 and $2,756, respectively. In addition as of December 31, 2018, the Company had available $12,800 (2017: $3,000) of undrawn borrowing facilities (note 12). As at December 31, 2018 and 2017, the Company had pledged an amount of $1,350 and $210, respectively in order to fulfil collateral requirements. The fair value of restricted cash as at December 31, 2018 and 2017, was $1,350 and $210, respectively. The cash and cash equivalents are held with reputable bank and financial institution counterparties. |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |
Transactions with Related Parties | 4 Transactions with Related Parties The ultimate controlling party of the Company is Mr. George Feidakis who beneficially owns 1,420,163 common shares as of December 31, 2018, through Firment Shipping Inc., a Marshall Islands corporation controlled by Mr Feidakis. As at December 31, 2018 and 2017, Mr Feidakis beneficially owned 44.3% and 58.7%, respectively, of Globus’ shares. Mr. George Feidakis is also the chairman of the Board of Directors of Globus. The following are the major transactions which the Company has entered into with related parties during the years ended December 31, 2018, 2017 and 2016: In August 2006, Globus had entered into a rental agreement for 350 square metres of office space for its operations within a building owned by Cyberonica S.A. (an affiliate of Globus’s chairman). In 2016 the Company renewed the rental agreement at a monthly rate of Euro 10,360 (absolute amount) ($11.9) with a lease period ending January 2, 2025. The Company does not presently own any real estate. During the years ended December 31, 2018, 2017 and 2016, rent expense was $147, $140 and $138, respectively. The expense is recognised in the income statement component of the consolidated statement of comprehensive loss under administrative expenses payable to related parties. As of December 31, 2018 and 2017, $427 and $471 of rent expense, respectively was due and unpaid. Rent expense payable to related parties is classified as trade accounts payable in the consolidated statement of financial position. As of December 28, 2015, Athanasios Feidakis assumed the position of Chief Executive Officer (“CEO”) and Chief Financial Officer. On August 18, 2016, the Company entered into a consultancy agreement with an affiliated company of its CEO, Mr. Athanasios Feidakis, for the purpose of providing consulting services to the Company in connection with the Company’s international shipping and capital raising activities, including but not limited to assisting and advising the Company’s CEO at an annual fee of Euro 200,000 (absolute amount) (approx. $229). The related expense for the years ended December 31, 2018, 2017 and 2016, amounted to $235, $229 and $97, respectively. In December 2013, Globus entered into a credit facility for up to $4,000 with Firment Trading Limited, an affiliate of the Company’s chairman, for the purpose of financing its general working capital needs (“Firment Credit Facility”). Effective from December 2014, through a supplemental agreement in April 2015, the credit limit of the facility increased from $4,000 to $8,000 and in December 2015, through a second supplemental agreement, the credit limit of the facility increased from $8,000 to $20,000. In December 2015, through a third supplemental agreement, the Firment Credit Facility was assigned from Firment Trading Limited, a Cypriot company, to Firment Trading Limited, a Marshall Islands corporation, each of which is an affiliate of the Company’s chairman. The Company had the right to drawdown any amount up to $20,000 or prepay any amount, during the availability period, in multiples of $100. On February 8, 2017, the Company entered into a Share and Warrant Purchase Agreement (“February 2017 private placement”) pursuant to which it sold for $5,000 an aggregate of 500,000 of its common shares, par value $0.004 per share and warrants (the “February 2017 Warrants”) to purchase 2.5 million of its common shares at a price of $16 per share to four investors in a private placement. One investor is the sister of the CEO of Globus and the daughter of its chairman. These securities were issued in transactions exempt from registration under the Securities Act. The following day, the Company entered into a registration rights agreement with those purchasers providing them with certain rights relating to registration under the Securities Act of the Shares and the common shares underlying the Warrants. In connection with the closing of the February 2017 private placement, the Company also entered into two loan amendment agreements with existing lenders. One loan amendment agreement was entered into by the Company with Firment Trading Limited, the lender of the Firment Credit Facility, which then had an outstanding principal amount of $18,524. Firment Trading Limited released an amount equal to $16,885 (but left an amount equal to $1,639 outstanding, which continued to accrue under the Firment Credit Facility as though it were principal) of the Firment Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Firment Trading Limited, 1,688,500 common shares and a warrant to purchase 623,058 common shares at a price of $16 per share. Subsequent to the closing of the February 2017 private placement, Globus repaid the outstanding amount on the Firment Credit Facility in its entirety. The Firment Credit Facility was terminated on April 12, 2017. Firment Trading Limited waived any interest under Firment Credit Facility for 2017. For the year ended December 31, 2016, Globus recognized interest expense of $608. In January 2016, Globus Maritime Limited entered into a credit facility for up to $3,000 with Silaner Investments Limited, an affiliate of the Company’s chairman, for the purpose of financing its general working capital needs (“the Silaner Credit Facility”) The Silaner Credit Facility was unsecured and remained available until its final maturity date at January 12, 2018. The Company had the right to drawdown any amount up to $3,000 or prepay any amount in multiples of $100. Any prepaid amount could have been re-borrowed in accordance with the terms of the facility. Interest on drawn and outstanding amounts was charged at 5% per annum and no commitment fee was charged on the amounts remaining available and undrawn. For the years ended December 31, 2017 and 2016, Globus recognised interest expense of $3 and $74, respectively. The expense was classified in the income statement component of the consolidated statement of comprehensive loss under interest expense and finance costs and interest payable is classified in the statement of financial position under accrued liabilities and other payables. The second loan amendment agreement in connection with the closing of the February 2017 private placement was entered into by the Company with Silaner Investments Limited, the lender of the Silaner Credit Facility. Silaner Investments Limited released an amount equal to the outstanding principal of $3,115 (but left an amount equal to $74 outstanding, which continued to accrue under the Silaner Credit Facility as though it were principal) of the Silaner Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Silaner Investments limited, 311,500 common shares and a warrant to purchase 114,944 common shares at a price of $16 per share. During 2017, the Company drew down $ 280 under this facility. As of December 31, 2017, Globus repaid the outstanding amount on the Silaner Credit Facility in its entirety. The Silaner Credit Facility was terminated on January 12, 2018. In June 2016, Globus Maritime Limited entered into a consultancy agreement with Eolos Shipmanagement S.A., an affiliate of the Company’s chairman, for the purpose of providing consultancy services to Eolos Shipmanagement S.A. For these services the Company received a daily fee of $1. This agreement was terminated on January 31, 2017. For the year ended 2018, 2017 and 2016, the total income from these fees amounted to nil, $31 and $187, respectively and is classified in the income statement component of the consolidated statement of comprehensive loss under management and consulting fee income. In November 2018, Globus entered into a credit facility for up to $15,000 with Firment Shipping Inc., an affiliate of the Company’s chairman, for the purpose of financing its general working capital needs (“Firment Shipping Credit Facility”. The Firment Shipping Credit Facility is unsecured and remains available until its final maturity date at November 19, 2020. The Company has the right to drawdown any amount up to $15,000 or prepay any amount in multiples of $100. Any prepaid amount can be re-borrowed in accordance with the terms of the facility. Interest on drawn and outstanding amounts is charged at 7% per annum and no commitment fee is charged on the amounts remaining available and undrawn. Interest is payable the last day of a period of three months after the Drawdown Date, after this period in case of failure to pay any sum due, a default interest of 2% per annum above the regular interest is charged. Globus also has the right, in its sole option, to convert in whole or in part the outstanding unpaid principal amount and accrued but unpaid interest under the Firment Shipping Credit Facility into common stock. The conversion price shall equal the higher of (i) the average of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (“VWAP”) over the pricing period multiplied by 80%, where the “Pricing Period” equals the ten consecutive trading days immediately preceding the date on which the conversion notice was executed or, (ii) Two US Dollars and Eighty Cents ($2.80). As of December 31, 2018, the amount drawn and outstanding with respect to Firment Shipping Credit Facility was $2,200 and was classified under long-term borrowings, net of the current portion and the fair value of the derivative financial instruments in the consolidated statement of financial position(see Note 12). For the year ended December 31, 2018, Globus recognised interest expense of $12, classified in the income statement component of the consolidated statement of comprehensive loss under interest expense and finance costs and interest payable is classified in the consolidated statement of financial position under accrued liabilities and other payables. As of December 31, 2018, there was an amount of $12,800 available to be drawn under the Firment Shipping Credit Facility. The Firment Shipping Credit Facility requires that Athanasios Feidakis remain the Company’s Chief Executive Officer and that Firment Shipping maintains at least a 40% shareholding in Globus, other than due to actions taken by Firment Shipping, such as sales of shares. As of December 31, 2018 the Company in compliance with the loan covenants of the Firment Shipping Credit Facility. Compensation of Key Management Personnel of the Company: Compensation to Globus non-executive directors is analysed as follows: For the year ended December 31, 2018 2017 2016 Director’s remuneration 145 145 130 Share-based payments 40 40 35 Total 185 185 165 As of December 31, 2018 and 2017, $201 and $126 of the compensation to non-executive directors was remaining due and unpaid, respectively. Amounts payable to non-executive directors are classified as trade accounts payable in the consolidated statements of financial position. Compensation to the Company’s executive director is analysed as follows: For the year ended December 31, 2018 2017 2016 Short-term employee benefits 235 229 82 Share-based payments - - 15 Total 235 229 97 As of December 31, 2018 and 2017, $391 and $239 of the compensation to the executive director was remaining due and unpaid, respectively. |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2018 | |
Vessels, net [Abstract] | |
Vessels, net | 5 Vessels, net The amounts in the consolidated statement of financial position are analysed as follows: Vessels cost Vessels accumulated depreciation Dry docking costs Accumulated depreciation of dry docking costs Net Book Value Balance at January 1, 2016 198,803 (90,086) 3,976 (2,618) 110,075 Additions/ (Dry Docking Component) - - 478 - 478 Sale of subsidiary (19,647) 7,200 (600) 276 (12,771) Depreciation expense - (4,985) - (1,005) (5,990) Balance at December 31, 2016 179,156 (87,871) 3,854 (3,347) 91,792 Additions/ (Dry Docking Component) 245 - 976 - 1,221 Depreciation expense - (4,831) - (862) (5,693) Balance at December 31, 2017 179,401 (92,702) 4,830 (4,209) 87,320 Additions/ (Dry Docking Component) 26 - 2,148 - 2,174 Depreciation expense - (4,578) - (1,166) (5,744) Balance at December 31, 2018 179,427 (97,280) 6,978 (5,375) 83,750 For the purpose of the consolidated statement of comprehensive loss, depreciation, as stated in the income statement component, comprises the following: For the year ended December 31, 2018 2017 2016 Vessels depreciation 4,578 4,831 4,985 Depreciation on office furniture and equipment 23 23 29 Total 4,601 4,854 5,014 The Company’s vessels have been pledged as collateral to secure the bank loans discussed in note 12. Impairment of non-financial assets: As of December 31, 2018, the Company performed an assessment on whether there were indicators that a vessel(s) may be impaired. As impairment indicators were identified, discounted future cash flows for each vessel were determined and compared to the vessel’s carrying value. The projected net discounted future cash flows for the first year were determined by considering an estimated daily time charter equivalent based on the most recent blended (for modern and older vessels) FFA (i.e. Forward Freight Agreements) time charter rate for the year of 2019 for each type of vessel. For the remaining useful life of the vessels, the Company used the historical ten-year blended average one-year time charter rates substituting for the year 2016 that was considered as extreme values, with the year 2006. The rates were adjusted assuming an annual growth rate of 1.7% as published by the International Monetary Fund, net of commissions. Expected outflows for scheduled vessels maintenance were taken into consideration as well as vessel operating expenses assuming an average annual increase rate of 1% based on the historical trend deriving from actual results for the Company’s vessels since their delivery under Company’s technical management. The average time charter rates used were in line with the overall chartering strategy, especially in periods/years of depressed charter rates; reflecting the full operating history of vessels of the same type and particulars with the Company’s operating fleet (Supramax and Panamax vessels with a deadweight (“dwt”) of over 50,000 and 70,000, respectively) and they covered at least one full business cycle. Effective fleet utilization was assumed at 90% (including ballast days), taking into account the period(s) each vessel is expected to undergo her scheduled maintenance (dry-docking and special surveys), as well as an estimate of the period(s) needed for finding suitable employment and off-hire for reasons other than scheduled maintenance, assumptions in line with the Company’s expectations for future fleet utilization under the current fleet deployment strategy. As of December 31, 2018, 2017 and 2016, no impairment loss was recognized as the vessels’ recoverable amounts exceeded their carrying amounts . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Inventories | 6 Inventories Inventories in the consolidated statement of financial position are analysed as follows: December 31, 2018 2017 Lubricants 313 328 Gas cylinders 78 63 Bunkers 259 270 Total 650 661 |
Prepayments And Other Assets
Prepayments And Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Prepayments and other assets [Abstract] | |
Prepayments and other assets | 7 Prepayments and other assets Prepayments and other assets in the consolidated statement of financial position are analysed as follows: December 31, 2018 2017 Bunkers - 216 Other prepayments and other assets 171 210 Total 171 426 |
Trade Accounts Payable
Trade Accounts Payable | 12 Months Ended |
Dec. 31, 2018 | |
Trade accounts payable [Abstract] | |
Trade accounts payable | 8 Trade accounts payable Trade accounts payable in the consolidated statement of financial position as at December 31, 2018 and 2017, amounted to $6,433 and $4,258, respectively. Trade accounts payable are non-interest bearing. |
Accrued Liabilities And Other P
Accrued Liabilities And Other Payables | 12 Months Ended |
Dec. 31, 2018 | |
Accrued liabilities and other payables [Abstract] | |
Accrued liabilities and other payables | 9 Accrued liabilities and other payables Accrued liabilities and other payables in the consolidated statement of financial position are analysed as follows: December 31, 2018 2017 Accrued interest 114 274 Accrued audit fees 57 - Other accruals 999 996 Insurance deductibles 102 139 Other payables 47 46 Total 1,319 1,455 Interest is normally settled quarterly throughout the year. Other payables are non-interest bearing. |
Share Capital And Share Premium
Share Capital And Share Premium | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |
Share Capital and Share Premium | 10 Share Capital and Share Premium The authorised share capital of Globus consisted of the following: December 31, 2018 2017 2016 Authorised share capital: 500,000,000 Common shares of par value $0.004 each 2,000 2,000 2,000 100,000,000 Class B Common shares of par value $0.001 each 100 100 100 100,000,000 Preferred shares of par value $0.001 each 100 100 100 Total authorised share capital 2,200 2,200 2,200 Holders of the Company’s common shares and Class B shares have equivalent economic rights, but holders of Company’s common shares are entitled to one vote per share and holders of the Company’s Class B shares are entitled to twenty votes per share. Each holder of Class B shares may convert, at its option, any or all of the Class B shares held by such holder into an equal number of common shares. Common Shares issued and fully paid Number of shares USD As at January 1, 2016 257,965 1 Issued during the year for share based compensation (note 13) 4,790 - As at December 31, 2016 262,755 1 Issued during the year for share based compensation (note 13) 2,094 - Issuance of common stock 2,750,000 11 Issuance of common stock due to exercise of warrants 148,181 1 As at December 31, 2017 3,163,030 13 Issued during the year for share based compensation (note 13) 8,797 - Issuance of common stock due to exercise of warrants 37,500 - As at December 31, 2018 3,209,327 13 On February 8, 2017, the Company entered into a Share and Warrant Purchase Agreement (“February 2017 private placement”) pursuant to which it sold for $5,000, an aggregate of 500,000 of its common shares, par value $0.004 per share and warrants (the “February 2017 Warrants”) to purchase 2.5 million of its common shares at a price of $16 per share to four investors in a private placement. One investor is the CEO’s sister and the daughter of its chairman. These securities were issued in transactions exempt from registration under the Securities Act. The following day, the Company entered into a registration rights agreement with those purchasers providing them with certain rights relating to registration under the Securities Act of the Shares and the common shares underlying the Warrants. In connection with the closing of the February 2017 private placement, the Company also entered into two loan amendment agreements with existing lenders. One loan amendment agreement was entered into by the Company with Firment Trading Limited, the lender of the Firment Credit Facility, which then had an outstanding principal amount of $18,524. Firment Trading Limited released an amount equal to $16,885 (but left an amount equal to $1,639 outstanding, which continued to accrue under the Firment Credit Facility as though it were principal) of the Firment Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Firment Trading Limited, 1,688,500 common shares and a warrant to purchase 623,058 common shares at a price of $16 per share. The second loan amendment agreement in connection with the closing of the February 2017 private placement was entered into by the Company with Silaner Investments Limited, the lender of the Silaner Credit Facility. Silaner Investments Limited released an amount equal to the outstanding principal of $3,115 (but left an amount equal to $74 outstanding, which continued to accrue under the Silaner Credit Facility as though it were principal) of the Silaner Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Silaner Investments limited, 311,500 common shares and a warrant to purchase 114,944 common shares at a price of $16 per share. Further to the February 2017 private placement two investors, other than Firment Shipping Inc. and Silaner Investments Limited, partially exercised their warrants in 2017 purchasing 148,181 shares for the aggregate gross proceeds to the Company of approximately $2,371. In January 2018 one investor, other than Firment Shipping Inc. and Silaner Investments Limited, partially exercised its warrants, purchasing 37,500 of the Company’s common shares for aggregate gross proceeds to the Company of approximately $600. Each of the February 2017 Warrants were exercisable for 24 months after their respective issuance. . As of December 31, 2018 and 2017, in connection with the February 2017 private placement, the February 2017 Warrants outstanding were exercisable for an aggregate of 3,052,321 and 3,089,821 common shares respectively. On October 19, 2017, the Company entered into a Share and Warrant Purchase Agreement (the “October 2017 SPA”) pursuant to which it sold for $2,500 an aggregate of 250,000 of its common shares, par value $0.004 per share and a warrant (the “October 2017 Warrant”) to purchase 1.25 million of its common shares at a price of $16 per share to an investor in a private placement (the “October 2017 Private Placement”). These securities were issued in transactions exempt from registration under the Securities Act of 1933, as amended. On that day, Company also entered into a registration rights agreement with the purchaser providing it with certain rights relating to registration under the Securities Act of the 250,000 common shares issued in connection with the October 2017 Private Placement and the common shares underlying the October 2017 Warrant. Under the terms of the October 2017 Warrant, the purchaser may not exercise its warrant to the extent such exercise would cause the purchaser, together with its affiliates and attribution parties, to beneficially own a number of common shares which would exceed 4.99% (which may be increased upon no less than 61 days’ notice, but not to exceed 9.99%) of Globus’s then outstanding common shares immediately following such exercise, excluding for purposes of such determination common shares issuable upon exercise of the October 2017 Warrant which have not been exercised. This provision does not limit the purchaser from acquiring up to 4.99% of our common shares, selling all of its common shares, and re-acquiring up to 4.99% of our common shares. The October 2017 Warrant is exercisable for 24 months after its issuance. As of December 31, 2018 and 2017, in connection with the October 2017 SPA , the October 2017 Warrant was outstanding and exercisable for an aggregate of 1,250,000 common shares. The Company during 2017 had recorded $218 expense in connection with these warrants which was deducted from share premium in equity. During the years ended December 31, 2018, 2017 and 2016, Globus issued 8,797, 2,094 and 4,790 common shares respectively as share-based payments. Series A Preferred Shares issued Number of shares USD As a January 1, 2016 2,567 2 Issued during the year - - Shares redeemed by the issuer (2,567) (2) As at December 31, 2016 - - Issued during the year - - As at December 31, 2017 - - Issued during the year - - As at December 31, 2018 - - The holders of Company’s series A preferred shares were entitled to receive, if funds were legally available, dividends payable in cash in an amount per share to be determined by unanimous resolution of Company’s Remuneration Committee, in its sole discretion. Globus’s board of directors or Remuneration Committee would determine whether funds were legally available under the Marshall Islands Business Corporations Act (“BCA”) for such dividend. Any accrued but unpaid dividends would not bear interest. Except as could have been provided in the BCA, holders of the series A preferred shares did not have any voting rights. Upon the Company’s liquidation, dissolution or winding up, the holders of its series A preferred shares would be entitled to a preference in the amount of the declared and unpaid dividends, if any, as of the date of liquidation, dissolution or winding up. The series A preferred shares were not convertible into any of its other capital stock. In July 2016 the 2,567 series A preferred shares, granted to the Company’s former Chief Executive Officer were redeemed and as of December 31, 2018 and 2017 the Company had no series A preferred shares outstanding. As of December 31, 2018, 2017 and 2016, no Class B shares were outstanding. Share premium includes the contribution of Globus’ shareholders to the acquisition of the Company’s vessels. Additionally, share premium includes the effects of the Globus initial and follow-on public offerings, the effects of the settlement of the related party loans (note 4) with the issuance of the Company’s common shares and the effects of the share based payments described in note 13. Accordingly, at December 31, 2018, 2017 and 2016, Globus share premium amounted to $140,334, $139,684 and $110,013, respectively. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Loss per share [abstract] | |
Loss per Share | 11 Loss per Share Basic loss per share (‘‘LPS’’) is calculated by dividing the net loss for the year attributable to Globus shareholders by the weighted average number of shares issued, paid and outstanding. Diluted loss per share is calculated by dividing the net loss attributable to common equity holders of the parent by the weighted average shares outstanding during the year plus the weighted average number of common shares that would be issued on the conversion of all the dilutive potential common shares into common shares. The Company excluded the dilutive effect of 4,302,321 of potential common shares issuable upon exercise of warrants as their effect was anti-dilutive. The following reflects the loss and share data used in the basic and diluted loss per share computations: For the year ended December 31, 2018 2017 2016 Loss attributable to common equity holders (3,568) (6,475) (9,825) Weighted average number of shares for basic and diluted LPS 3,200,927 2,574,995 260,384 |
Long-Term Debt, Net
Long-Term Debt, Net | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [abstract] | |
Long-Term Debt, net | 12 Long-Term Debt, net Long-term debt in the consolidated statement of financial position is analysed as follows: Borrower Loan Balance Unamortized Debt Discount Total Borrowings (a) Devocean Maritime Ltd., Domina Maritime Ltd. & Dulac Maritime S.A. 22,163 (46) 22,117 (c) Globus Maritime Ltd. 1,500 - 1,500 (d) Artful Shipholding S.A. & Longevity Maritime Limited 13,500 (249) 13,251 Total at December 31, 2018 37,163 (295) 36,868 Less: Current Portion (35,663) 295 (35,368) Long-Term Portion 1,500 - 1,500 Total at December 31, 2017 41,660 (122) 41,538 Less: Current Portion (41,660) 122 (41,538) Long-Term Portion - - - (a) In February 2015, Devocean Maritime Ltd., Domina Maritime Ltd and Dulac Maritime S.A. (“Devocean et al.”), vessel owning companies of m/v River Globe, m/v Sky Globe and m/v Star Globe, respectively, entered into a loan agreement for up to $30,000 with Hamburg Commercial Bank AG (formerly known as HSH Nordbank AG) (the “Bank”) for the purpose of partially prepaying the then outstanding secured reducing revolving credit facility with Credit Suisse AG. The loan facility is in the names of Devocean Maritime Ltd., Domina Maritime Ltd and Dulac Maritime S.A. as the borrowers and is guaranteed by Globus (“Guarantor”). The loan facility bears interest at LIBOR plus a margin of 3.00% for interest periods of three months and 3.10% for interest periods of one month. This Hamburg Commercial loan facility was referred as HSH Loan Facility in previous reports of the Company and it continued to be the same facility as the Bank changed its name from HSH Nordbank AG to Hamburg Commercial Bank AG in February 2019. On March 3, 2015, Devocean et al. drew down $29,405 as analyzed below and the Company prepaid $30,000 to Credit Suisse AG reducing the balance due to Credit Suisse AG to $5,000, which was settled in July 2015. Tranche (A) of $8,580 for the purpose of prepaying to Credit Suisse AG the amount outstanding with respect to the m/v River Globe. The balance outstanding of tranche (A) at December 31, 2018, was $6,095 payable in 4 equal quarterly installments of $239 starting, March 2019, as well as a balloon payment of $5,139 due together with the 4th and final installment due in December 2019. Tranche (B) of $10,100 for the purpose of prepaying to Credit Suisse AG the amount outstanding with respect to the m/v Sky Globe. The balance outstanding of tranche (B) at December 31, 2018, was $7,697 payable in 4 equal quarterly installments of $230 starting, March 2019, as well as a balloon payment of $6,777 due together with the 4th and final installment due in December 2019. Tranche (C) of $10,725 for the purpose of prepaying to Credit Suisse AG the amount outstanding with respect to the m/v Star Globe. The balance outstanding of tranche (C) at December 31, 2018, was $8,371 payable in 4 equal quarterly installments of $224 starting, March 2019, as well as a balloon payment of $7,475 due together with the 4th and final installment due in December 2019. The loan is secured by, among other things: First preferred mortgage over m/v River Globe, m/v Sky Globe and m/v Star Globe. Guarantees from the vessel owning companies and from Globus. First preferred assignment of all insurances and earnings of the mortgaged vessels. Assignment of charter in respect of each vessel and an assignment of any guarantee or security in respect of such charters. Assignment of any related hedging agreements. The original loan agreement contains various covenants requiring the vessels owning companies and Globus to ensure that: the aggregate fair market value of the mortgaged vessels must equal or exceed 125% of the outstanding balance under the loan agreement. the ratio of the Company’s total liabilities to its market adjusted total assets shall not exceed 75%. the Company maintains a minimum market adjusted net worth of more than or equal $30,000. the vessel owning subsidiaries must each maintain a minimum liquidity of $250 in an account pledged to the bank, the Company shall maintain a minimum liquidity of greater than 5% of its consolidated indebtedness. On July 10, 2017, the Company entered a Second Supplemental Agreement for the period from March 4, 2017 to March 3, 2018. The main points agreed in this Second Supplemental Agreement were: Additional deferrals to the last scheduled repayment date of the principal amount of the loan during the period from June 3, 2016 through March 3, 2018, of $956 in relation to Devocean, $920 in relation to Domina, and $898 in relation to Dulac. Deferral fee of 2.5 per cent per annum on the additional deferred amounts calculated from March 4, 2017 until March 3, 2018. Prepayment of $1,000 on or before September 27, 2017, which has been settled. Undertaking that the Company to raise at least $1,800 from its shareholders by December 31, 2017, which has been satisfied. Restriction of the borrowers to make distributions or other payments to the Company so long as such additional deferred amounts remain outstanding. Waiver from June 3, 2016 through March 3, 2018, of the requirement that the Company maintains a net worth of at least $30,000 and holds cash on a consolidated basis with its subsidiaries of at least 5% of their consolidated indebtedness. As of December 31, 2017, the Company was in compliance with the covenants of Hamburg Commercial Bank AG loan agreement, as amended and in effect. During 2018 and after the expiration of the Second Supplemental Agreement, the Company did not obtain further waivers and the breached covenants contained in this loan agreement constituted an event of default. Although the loan matures and is to be settled in full through December 2019, due to the event of default, Hamburg Commercial Bank AG can elect to declare the outstanding debt, together with accrued interest and other fees, to be immediately due and payable and proceed against the collateral securing that debt. Until the date of issuance of these consolidated financial statements no such action had been taken by the lender against the Company. As of December 31, 2018, the Company was not in compliance with the loan covenants of the Hamburg Commercial Bank AG loan agreement . In more detail: The aggregate amount of cash held by the Company on a consolidated basis should, on each day, exceed an amount in dollars equal to 5% of the Total Indebtedness. The Company’s cash as of December 31, 2018, was $46 whereas it should have been $1,893. Tangible Net Worth should not at any time be less than $30,000. As of December 31, 2018, the Company’s Tangible Net Worth was $13,550. The ratio of Total Liabilities to the Market Value Adjusted Assets should at all times be less than 0.75:1.00. The Company’s ratio as of December 31, 2018, was 0.77:1.00. The Borrowers should maintain in the Minimum Liquidity Account at all times cash balances in an aggregate amount of no less than Two hundred and fifty thousand dollars ($250) per Mortgaged Ship; therefore, it should have $750 for the three vessels. The Company had $600 as restricted cash as of December 31, 2018, (b) In June 2011, Globus through its wholly owned subsidiaries, Artful Shipholding S.A. (“Artful”) and Longevity Maritime Limited (“Longevity”), entered into the DVB Loan Agreement for an amount up to $40,000 with DVB Bank SE and used funds borrowed thereunder to finance part of the purchase price for the m/v Moon Globe and m/v Sun Globe. In June 2011, $19,000 was drawn down (Tranche A) for the purpose of partly financing the acquisition of the m/v Moon Globe and in September 2011, $18,000 was drawn (Tranche B) for the purpose of partly financing the acquisition of the m/v Sun Globe. As at December 13, 2018, the balance of both tranches of $15,010 was fully repaid using the proceedings from the new loan agreements with Macquarie Bank International Limited and Firment Shipping Inc. (c) In November 2018, Globus Maritime Limited entered into a credit facility for up to $15,000 with Firment Shipping Inc., an affiliate of the Company’s chairman, for the purpose of financing its general working capital needs (Note 4). The Firment Shipping Credit Facility is unsecured and remains available until its final maturity date at November 19, 2020. The Company has the right to drawdown any amount of up to $15,000 or prepay any amount in multiples of $100. Any prepaid amount can be re-borrowed in accordance with the terms of the facility. Interest on drawn and outstanding amounts is charged at 7% per annum and no commitment fee was charged on the amounts remaining available and undrawn. Interest is payable the last day of a period of three months after the drawdown date, after this period in case of failure to pay any sum due, a default interest of 2% per annum above the regular interest is charged. Globus also has the right, in its sole option, to convert in whole or in part the outstanding unpaid principal amount and accrued but unpaid interest under the Firment Shipping Credit Facility into common stock. The conversion price shall equal the higher of (i) the average of the daily dollar volume-weighted average sale price for the common stock on the principal market on any trading day during the period beginning at 9.30 a.m. New York City time and ending at 4.00 p.m. (“VWAP”) over the pricing period multiplied by 80%, where the “Pricing Period” equals the ten consecutive trading days immediately preceding the date on which the conversion notice was executed or (ii) Two US Dollars and Eighty Cents ($2.80). As per the conversion clause included in the Firment Shipping Credit Facility, the Company has recognized this agreement as a hybrid agreement which includes an embedded derivative. This embedded derivative was separated to the derivative component and the non-derivative host. The derivative component is shown separately from the non-derivative host in the consolidated statement of financial position at fair value. The changes in the fair value of the derivative financial instrument are recognized in the consolidated statement of comprehensive loss. For the year ended December 31, 2018, the amount drawn and outstanding with respect to Firment Shipping Credit Facility was $2,200. The non-derivative host was classified under “long-term borrowings” in the consolidated statement of financial position and was $1,500 and the derivative component that was initially recognized amounted to $700 and was classified under “fair value of derivative financial instruments” in the consolidated statement of financial position. For the year ended December 31, 2018, the Company recognized a loss on this derivative financial instrument amounting to $131, which was classified under “loss on derivative financial instruments” in the consolidated statement of comprehensive loss. As of December 31, 2018, there was an amount of $12,800 available to be drawn under the Firment Shipping Credit Facility. The Firment Shipping Credit Facility requires that Athanasios Feidakis remain our Chief Executive Officer and that Firment Shipping maintains at least a 40% shareholding in Globus, other than due to actions taken by Firment Shipping, such as sales of shares. As of December 31, 2018, the Company in compliance with the loan covenants of the Firment Shipping Credit Facility. (d) In December 2018, Globus through its wholly owned subsidiaries, Artful Shipholding S.A. (“Artful”) and Longevity Maritime Limited (“Longevity”), entered into the Macquarie Loan Agreement for an amount up to $13,500 with Macquarie Bank International Limited and used funds borrowed thereunder to refinance part of the repayment of the existing DVB Loan Agreement for the m/v Moon Globe and m/v Sun Globe. Globus acts as guarantor for this loan. In December 2018, $6,000 (Artful Advance) and $7,500 (Longevity Advance) were drawn down for the purpose of partly refinancing the existing DVB Loan Agreement for m/v Moon Globe and m/v Sun Globe, respectively. Artful Advance is payable in 20 quarterly installments of approximately $222, starting in March 2019 and a balloon payment of approximately $1,560 payable together with the 20th and last installment payable in December 2023. Longevity Advance is payable in 20 quarterly installments of approximately $221, starting in March 2019 and a balloon payment of approximately $3,080 payable together with the 20th and last installment payable in December 2023. The loan is secured by, among other things: First preferred mortgage over m/v Moon Globe and m/v Sun Globe. Guarantees from the vessel owning companies and from Globus. Assignment of all insurances and earnings of the mortgaged vessels. Account pledges respecting the minimum liquidity accounts and operating accounts of the Company described in the loan agreement. The original loan agreement and/or the original Globus guarantee contains various covenants requiring the vessels owning companies and/or Globus to, amongst others things, ensure that: The aggregate fair market value of the m/v Sun Globe and the m/v Moon Globe must equal or exceed 160% of the outstanding balance under the loan. The vessel owning subsidiaries must each maintain a minimum liquidity of $375 in an account pledged to the bank per vessel owned by the Company. Each Borrower shall ensure that it has a Dry Dock Reserve Account which is credited with sufficient funding to cover the forecast dry-docking, special survey and ballast water compliance expenses for each Ship at least three months prior to the date such expenses are to be incurred such forecasted expenses. As of December 31, 2018, the Company was in compliance with the covenants of Macquarie Loan Agreement. As the Company has breached the covenants contained in the Hamburg Commercial Bank AG loan agreement referred to above which constitutes an event of default. Due to the cross-default provisions included in Macquarie Loan Agreement, the Company’s lender can elect to declare the outstanding debt, together with accrued interest and other fees, to be immediately due and payable and proceed against the collateral securing that debt. Until the date of issuance of these consolidated financial statements no such action had been taken by the lender against the Company. (e) In January 2016, Globus Maritime Limited entered into a credit facility for up to $3,000 with Silaner Investments Limited, an affiliate of the Company’s chairman, for the purpose of financing its general working capital needs (Note 4). The Silaner Credit Facility was unsecured and remained available until its final maturity date on January 12, 2018. The Company had the right to drawdown any amount up to $3,000 or prepay any amount in multiples of $100. Any prepaid amount could have been re-borrowed in accordance with the terms of the facility. Interest on drawn and outstanding amounts was charged at 5% per annum and no commitment fee was charged on the amounts remaining available and undrawn. In connection with the February 2017 private placement, as further discussed in note 4, a loan amendment agreement was entered into by the Company with Silaner Investments Limited, the lender of the Silaner Credit Facility. Silaner Investments Limited released an amount equal to the outstanding principal of $3,115 (but left an amount equal to $74 outstanding, which continued to accrue under the Silaner Credit Facility as though it were principal) of the Silaner Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Silaner Investments Limited, 311,500 common shares and a warrant to purchase 114,944 common shares at a price of $16 per share. During 2017, the Company drew down $ 280 under this facility and, before the end of the year, Globus repaid the outstanding amount on the Silaner Credit Facility in its entirety. As of December 31, 2017, no amount was drawn and outstanding with respect to the facility. The Silaner Credit Facility terminated at January 12, 2018. (f) In December 2013, Globus entered into a credit facility for up to $4,000 with Firment Trading Limited, an affiliate of the Company’s chairman, for the purpose of financing its general working capital needs (“Firment Credit Facility”). Effective from December 2014, through a supplemental agreement in April 2015, the credit limit of the facility increased from $4,000 to $8,000 and in December 2015, through a second supplemental agreement, the credit limit of the facility increased from $8,000 to $20,000. In December 2015, through a third supplemental agreement, the Firment Credit Facility was assigned from Firment Trading Limited, a Cypriot company, to Firment Trading Limited, a Marshall Islands corporation, each of which is an affiliate of the Company’s chairman. The Company had the right to drawdown any amount up to $20,000 or prepay any amount, during the availability period, in multiples of $100. In connection with the February 2017 private placement, as further discussed in note 4, a loan amendment agreement was entered into by the Company with Firment Trading Limited, the lender of the Firment Credit Facility, which then had an outstanding principal amount of $18,524. Firment Trading Limited released an amount equal to $16,885 (but left an amount equal to $1,639 outstanding, which continued to accrue under the Firment Credit Facility as though it were principal) of the Firment Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Firment Trading Limited, 1,688,500 common shares and a warrant to purchase 623,058 common shares at a price of $16 per share. Subsequent to the closing of the February 2017 private placement, Globus repaid the outstanding amount on the Firment Credit Facility in its entirety. The Firment Credit Facility was terminated on April 12, 2017. The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2018, assuming that the banks will not demand the repayment of the loans before their maturity, were as follows: (a) (c) (d) Hamburg Commercial Bank AG Firment Shipping Inc. Macquarie Bank International Limited Total December 31 Advance (A) Advance (B) 2019 22,163 - 889 882 23.934 2020 - 2,200 889 882 3.971 2021 - - 889 882 1.771 2022 - - 889 882 1.771 2023 and thereafter - - 2,444 3.972 6.416 Total 22,163 2,200 6,000 7,500 37.863 The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2017, assuming that the banks would not demand the repayment of the loans before their maturity, were as follows: (a) (b) Hamburg Commercial Bank AG DVB Bank Total December 31 Tranche (A) Tranche (B) 2018 2,774 8,380 1,249 12,403 2019 22,163 - 7,094 29,257 2020 and thereafter - - - - Total 24,937 8,380 8,343 41,660 The weighted average interest rate for the years ended December 31, 2018 and 2017, was 4.97% and 3.8%, respectively. |
Share Based Payment
Share Based Payment | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share Based Payment | 13 Share Based Payment Share-based payments are quarterly restrictive share issuance to our Non-executive directors as instructed by their appointment letters. Share based payment comprise the following: Year 2018 Number of common shares Number of preferred shares Share premium Retained earnings Non-executive directors payment (1) 8,797 - 50 - Balance at December 31, 2018 8,797 - 50 - (1) These amounts relate to the shares issued in 2018, not to the shares approved for issuance for the year. Year 2017 Number of common shares Number of preferred shares Share premium Retained earnings Non-executive directors payment (1) 2,094 - 30 - Balance at December 31, 2017 2,094 - 30 - (1) These amounts relate to the shares issued in 2017, not to the shares approved for issuance for the year. Year 2016 Number of common shares Number of preferred shares Share premium Retained earnings Non-executive directors payment 4,790 - 50 - Balance at December 31, 2016 4,790 - 50 - For the year ended December 31, 2018: Non-executive director’s payments: Refers to the common shares issued or accrued during the year to the Company’s non-executive directors pursuant to their letters of appointment. For the year ended December 31, 2017: Non-executive director’s payments: Refers to the common shares issued or accrued during the year to the Company’s non-executive directors pursuant to their letters of appointment. For the year ended December 31, 2016: Non-executive director’s payments: Refers to the common shares issued or accrued during the year to the Company’s non-executive directors pursuant to their letters of appointment. Series A Preferred shares: Upon the former Chief Executive Officer’s resignation in July 2016, the 2,567 series A preferred shares, granted to him on April 20, 2012, were redeemed (Note 10). As of December 31, 2018, 2017 and 2016, there were no series A preferred shares outstanding. |
Voyage Expenses And Vessel Oper
Voyage Expenses And Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Voyage Expenses and Vessel Operating Expenses [Abstract] | |
Voyage Expenses and Vessel Operating Expenses | 14 Voyage Expenses and Vessel Operating Expenses Voyage expenses and vessel operating expenses in the consolidated statements of comprehensive loss consisted of the following: Voyage expenses consisted of: For the year ended December 31, 2018 2017 2016 Commissions 281 241 151 Bunkers expenses 716 968 593 Other voyage expenses 191 143 210 Total 1,188 1,352 954 In respect of the election to apply IFRS 15 fully retrospectively, for the year ended December 31, 2018, 2017 and 2016, Voyage expenses decreased by $668, $540 and $317, respectively (Note 2.2). Vessel operating expenses consisted of: For the year ended December 31, 2018 2017 2016 Crew wages and related costs 4,766 4,645 4,829 Insurance 607 742 798 Spares, repairs and maintenance 2,721 2,222 1,699 Lubricants 501 496 462 Stores 1,000 783 633 Other 330 247 267 Total 9,925 9,135 8,688 |
Administrative Expenses
Administrative Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Administrative Expenses [Abstract] | |
Administrative Expenses | 15 Administrative Expenses The amount shown in the consolidated statements of comprehensive loss is analysed as follows: For the year ended December 31, 2018 2017 2016 Personnel expenses 778 628 1,040 Audit fees 103 101 111 Travelling expenses 5 3 4 Consulting fees 76 54 28 Communication 9 11 19 Stationery 2 2 2 Greek authorities tax (note 20) 118 116 264 Other 265 309 626 Total 1,356 1,224 2,094 |
Interest Expense And Finance Co
Interest Expense And Finance Costs | 12 Months Ended |
Dec. 31, 2018 | |
Interest Expense and Finance Costs [Abstract] | |
Interest Expense and Finance Costs | 16 Interest Expense and Finance Costs The amounts in the consolidated statements of comprehensive loss are analysed as follows: For the year ended December 31, 2018 2017 2016 Interest payable on long-term borrowings 2.004 1,778 2,430 Bank charges 29 34 33 Amortization of debt discount 23 84 128 Other finance expenses - 325 85 Total 2.056 2,221 2,676 |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2018 | |
Dividends [Abstract] | |
Dividends | 17 Dividends Dividends declared and paid during the years ended December 31, 2018, 2017 and 2016, are as follows: No dividends were declared or paid on common shares during the years ended December 31, 2018 and 2017. No dividends declared on common shares during the year ended December 31, 2016. A final payment of $14 was made in January 2016 relating to dividends declared in 2015. No dividends declared or paid on the Company’s Series A Preferred shares during the year ended December 31, 2016. In July 2016, the 2,567 Series A Preferred shares were redeemed and, as of December 31, 2016, there were no Series A Preferred shares outstanding. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of contingent liabilities [abstract] | |
Contingencies | 18 Contingencies Various claims, suits and complaints, including those involving government regulations, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, environmental claims, agents, and insurers and from claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any such claims or contingent liabilities, which are material for disclosure. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Commitments [Abstract] | |
Commitments | 19 Commitments The Company enters into time charter and bareboat charter arrangements on its vessels. These non-cancellable arrangements had remaining terms between five days to seven months as of December 31, 2018 and between six days to two months as of December 31, 2017, assuming redelivery at the earliest possible date. Future net minimum lease revenues receivable under non-cancellable operating leases as of December 31, 2018 and 2017, were as follows (vessel off-hires and dry-docking days that could occur but are not currently known are not taken into consideration andearly delivery of the vessels by the charterers is not accounted for): 2018 2017 Within one year 2,991 1,548 Total 2,991 1,548 These amounts include consideration for other elements of the arrangement apart from the right to use the vessel such as maintenance and crewing and its related costs. At December 31, 2018 and 2017, the Company was a party to an operating lease agreement as lessee (note 4). The operating lease relates to the office premises at a monthly rate of Euro 10,360 (absolute amount) and for a lease period ending January 2, 2025. The future minimum lease payments under this agreement as of December 31, 2018 and 2017, assuming a Euro: US dollar exchange rate for 2018 1:1.14 and for 2017: 1:1.20, were as follows: 2018 2017 Within one year 142 149 After one year but not more than five years 567 596 More than five years 142 299 Total 851 1,044 Total rent expense under operating leases for the years ended December 31, 2018, 2017 and 2016, amounted to $147, $140 and $138 respectively. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax [abstract] | |
Income Tax | 20 Income Tax Under the laws of the countries of the vessel owning companies’ incorporation and / or vessels’ registration, vessel owning companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in vessel operating expenses in the accompanying consolidated statements of loss. Greek Authorities Tax In January 2013, the tax Law 4110/2013 amended the long-standing provisions of art. 26 of Law 27/1975 by imposing a fixed annual tonnage tax on vessels flying a foreign (i.e., non-Greek) flag which are managed by a Law 89/67 company, establishing an identical tonnage tax regime as the one already in force for vessels flying the Greek flag. This tax varies depending on the size of the vessel, calculated in gross registered tonnage, as well as on the age of each vessel. Payment of this tonnage tax satisfies all income tax obligations of both the shipowning company and of all its shareholders up to the ultimate beneficial owners. Any tax payable to the state of the flag of each vessel as a result of its registration with a foreign flag registry (including the Marshall Islands) is subtracted from the amount of tonnage tax due to the Greek tax authorities. As of December 31, 2018, 2017 and 2016, the tax expense under the law amounted to $118, $116 and $264, respectively and is included in administrative expenses in the consolidated statements of comprehensive loss. U.S. Federal Income Tax Globus is a foreign corporation with wholly owned subsidiaries that are foreign corporations, which derive income from the international operation of a ship or ships that earn United States (“U.S”) source shipping income for U.S. federal income tax purposes. Globus believes that to the best of its knowledge, under § 883 of the Internal Revenue Code, its income and the income of its ship-owning subsidiaries, to the extent derived from the international operation of a ship or ships, are currently exempt from U.S. federal income tax. The following is a summary, discussing the application of the U.S. federal income tax laws to the Company relating to income derived from the international operation of a ship or ships. The discussion and its conclusion are based upon existing U.S. federal income tax law, including the Internal Revenue Code (the “Code”) and final U.S. Treasury Regulations (the “Regs”) as currently in effect, all of which are subject to change, possibly with retroactive effect. Application of § 883 of the Code for the year ended December 31, 2018 In general, under § 883, certain non-U.S. corporations are not subject to U.S. federal income tax on their U.S. source income derived from the international operation of a ship or ships (“gross transportation income”). Absent § 883 or a tax treaty exemption, such income generally would be subject to a 4% gross basis tax, or in certain cases, to a net income tax plus a 30% branch profits tax. For this purpose, U.S. source gross transportation income includes 50% of the shipping income that is attributable to transportation that begins or ends (but that does not both begin and end) in the United States. Shipping income attributable to transportation exclusively between non-U.S. ports is generally not subject to any U.S. Federal income tax. “Shipping income” generally means income that is derived from: (a) the use of vessels; (b) the hiring or leasing of vessels for use on a time, operating or bareboat charter basis; (c) the participation in a pool, partnership, strategic alliance, joint operating agreement or other joint venture it directly or indirectly owns or participates in that generates such income; or (d) the performance of services directly related to those uses. The Regs provide that a foreign corporation will qualify for the benefits of § 883 if, in relevant part, the foreign country in which the foreign corporation is organized grants an equivalent exemption to corporations organized in the U.S. and the foreign corporation meets either the qualified shareholder test or the publicly traded test described below. Qualified Shareholder Test A foreign corporation having more than 50 percent of the value of its outstanding shares owned, directly or indirectly by application of specific attribution rules, for at least half of the number of days in the foreign corporation's taxable year by one or more qualified shareholders will meet the qualified shareholder test. In part, an individual who is a shareholder will be considered a qualified shareholder if he or she is a resident of a qualified foreign country (which means for this purpose that he or she is fully liable to tax in such country, and maintains a tax home in such country for 183 days or more in the taxable year, or certain other rules apply) and does not own his or her interest in the foreign corporation through bearer shares (except for bearer shares held in a dematerialized or immobilized book entry system), either directly or indirectly by application of the attribution rules. In addition, in order to meet the qualified shareholder test, a foreign corporation will need to obtain certifications from its qualified shareholders (including from intermediary entities) substantiating their stock ownership. Publicly Traded Test The Publicly Traded Test requires that one or more classes of equity representing more than 50% of the voting power and value in a non-United States corporation be “primarily and regularly traded” on an established securities market either in the United States or in a foreign country that grants an equivalent exemption. Among others, § 883 provides, in relevant part, that the shares of a non-United States corporation will be considered to be “primarily traded” on an established securities market in a country if the number of shares of each class of shares that are traded during any taxable year on all established securities markets in that country exceeds the number of shares in each such class that are traded during that year on established securities markets in any other single country. Notwithstanding the foregoing, § 883 provides, in relevant part, that a class of shares will not be considered to be “regularly traded” on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the vote and value of such class of outstanding shares which is referred as the 5 Percent Override Rule. In the event that the 5 Percent Override Rule is triggered, § 883 provides that such rule will not apply if the Company can establish that within the group of 5% shareholders, there are sufficient qualified shareholders within the meaning of § 883 to preclude non-qualified shareholders in such group from owning 50% or more of the total value of the Company’s common shares for more than half the number of days during the taxable year. For the year ended December 31, 2018, Globus and its wholly owned subsidiaries deriving income from the operation of international ships are organized in foreign countries that grant equivalent exemptions to corporations organized in the U.S. Globus has more than 50% of the value of its common stock for at least half of the number days of their taxable year indirectly owned in the form of registered shares by one individual residing in a qualified foreign country. Accordingly, all of Globus’ and its ship-owning or operating subsidiaries that rely on § 883 for exempting U.S. source income from the international operation of ships should not be subject to U.S. federal income tax for the year ended December 31, 2018. Globus anticipates it and its relevant subsidiaries income will continue to be exempt in the future from U.S. federal income tax. However, in the future, Globus or its subsidiaries may not continue to satisfy certain criteria in the U.S. tax laws and as such, may become subject to the U.S. federal income tax on future U.S. source shipping income. |
Financial Risk Management Objec
Financial Risk Management Objectives And Policies | 12 Months Ended |
Dec. 31, 2018 | |
Financial risk management objectives and policies [abstract] | |
Financial risk management objectives and policies | 21 Financial risk management objectives and policies The Company’s financial liabilities are bank loans, trade and other payables and the financial derivative instrument. The main purpose of these financial liabilities is to assist in the financing of Company’s operations and the acquisition of vessels. The Company has various financial assets such as trade accounts receivable and cash and short-term deposits, which arise directly from its operations. The main risks arising from the Company’s financial instruments are cash flow interest rate risk, credit risk, liquidity risk and foreign currency risk. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt obligations with floating interest rates. As of December 31, 2017, no borrowings were at a fixed rate of interest and as of December 31, 2018, 6% of the Company’s bank borrowings were at a fixed rate of interest. Interest rate risk table The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, of the Company’s loss. Increase/(Decrease) in basis points Effect on loss 2018 $ Libor 15 (60) -20 80 2017 $ Libor 15 (69) -20 86 Foreign currency risk The following table demonstrates the sensitivity to a reasonably possible change in the Euro exchange rate, with all other variables held constant, to the Company’s loss due to changes in the fair value of monetary assets and liabilities. The Company’s exposure to foreign currency changes for all other currencies as of December 31, 2018 and 2017, was not material. Change in rate Effect on loss 2018 +10% (284) -10% 284 2017 +10% (251) -10% 251 Credit risk The Company operates only with recognised, creditworthy third parties including major charterers, commodity traders and government owned entities. Receivable balances are monitored on an ongoing basis with the result that the Company’s exposure to impairment on trade accounts receivable is not significant. The maximum exposure is the carrying value of trade accounts receivable as indicated in the consolidated statement of financial position. With respect to the credit risk arising from other financial assets of the Company such as cash and cash equivalents, the Company’s exposure to credit risk arises from default of the counter parties, which are recognised financial institutions. The Company performs annual evaluations of the relative credit standing of these counter parties. The exposure of these financial instruments is equal to their carrying amount as indicated in the consolidated statement of financial position. Concentration of credit risk table: The following table provides information with respect to charterers who individually, accounted for approximately more than 10% of the Company’s revenue for the years ended December 31, 2018, 2017 and 2016: 2018 % 2017 % 2016 % A 3,679 21% 1,404 10% - - B 2,873 17% - - 890 11% C - - 1,849 13% - - D - - 1,459 11% - - E - - - - 1,013 12% Other 10,802 62% 9,140 66% 6,520 77% Total 17,354 100% 13,852 100% 8,423 100% Liquidity risk The Company mitigates liquidity risk by managing cash generated by its operations, applying cash collection targets appropriately. The vessels are normally chartered under time-charter, bareboat and spot agreements where, as per the industry practice, the charterer pays for the transportation service 15 days in advance, supporting the management of cash generation. Vessel acquisitions are carefully controlled, with authorisation limits operating up to board level and cash payback periods applied as part of the investment appraisal process. In this way, the Company maintains a good credit rating to facilitate fund raising. In its funding strategy, the Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans. Excess cash used in managing liquidity is only invested in financial instruments exposed to insignificant risk of changes in market value or are being placed on interest bearing deposits with maturities fixed usually for no more than 3 months. The Company monitors its risk relating to the shortage of funds by considering the maturity of its financial liabilities and its projected cash flows from operations. The table below summarises the maturity profile of the Company’s financial liabilities at December 31, 2018 and 2017, assuming that the banks will not demand the repayment of the loans before their maturity, based on contractual undiscounted cash flows. Year ended December 31, 2018 Less than 3 months 3 to 12 months 1 to 5 years More than 5 years Total Long-term debt 1,720 24,502 16, 465 - 42, 687 Accrued liabilities and other payables 1,319 - - - 1,319 Trade payables 6,433 - - - 6,433 Total 9,472 24,502 16,46 5 - 50,43 9 * This table includes both the derivative component and the non-derivative host. of the hybrid agreement with Firment Shipping Credit Facility (see Note 12) Year ended December 31, 2017 Less than 3 months 3 to 12 months 1 to 5 years More than 5 years Total Long-term debt 1,145 12,989 30,285 - 44,419 Accrued liabilities and other payables 1,455 - - - 1,455 Trade payables 4,258 - - - 4,258 Total 6,858 12,989 30,285 - 50,132 Capital management The primary objective of the Company’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Company manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares as well as managing the outstanding level of debt. Lenders may impose capital structure or solvency ratios (refer to note 12). No changes were made in the objectives, policies or processes during the years ended December 31, 2018 and 2017. The Company monitors capital using the ratio of net debt to book capitalisation adjusted for the market value of the Company’s vessels plus net debt. The Company includes within net debt, interest bearing loans gross of unamortized debt discount, less cash. Adjusted book capitalization refers to total equity adjusted for the market value of the Company’s vessels. The Company’s policy is to keep the ratio described above between a range of 60% - 80%. December 31, 2018 2017 Interest bearing loans 37,863 41,660 Cash (including restricted cash) (1,396) (2,966) Net debt 36,467 38,694 Equity 41,050 43,968 Adjustment for the market value of vessels (charter-free) (27,500) (31,970) Adjusted book capitalization 13,550 11,998 Adjusted book capitalization plus net debt 50,017 50,692 Ratio 73% 76% The Company’s objective is to maintain the ratio of net debt to adjusted capitalization plus net debt to the range of 60%- 80%. Net debt as calculated above is not consistent with the International Financial Reporting Standards (“IFRS”) definition of debt. The following reconciliation is provided: December 31, 2018 2017 Debt in accordance with IFRS (long and short-term borrowings) 36,868 41,538 Add: Unamortized debt discount 295 122 37,163 41,660 Less: Cash and bank balances and bank deposits (including restricted cash) 1,396 2,966 Net debt 35,767 38,694 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of fair value measurement of assets [abstract] | |
Fair values | 22 Fair values Carrying amounts and fair values The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy (as defined in note 2.28). It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as cash and cash equivalents, restricted cash, trade receivables and trade payables. Carrying amount Fair value (in thousands of USD) Other financial liabilities Level 1 Level 2 Level 3 Total December 31, 2018 Financial liabilities measured at fair value Derivative financial instruments 831 - - 831 831 831 Financial liabilities not measured at fair value Long - term borrowings 37,163 - 3 7 , 030 - 3 7 , 030 37,163 Carrying amount Fair value (in thousands of USD) Other financial liabilities Level 1 Level 2 Level 3 Total December 31, 2017 Financial liabilities not measured at fair value Long - term borrowings 41,538 - 41,219 - 41,219 41,538 Measurement of fair values Valuation techniques and significant unobservable inputs The following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs used. Financial instruments measured at fair value Type Valuation Techniques Significant unobservable inputs Derivative financial instruments Black-Scholes model Refer to Not e 2.30 Financial instruments not measured at fair value Type Valuation Techniques Significant unobservable inputs Long - term borrowings Discounted cash flow Discount rate Transfers between Level 1, 2 and 3 There were no transfers between these levels in 2017 and 2018. |
Events After The Reporting Peri
Events After The Reporting Period | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the reporting date | 23 Events after the reporting date On March 13, 2019, the Company signed a securities purchase agreement with a private investor and on the same date issued, for gross proceeds of $5 million, a senior convertible note (the “Convertible Note”) that is convertible into shares of the Company’s common stock, par value $0.004 per share. If not converted or redeemed beforehand pursuant to the terms of the Convertible Note, the Convertible Note matures upon the anniversary of its issue. The Convertible Note was issued in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). As of the date hereof, no conversion of the Convertible Note has occurred. The Convertible Note provides for interest to accrue at 10% annually, which interest shall be paid on the first anniversary of the Convertible Note’s issuance unless the Convertible Note is converted or redeemed pursuant to its terms beforehand. The interest may be paid in common shares of the Company, if certain conditions described within the Convertible Note are met. With respect to the Convertible Note, the Company also signed a registration rights agreement with the private investor pursuant to which it agreed to register for resale the shares that could be issued pursuant to the Convertible Note. The registration rights agreement contains liquidated damages if the Company is unable to register for resale the shares into which the Convertible Note may be converted, and maintain such registration. |
Basis Of Preparation And Sign_2
Basis Of Preparation And Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Preparation and Significant Accounting Policies [Abstract] | |
Going concern basis of accounting: | 2.1 Basis of Preparation: The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial statements are presented in U.S. dollars and all values are rounded to the nearest thousand ($ 000s) except when otherwise indicated. Going concern basis of accounting: As of December 31, 2018, the Company was not in compliance with the loan covenants of the agreement with Hamburg Commercial Bank AG (previously known as HSH Nordbank AG) which loan balance of $22.2 million matures through December 2019. The Company did not obtain waivers and the breached covenants contained in this loan agreement constitute an event of default. In the event of default under the Hamburg Commercial Bank AG loan agreement and, due to the cross-default provisions included in the agreement with Macquarie Bank International Limited, the Company’s lenders, Hamburg Commercial Bank AG and Macquarie Bank International Limited, can elect to declare the outstanding debt, together with accrued interest and other fees, to be immediately due and payable and proceed against the collateral securing that debt, which can constitute all or substantially all of the Company’s assets. Until the date of issuance of these consolidated financial statements no such action has been taken by the lenders against the Company. Accordingly, as the Company did not have an unconditional right to defer settlement of the outstanding loan with Macquarie Bank International Limited for at least twelve months after the date of these consolidated financial statements and, as it has not refinanced the outstanding loan with Hamburg Commercial Bank AG, the total balance of the loans outstanding to Macquarie Bank International Limited and to Hamburg Commercial Bank AG aggregating to $35,368 at December 31, 2018, have been classified as current. As a result, as of December 31, 2018, the Company reported a working capital deficit of $40,412. The Company’s cash flow projections indicated that cash on hand and cash to be generated by operating activities might not be sufficient to cover the liquidity needs, including the debt obligations that become due in the twelve-month period ending following the issuance of these consolidated financial statements. The above conditions raise substantial doubt about the entity's ability to continue as a going concern. The Company is exploring several alternatives aiming to manage its working capital requirements and other commitments, including drawdown of additional funds available of $12,800 under the facility with Firment Shipping Inc, if needed raising of additional debt and discussions with other financial institutions and private funds to provide the Company with refinancing of the existing loans. In this respect, on March 13, 2019, the Company signed a securities purchase agreement with a private investor and on the same date issued, for gross proceeds of $5 million, a senior convertible note (the “Convertible Note”) that is convertible into shares of the Company’s common stock, par value $0.004 per share. If not converted or redeemed beforehand pursuant to the terms of the Convertible Note, the Convertible Note matures upon the anniversary of its issue. The Company will use part of the proceeds from the Convertible Note for general corporate purposes and working capital including repayment of debt. Management expects that the lenders will not demand payment of the loans before their maturity, provided that the Company pays scheduled loan instalments and accumulated interest as they fall due under the existing loan agreements. Management plans to settle loan interest and scheduled loan repayments with cash at hand and cash expected to be generated from the operations and from financing activities. If for any reason the Company is unable to continue as a going concern, this could have an impact on the Company’s ability to realize assets at their recognized values and to extinguish liabilities in the normal course of business at the amounts stated in these consolidated financial statements. Statement of Compliance: These consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Basis of Consolidation: The consolidated financial statements comprise the financial statements of Globus and its subsidiaries listed in note 1. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All inter-company balances and transactions have been eliminated upon consolidation. Subsidiaries are fully consolidated from the date on which control is transferred to the Company and cease to be consolidated from the date on which control is transferred out of the Company. |
Standards amendments and interpretations: | 2.2 Standards amendments and interpretations: The accounting policies adopted are consistent with those of previous financial year except for the following amended IFRS which have been adopted by the Company as of January 1, 2018. IFRS 9 Financial Instruments: Classification and Measurement In July 2014, the IASB issued the complete version of IFRS 9 Financial Instruments. IFRS 9 Financial Instruments specifies how an entity should classify and measure financial assets and financial liabilities. The new standard requires all financial assets to be subsequently measured at amortized cost or fair value depending on the business model of the legal entity in relation to the management of the financial assets and the contractual cash flows of the financial assets. The standard also requires a financial liability to be classified as either at fair value through profit or loss or at amortized cost. In addition, a new hedge accounting model was introduced, that is designed to be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures. The Company has elected to take the transition relief and not to restate prior periods with respect to classification and measurement (including impairment). Accordingly, the information presented for 2017 has not been restated. The Company had no impact of transition to IFRS 9 on the opening balance of accumulated deficit. IFRS 15 Revenue from Contracts with Customers IFRS 15 establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard’s requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity’s ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. The Company elected to apply IFRS 15 fully retrospectively. The Company has assessed that this standard does not have a material effect on its consolidated financial statements. In addition, pursuant to this standard, as of January 1, 2018, the Company elected to present Voyage revenues net of address commissions. Address commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for this consideration provided to the charterer. These commissions are presented as a reduction of revenue in the accompanying consolidated statements of comprehensive loss. In this respect, for the year ended December 31, 2018, 2017 and 2016, Voyage revenues and Voyage expenses each decreased by $668, $540 and $317, respectively. IFRS 15: Revenue from Contracts with Customers (Clarifications) The objective of the Clarifications is to clarify the IASB’s intentions when developing the requirements in IFRS 15 Revenue from Contracts with Customers, particularly the accounting of identifying performance obligations amending the wording of the “separately identifiable” principle, of principal versus agent considerations including the assessment of whether an entity is a principal or an agent as well as applications of control principle and of licensing providing additional guidance for accounting of intellectual property and royalties. The Clarifications also provide additional practical expedients for entities that either apply IFRS 15 fully retrospectively or that elect to apply the modified retrospective approach. The Company has assessed that the adoption did not have a material effect on its consolidated financial statements, other than additional disclosure requirements in the notes to the consolidated financial statements, since the Company has chartered its vessels under time charter agreements, and in this respect revenue is accounted under the leases standard. IFRS 2: Classification and Measurement of Share based Payment Transactions (Amendments) The Amendments provide requirements on the accounting for the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments, for share-based payment transactions with a net settlement feature for withholding tax obligations and for modifications to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. The Company has assessed that these amendments have no impact on its financial position or performance. IFRIC INTERPETATION 22: Foreign Currency Transactions and Advance Consideration The Interpretation clarifies the accounting for transactions that include the receipt or payment of advance consideration in a foreign currency. The Interpretation covers foreign currency transactions when an entity recognizes a non-monetary asset or a non-monetary liability arising from the payment or receipt of advance consideration before the entity recognizes the related asset, expense or income. The Interpretation states that the date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-monetary prepayment asset or deferred income liability. If there are multiple payments or receipts in advance, then the entity must determine a date of the transactions for each payment or receipt of advance consideration. The Company has assessed that this interpretation has no impact on its financial position or performance. Standards issued but not yet effective and not early adopted: The standards and interpretations issued, but not yet effective, up to the date of issuance of the Company’s consolidated financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective. IFRS 16: Leases The standard is effective for annual periods beginning on or after January 1, 2019. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer (‘lessee’) and the supplier (‘lessor’). The new standard requires lessees to recognize most leases on their financial statements. Lessees will have a single accounting model for all leases, with certain exemptions. Lessor accounting is substantially unchanged. The standard is effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted for entities that apply IFRS 15 Revenue from Contracts with Customers at or before the date of initial application of IFRS 16. The Company will adopt IFRS 16 as of January 1, 2019. The Company expects that the most significant impact will be that the Company will recognize new assets and liabilities for its operating leases as lessee (for office rental). The Company identified the rental agreement with Cyberonica S.A., to give rise to a right of use asset and a corresponding liability estimated to approximately $674 as of January 1, 2019, calculated as the present value of minimum future lease payments. The discount rate used is the incremental cost of borrowing In addition, the nature and recognition of expenses related to those leases will change as IFRS 16 replaces the straight-line operating lease expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities. For time charters that qualify as leases, the Company will be required to disclose lease and non-lease components of lease revenue. The revenue earned under time charters is not negotiated in its two separate components, but as a whole. In order to prepare the future required disclosure, the residual allocation method will be used. The Company will estimate the non-lease component as the cost of operating the vessels by its technical department. The lease component to be disclosed then will be calculated as the difference between total revenue and the non-lease component revenue. The Company does not expect the adoption of IFRS 16 to impact its ability to comply with the loan covenants described in Note 12 Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting. IFRS 9 Amendment: Prepayment features with negative compensation The Amendment is effective for annual reporting periods beginning on or after January 1, 2019, with earlier application permitted. The Amendment allows financial assets with prepayment features that permit or require a party to a contract either to pay or receive reasonable compensation for the early termination of the contract (so that, from the perspective of the holder of the asset there may be ‘negative compensation’), to be measured at amortized cost or at fair value through other comprehensive income. Management does not expect that these amendments will have an impact on the Company’s financial position or performance. IAS 28 Amendments: Long-term Interests in Associates and Joint Ventures The Amendments are effective for annual reporting periods beginning on or after January 1, 2019, with earlier application permitted. The Amendments relate to whether the measurement, in particular impairment requirements, of long term interests in associates and joint ventures that, in substance, form part of the ‘net investment’ in the associate or joint venture should be governed by IFRS 9, IAS 28 or a combination of both. The Amendments clarify that an entity applies IFRS 9 Financial Instruments, before it applies IAS 28, to such long-term interests for which the equity method is not applied. In applying IFRS 9, the entity does not take account of any adjustments to the carrying amount of long- term interests that arise from applying IAS 28. Management does not expect that these amendments will have an impact on its financial position or performance. IFRIC INTERPETATION 23: Uncertainty over Income Tax Treatments The Interpretation is effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12. The Interpretation provides guidance on considering uncertain tax treatments separately or together, examination by tax authorities, the appropriate method to reflect uncertainty and accounting for changes in facts and circumstances. The Company does not expect that this interpretation will have an impact on the Company’s financial position or performance. IAS 19: Plan Amendment, Curtailment or Settlement (Amendments) The Amendments are effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. The amendments require entities to use updated actuarial assumptions to determine current service cost and net interest for the remainder of the annual reporting period after a plan amendment, curtailment or settlement has occurred. The amendments also clarify how the accounting for a plan amendment, curtailment or settlement affects applying the asset ceiling requirements. Management does not expect that these amendments will have an impact on the Company’s financial position or performance. IFRS 3: Business Combinations (Amendments) The IASB issued amendments in Definition of a Business (Amendments to IFRS 3) aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. The Amendments are effective for business combinations for which the acquisition date is in the first annual reporting period beginning on or after 1 January 2020 and to asset acquisitions that occur on or after the beginning of that period, with earlier application permitted. Management does not expect that these amendments will have an impact on the Company’s financial position or performance. IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of ‘material’ (Amendments) The Amendments are effective for annual periods beginning on or after January 1, 2020, with earlier application permitted. The Amendments clarify the definition of material and how it should be applied. The new definition states that, ’Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity’. In addition, the explanations accompanying the definition have been improved. The Amendments also ensure that the definition of material is consistent across all IFRS Standards. Management does not expect that these amendments will have an impact on the Company’s financial position or performance. The IASB has issued the Annual Improvements to IFRSs 2015 – 2017 Cycle , which is a collection of amendments to IFRSs. The amendments are effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. Management is in the process of assessing the impact of these Amendments on the Company’s financial position or performance. IFRS 3 Business Combinations and IFRS 11 Joint Arrangements : The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. The amendments to IFRS 11 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. IAS 12 Income Taxes : The amendments clarify that the income tax consequences of payments on financial instruments classified as equity should be recognized according to where the past transactions or events that generated distributable profits has been recognized. IAS 23 Borrowing Costs : The amendments clarify paragraph 14 of the standard that, when a qualifying asset is ready for its intended use or sale, and some of the specific borrowing related to that qualifying asset remains outstanding at that point, that borrowing is to be included in the funds that an entity borrows generally. |
Significant accounting policies, judgments, estimates and assumptions: | 2.3 Significant accounting policies, judgments, estimates and assumptions: The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenues and expenses recognised during the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future. Judgments: In the process of applying the Company’s accounting policies, management has made the following judgments that had a significant effect on the amounts recognised in the consolidated financial statements. Allowance for doubtful trade accounts receivable: Following adoption of IFRS 9 as of January 1, 2018, the Company measures allowance for all trade accounts receivable under the simplified model using the lifetime expected credit loss (“ECL”) approach. When estimating ECLs, the Company considers reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. The application of the ECL requirements under IFRS 9 did not result in the recognition of an impairment charge under the new impairment model. Provisions for doubtful trade accounts receivable as of December 31, 2018 and 2017 were $68 and $138, respectively. No extra allowance for impairment over these receivables was recognized in opening accumulated deficit at January 1, 2018, on transition to IFRS 9. Estimates and assumptions: The key assumptions concerning the future and other key sources of estimation uncertainty at the financial position date, that have a significant risk of causing a significant adjustment to the carrying amount of assets and liabilities within the next financial year, are discussed below. The Company based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur. Carrying amount of vessels, net : Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs and the amortization of the component attributable to favourable or unfavourable lease terms relative to market terms) and accumulated impairment losses. The estimates and assumptions that have the most significant effect on the vessels carrying amount are estimations in relation to useful lives of vessels, their residual value and estimated dry docking dates. The key assumptions used are further explained in notes 2.9 to 2.13. Impairment of Non-Financial Assets : The Company’s impairment test for non-financial assets is based on the assets’ recoverable amount, where the recoverable amount is the greater of fair value less costs to sell and value in use. The Company engaged independent valuation specialists to determine the fair value of non-financial assets as at December 31, 2018. The value in use calculation is based on a discounted cash flow model. The value in use calculation is most sensitive to the discount rate used for the discounted cash flow model as well as the expected net cash flows and the growth rate used for extrapolation. See notes 2.13 and 5 . Share based payments : The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based payment transactions may require determination of the most appropriate valuation model, which is depended on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including, expected volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in note 13. |
Accounting for revenue and related expenses: | 2.4 Accounting for revenue and related expenses: The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using time charters and bareboat, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate. If a time charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognised on a straight-line basis over the period of the time charter. Such revenues are treated in accordance with IAS 17 as lease income as explained in note 2.23 below. Associated voyage expenses are recognised on a pro-rata basis over the duration of the period of the time charter. Deferred revenue relates to cash received prior to the financial position date and is related to revenue earned after such date. Interest income : interest income is recognised as interest on an accrual basis. Voyage expenses : Voyage expenses primarily consisting of port, canal and bunker expenses that are unique to a particular charter under time charter arrangements are paid by the charterer. Furthermore, voyage expenses include brokerage commission on revenue paid by the Company. Voyage expenses are accounted for on an accrual basis. Under a bareboat charter, the charterer assumes responsibility for all voyage expenses and risk of operation. Vessel operating expenses : Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs. Under time charter arrangements, these expenses are paid by the charterer and by the Company under voyage charter arrangements. Vessel operating expenses are accounted for on an accruals basis. Under a bareboat charter, the charterer assumes responsibility for all vessel operating expenses and risk of operation. |
Foreign currency translation: | 2.5 Foreign currency translation: The functional currency of Globus and its subsidiaries is the U.S. dollar, which is also the presentation currency of the Company, since the Company’s vessels operate in international shipping markets, whereby the U.S. dollar is the currency used for transactions. Transactions involving other currencies during the period are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the financial position dates, monetary assets and liabilities, which are denominated in currencies other than the U.S. dollar, are translated into the functional currency using the period-end exchange rate. Gains or losses resulting from foreign currency transactions are included in foreign exchange gains/(losses), net in the consolidated statement of comprehensive loss. |
Cash and cash equivalents: | 2.6 Cash and cash equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with original maturity of three months or less to be cash and cash equivalents. |
Trade receivables, net: | 2.7 Trade accounts receivable, net : The amount shown as trade accounts receivable at each financial position date includes estimated recoveries from charterers for hire, freight and demurrage billings, net of an allowance for doubtful accounts. Trade accounts receivable without a significant financing component are initially measured at their transaction price and subsequently measured at amortized cost less impairment losses, which are recognized in the consolidated statement of comprehensive loss. At each financial position date, all potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate allowance for doubtful accounts. The provision for doubtful accounts at December 31, 2018 was $68 (2017: $138). |
Inventories: | 2.8 Inventories: Inventories consist of lubricants, bunkers and gas cylinders and are stated at the lower of cost and net realisable value. The cost is determined by the first-in, first-out method. |
Vessels, net: | 2.9 Vessels, net: Vessels are stated at cost, less accumulated depreciation (including depreciation of dry-docking costs and amortization of components attributable to favourable or unfavourable lease terms relative to market terms) and accumulated impairment losses. Vessel cost consists of the contract price for the vessel and any material expenses incurred upon acquisition (initial repairs, improvements and delivery expenses, interest, commissions paid and on-site supervision costs incurred during the construction periods). Any seller’s credit, i.e., amounts received from the seller of the vessels until date of delivery is deducted from the cost of the vessel. Subsequent expenditures for conversions and major improvements are also capitalised when the recognition criteria are met. Otherwise these amounts are charged to expenses as incurred. |
Deferred dry-docking costs: | 2.10 Deferred dry-docking costs: Vessels are required to be dry-docked for major repairs and maintenance that cannot be performed while the vessels are operating. Dry-dockings occur approximately every 2.5 years. The costs associated with the dry-dockings are capitalised and depreciated on a straight-line basis over the period between dry-dockings, to a maximum of 2.5 years. At the date of acquisition of a vessel, management estimates the component of the cost that corresponds to the economic benefit to be derived until the first scheduled dry-docking of the vessel under the ownership of the Company and this component is depreciated on a straight-line basis over the remaining period through the estimated dry-docking date. |
Depreciation: | 2.11 Depreciation : The cost of each of the Company’s vessels is depreciated on a straight-line basis over each vessel’s remaining useful economic life, after considering the estimated residual value of each vessel, beginning when the vessel is ready for its intended use. Management estimates that the useful life of new vessels is 25 years, which is consistent with industry practice. The residual value of a vessel is the product of its lightweight tonnage and estimated scrap value per lightweight ton. The residual values and useful lives are reviewed at each reporting date and adjusted prospectively. During the second quarter of 2016, the Company reduced the scrap rate from $240/ton to $200/ton due to the reduced scrap rates worldwide. This resulted to an additional depreciation expense of $96 included in the consolidated statement of comprehensive loss for 2016. During the third quarter of 2017, the Company adjusted the scrap rate from $200/ton to $250/ton due to the increased scrap rates worldwide. This resulted to a decrease of $86 to the depreciation charge included in the consolidated statement of comprehensive loss for 2017. During the first quarter of 2018, the Company adjusted the scrap rate from $250/ton to $300/ton due to the increased scrap rates worldwide. This resulted to a decrease of $178 to the depreciation charge included in the consolidated statement of comprehensive loss for 2018. |
Amortization of lease component: | 2.12 Amortization of lease component: When the Company acquires a vessel subject to an operating lease, it amortizes the amount reflected in the cost of that vessel that is attributable to favourable or unfavourable lease terms relevant to market terms, over the remaining term of the lease . The amortization is included in the line “amortization of fair value of time charter attached to vessels” in the income statement component of the consolidated statement of comprehensive loss. |
Impairment of non-financial assets: | 2.13 Impairment of non-financial assets: The Company assesses at each reporting date whether there is an indication that a vessel may be impaired. The vessel’s recoverable amount is estimated when events or changes in circumstances indicate the carrying value may not be recoverable. If such indication exists and where the carrying value exceeds the estimated recoverable amounts, the vessel is written down to its recoverable amount. The recoverable amount is the greater of fair value less costs to sell and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the vessel. Impairment losses are recognised in the consolidated statement of comprehensive loss. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the consolidated statement of comprehensive loss. After such a reversal, the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life (refer to note 5). |
Long-term debt: | 2.14 Long-term debt : Long-term debt is initially recognised at the fair value of the consideration received net of financing costs directly attributable to the borrowing. After initial recognition, long-term debt is subsequently measured at amortized cost using the effective interest rate method. Amortized cost is calculated by taking into account any financing costs and any discount or premium on settlement. Gains and losses are recognised in the income statement component of the consolidated statement of comprehensive loss when the liabilities are derecognised or impaired, as well as through the amortization process. |
Financing costs: | 2.15 Financing costs: Fees incurred for obtaining new loans or refinancing existing loans are deferred and amortized over the life of the related debt, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made. For the year ended December 31, 2018, the Company deferred financing costs of $253, which relate to the costs incurred for the new loan agreement with Macquarie Bank International Limited (see Note 12 for more details). For the years ended December 31, 2017 and 2016, the Company did not incur any financing costs. |
Borrowing costs: | 2.16 Borrowing costs: Borrowing costs consist of interest and other costs that the Company incurs in connection with the borrowing of funds. Borrowing costs are expensed to the income statement component of the consolidated statement of comprehensive loss as incurred under “interest expense and finance costs” except borrowing costs that relate to a qualifying asset. A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use. Borrowing costs that relate to qualifying assets are capitalised. |
Operating segment: | 2.17 Operating segment: The Company reports financial information and evaluates its operations by charter revenues and not by other factors such as length of ship employment for its customers i.e., spot or time charters or type of vessel. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates as one operating segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable. |
Provisions and contingencies: | 2.18 Provisions and contingencies: Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and, a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at each financial position date and adjusted to reflect the present value of the expenditure expected to be required to settle the obligation. Contingent liabilities are not recognized in the consolidated financial statements but are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote, in which case there is no disclosure. Contingent assets are not recognized in the consolidated financial statements but are disclosed when an inflow of economic benefits is probable. |
Pension and retirement benefit obligations: | 2.19 Pension and retirement benefit obligations: The crew on board the vessels owned by the ship-owning companies owned by Globus is under short-term contracts (usually up to nine months) and, accordingly, no one is liable for any pension or post-retirement benefits payable to the crew. Provision for employees’ severance compensation: The Greek employees, of the Company are bound by the Greek Labour law. Accordingly, compensation is payable to such employees upon dismissal or retirement. The amount of compensation is based on the number of years of service and the amount of remuneration at the date of dismissal or retirement. If the employee remains in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. The number of employees that will remain with the Company until retirement age is not known. The Company has provided for the employees’ retirement compensation liability which amounted to $87 as at December 31, 2018 (2017: $82), calculated by using the Projected Unit Credit Method and disclosed under non-current liabilities in the consolidated statement of financial position. |
Offsetting of financial assets and liabilities: | 2.20 Offsetting of financial assets and liabilities: Financial assets and liabilities are offset and the net amount is presented in the consolidated financial position only when the Company has a legally enforceable right to set off the recognised amounts and intend either to settle such asset and liability on a net basis or to realize the asset and settle the liability simultaneously. |
Financial assets and liabilities: | 2.21 Financial assets and liabilities: i. Classification and measurement of financial assets and financial liabilities IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity, loans and receivables and available for sale. Under IFRS 9, on initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: it is held within a business model whose objective is to hold assets to collect contractual cash flows; and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition. ii. Impairment of financial assets IFRS 9 replaces the 'incurred loss' model in IAS 39 with an 'expected credit loss' (ECL) model. The new impairment model applies to financial assets measured at amortized cost, contract assets and debt investments at FVOCI, but not to investments in equity instruments. Under IFRS 9, credit losses are recognized earlier than under IAS 39. The financial assets at amortized cost consist of trade receivables and cash and cash equivalents. Under IFRS 9, loss allowances are measured on either of the following bases: 12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analyses, based on the Company's historical experience and informed credit assessment and including forward-looking information. The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 180 days past due. The Company considers a financial asset to be in default when: the counterparty is unlikely to pay its contractual obligations to the Company in full, without recourse by the Company to actions such as realising security (if any is held); or the financial asset is more than 1 year past due. The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between cash flows due to the entity in accordance with the contract and cash flows that the Company expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The Company has determined that the application of IFRS 9's impairment requirements at January 1, 2018, has not resulted to any additional impairment allowance. iii. Derecognition of financial assets A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where: the rights to receive cash flows from the asset have expired; the Company retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a “pass-through” arrangement; or the Company has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Where the Company has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Company’s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay. iv. Derecognition of Financial liabilities: A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and, the difference in the respective carrying amounts is recognised in profit or loss. |
Leases - where the Company is the lessee: | 2.22 Leases – where the Company is the lessee: Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the income statement component of the consolidated statement of comprehensive loss on a straight-line basis over the period of the lease. |
Leases - where an entity is the lessor: | 2.23 Leases – where an entity is the lessor: Leases of vessels where the entity does not transfer substantially all the risks and benefits of ownership of the vessel are classified as operating leases. Lease income on operating leases is recognised on a straight-line basis over the lease term. Contingent rents are recognised as revenue in the period in which they are earned. |
Insurance: | 2.24 Insurance: The Company recognizes insurance claim recoveries for insured losses incurred on damage to vessels. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s vessels suffer insured damages. They include the recoveries from the insurance companies for the claims, provided there is evidence the amounts are virtually certain to be received. |
Share based compensation: | 2.25 Share based compensation: Globus operates equity-settled, share-based compensation plans. The value of the service received in exchange of the grant of shares is recognized as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the share awards at the grant date. The relevant expense is recognized in the income statement component of the consolidated statement of comprehensive loss, with a corresponding impact in equity. |
Share capital: | 2.26 Share capital : Common shares and preferred shares are classified as equity. Incremental costs directly attributable to the issue of new shares are recognised in equity as a deduction from the proceeds. |
Dividends: | 2.27 Dividends : Dividends to shareholders are recognised in the period in which the dividends are declared and appropriately authorised and are accounted for as dividends payable until paid. |
Fair value measurement: | 2.28 Fair value measurement: The Company measures financial instruments, such as, derivatives and non-financial assets at fair value at each reporting date. In addition, fair values of financial instruments measured at amortised cost are disclosed in note 22. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either, a) in the principal market for the asset or the liability or b) in the absence of a principal market, in the most advantageous market for the asset or liability both being accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that the market participants would use when pricing the asset or liability, assuming that the market participants act in their best economic interest. A fair value measurement of a non-financial asset takes into account the market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. The Company uses the following hierarchy for determining and disclosing the fair value of assets and liabilities by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization at the end of each reporting period. The Company engaged independent valuation specialists to determine the fair value of non-financial assets |
Current versus non-current classification: | 2.29 Current versus non-current classification: The Company presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification. An asset as current when it is: Expected to be realised or intended to be sold or consumed in a normal operating cycle Held primarily for the purpose of trading Expected to be realised within twelve months after the reporting period Cash or cash equivalent All other assets are classified as non-current. A liability is current: It is expected to be settled in a normal operating cycle It is held primarily for the purpose of trading It is due to be settled within twelve months after the reporting period There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current |
Embedded Derivatives: | 2.30 Embedded Derivatives: An embedded derivative is a component of a hybrid contract that also includes a non-derivative host, with the effect that some of the cash flows of the combined instrument vary in a way similar to a stand-alone derivative. An embedded derivative is separated from the host contract if, and only if (IFRS 9.4.3.3): (a) the economic characteristics and risks of the embedded derivative are not closely related to the economic characteristics and risks of the host; (b) a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and (c) the hybrid contract is not measured at fair value with changes in fair value recognised in profit or loss (i.e. a derivative that is embedded in a financial liability at fair value through profit or loss is not separated). The Company’s embedded derivativesare separated to the derivative component and the non-derivative host. The derivative component is shown separately from the non-derivative host in the consolidated statement of financial position at fair value. The changes in the fair value of the derivative financial instrument are recognized in the consolidated statement of comprehensive loss. The Company has determined there are derivative financial liabilities as of December 31, 2018 (see Note 12). The fair value of the embedded derivative instrument at December 31, 2018, is estimated using the Black-Scholes option-pricing model with the following assumptions: (a) no dividend yield as the Company does not expect to pay a dividend on the foreseeable future, (b) weighted average expected volatility of 80%, (c) risk free rate of 2.48% determined by management using the applicable Treasury Bill as of the measurement date, (d) market value of common stock $2.88 and (e) expected life of 1.89 years as at December 31, 2018. |
Basis of presentation and gen_2
Basis of presentation and general information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of subsidiaries [abstract] | |
Basis of presentation and general information | Company Country of Incorporation Vessel Delivery Date Vessel Owned Globus Shipmanagement Corp. Marshall Islands - Management Co Devocean Maritime Ltd. Marshall Islands December 18, 2007 m/v River Globe Domina Maritime Ltd. Marshall Islands May 19, 2010 m/v Sky Globe Dulac Maritime S.A. Marshall Islands May 25, 2010 m/v Star Globe Artful Shipholding S.A. Marshall Islands June 22, 2011 m/v Moon Globe Longevity Maritime Limited Malta September 15, 2011 m/v Sun Globe |
Cash and cash equivalents and_2
Cash and cash equivalents and Restricted cash (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents and Restricted cash | December 31, 2018 2017 Cash on hand 46 - Cash at banks - 2,756 Total 46 2,756 |
Transactions with Related par_2
Transactions with Related parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |
Compensation of non-executive directors | For the year ended December 31, 2018 2017 2016 Director’s remuneration 145 145 130 Share-based payments 40 40 35 Total 185 185 165 |
Compensation of executive director | For the year ended December 31, 2018 2017 2016 Short-term employee benefits 235 229 82 Share-based payments - - 15 Total 235 229 97 |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Vessels, net [Abstract] | |
Vessels, net - Consolidated statement of financial position | Vessels cost Vessels accumulated depreciation Dry docking costs Accumulated depreciation of dry docking costs Net Book Value Balance at January 1, 2016 198,803 (90,086) 3,976 (2,618) 110,075 Additions/ (Dry Docking Component) - - 478 - 478 Sale of subsidiary (19,647) 7,200 (600) 276 (12,771) Depreciation expense - (4,985) - (1,005) (5,990) Balance at December 31, 2016 179,156 (87,871) 3,854 (3,347) 91,792 Additions/ (Dry Docking Component) 245 - 976 - 1,221 Depreciation expense - (4,831) - (862) (5,693) Balance at December 31, 2017 179,401 (92,702) 4,830 (4,209) 87,320 Additions/ (Dry Docking Component) 26 - 2,148 - 2,174 Depreciation expense - (4,578) - (1,166) (5,744) Balance at December 31, 2018 179,427 (97,280) 6,978 (5,375) 83,750 |
Vessels, net - Consolidated statement of comprehensive loss | For the year ended December 31, 2018 2017 2016 Vessels depreciation 4,578 4,831 4,985 Depreciation on office furniture and equipment 23 23 29 Total 4,601 4,854 5,014 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Inventories | December 31, 2018 2017 Lubricants 313 328 Gas cylinders 78 63 Bunkers 259 270 Total 650 661 |
Prepayments and other assets (T
Prepayments and other assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Prepayments and other assets [Abstract] | |
Prepayments and other assets | December 31, 2018 2017 Bunkers - 216 Other prepayments and other assets 171 210 Total 171 426 |
Accrued liabilities and other_2
Accrued liabilities and other payables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accrued liabilities and other payables [Abstract] | |
Accrued liabilities and other payables | December 31, 2018 2017 Accrued interest 114 274 Accrued audit fees 57 - Other accruals 999 996 Insurance deductibles 102 139 Other payables 47 46 Total 1,319 1,455 |
Share Capital and Share Premi_2
Share Capital and Share Premium (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |
Authorised share capital | December 31, 2018 2017 2016 Authorised share capital: 500,000,000 Common shares of par value $0.004 each 2,000 2,000 2,000 100,000,000 Class B Common shares of par value $0.001 each 100 100 100 100,000,000 Preferred shares of par value $0.001 each 100 100 100 Total authorised share capital 2,200 2,200 2,200 |
Common shares issued and fully paid | Common Shares issued and fully paid Number of shares USD As at January 1, 2016 257,965 1 Issued during the year for share based compensation (note 13) 4,790 - As at December 31, 2016 262,755 1 Issued during the year for share based compensation (note 13) 2,094 - Issuance of common stock 2,750,000 11 Issuance of common stock due to exercise of warrants 148,181 1 As at December 31, 2017 3,163,030 13 Issued during the year for share based compensation (note 13) 8,797 - Issuance of common stock due to exercise of warrants 37,500 - As at December 31, 2018 3,209,327 13 |
Series A Preferred Shares issued | Series A Preferred Shares issued Number of shares USD As a January 1, 2016 2,567 2 Issued during the year - - Shares redeemed by the issuer (2,567) (2) As at December 31, 2016 - - Issued during the year - - As at December 31, 2017 - - Issued during the year - - As at December 31, 2018 - - |
Loss per share (Tables)
Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Loss per share [abstract] | |
Loss per Share | For the year ended December 31, 2018 2017 2016 Loss attributable to common equity holders (3,568) (6,475) (9,825) Weighted average number of shares for basic and diluted LPS 3,200,927 2,574,995 260,384 |
Long-Term Debt, net (Tables)
Long-Term Debt, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [abstract] | |
Long-Term Debt, net - Consolidated statement of financial position | Borrower Loan Balance Unamortized Debt Discount Total Borrowings (a) Devocean Maritime Ltd., Domina Maritime Ltd. & Dulac Maritime S.A. 22,163 (46) 22,117 (c) Globus Maritime Ltd. 1,500 - 1,500 (d) Artful Shipholding S.A. & Longevity Maritime Limited 13,500 (249) 13,251 Total at December 31, 2018 37,163 (295) 36,868 Less: Current Portion (35,663) 295 (35,368) Long-Term Portion 1,500 - 1,500 Total at December 31, 2017 41,660 (122) 41,538 Less: Current Portion (41,660) 122 (41,538) Long-Term Portion - - - |
Long-Term Debt, net - Annual loan principal paymetns | The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2018, assuming that the banks will not demand the repayment of the loans before their maturity, were as follows: (a) (c) (d) Hamburg Commercial Bank AG Firment Shipping Inc. Macquarie Bank International Limited Total December 31 Advance (A) Advance (B) 2019 22,163 - 889 882 23.934 2020 - 2,200 889 882 3.971 2021 - - 889 882 1.771 2022 - - 889 882 1.771 2023 and thereafter - - 2,444 3.972 6.416 Total 22,163 2,200 6,000 7,500 37.863 The contractual annual loan principal payments per bank loan to be made subsequent to December 31, 2017, assuming that the banks would not demand the repayment of the loans before their maturity, were as follows: (a) (b) Hamburg Commercial Bank AG DVB Bank Total December 31 Tranche (A) Tranche (B) 2018 2,774 8,380 1,249 12,403 2019 22,163 - 7,094 29,257 2020 and thereafter - - - - Total 24,937 8,380 8,343 41,660 |
Share Based Payment (Tables)
Share Based Payment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share Based Payment | Year 2018 Number of common shares Number of preferred shares Share premium Retained earnings Non-executive directors payment (1) 8,797 - 50 - Balance at December 31, 2018 8,797 - 50 - (1) These amounts relate to the shares issued in 2018, not to the shares approved for issuance for the year. Year 2017 Number of common shares Number of preferred shares Share premium Retained earnings Non-executive directors payment (1) 2,094 - 30 - Balance at December 31, 2017 2,094 - 30 - (1) These amounts relate to the shares issued in 2017, not to the shares approved for issuance for the year. Year 2016 Number of common shares Number of preferred shares Share premium Retained earnings Non-executive directors payment 4,790 - 50 - Balance at December 31, 2016 4,790 - 50 - |
Voyage Expenses and Vessel Op_2
Voyage Expenses and Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Voyage Expenses and Vessel Operating Expenses [Abstract] | |
Voyage Expenses and Vessel Operating Expenses | Voyage expenses consisted of: For the year ended December 31, 2018 2017 2016 Commissions 281 241 151 Bunkers expenses 716 968 593 Other voyage expenses 191 143 210 Total 1,188 1,352 954 Vessel operating expenses consisted of: For the year ended December 31, 2018 2017 2016 Crew wages and related costs 4,766 4,645 4,829 Insurance 607 742 798 Spares, repairs and maintenance 2,721 2,222 1,699 Lubricants 501 496 462 Stores 1,000 783 633 Other 330 247 267 Total 9,925 9,135 8,688 |
Administrative Expenses (Tables
Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Administrative Expenses [Abstract] | |
Administrative Expenses | For the year ended December 31, 2018 2017 2016 Personnel expenses 778 628 1,040 Audit fees 103 101 111 Travelling expenses 5 3 4 Consulting fees 76 54 28 Communication 9 11 19 Stationery 2 2 2 Greek authorities tax (note 20) 118 116 264 Other 265 309 626 Total 1,356 1,224 2,094 |
Interest Expense and Finance _2
Interest Expense and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interest Expense and Finance Costs [Abstract] | |
Interest Expense and Finance Costs | For the year ended December 31, 2018 2017 2016 Interest payable on long-term borrowings 2.004 1,778 2,430 Bank charges 29 34 33 Amortization of debt discount 23 84 128 Other finance expenses - 325 85 Total 2.056 2,221 2,676 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments [Abstract] | |
Future minimum lease revenues receivable under non-cancellable operating leases | 2018 2017 Within one year 2,991 1,548 Total 2,991 1,548 |
Future minimum lease payments | 2018 2017 Within one year 142 149 After one year but not more than five years 567 596 More than five years 142 299 Total 851 1,044 |
Financial risk management obj_2
Financial risk management objectives and policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial risk management objectives and policies [abstract] | |
Interest rate risk | Increase/(Decrease) in basis points Effect on loss 2018 $ Libor 15 (60) -20 80 2017 $ Libor 15 (69) -20 86 |
Foreign currency risk | Change in rate Effect on loss 2018 +10% (284) -10% 284 2017 +10% (251) -10% 251 |
Concentration of credit risk table | 2018 % 2017 % 2016 % A 3,679 21% 1,404 10% - - B 2,873 17% - - 890 11% C - - 1,849 13% - - D - - 1,459 11% - - E - - - - 1,013 12% Other 10,802 62% 9,140 66% 6,520 77% Total 17,354 100% 13,852 100% 8,423 100% |
Liquidity risk | Year ended December 31, 2018 Less than 3 months 3 to 12 months 1 to 5 years More than 5 years Total Long-term debt 1,720 24,502 16, 465 - 42, 687 Accrued liabilities and other payables 1,319 - - - 1,319 Trade payables 6,433 - - - 6,433 Total 9,472 24,502 16,46 5 - 50,43 9 * This table includes both the derivative component and the non-derivative host. of the hybrid agreement with Firment Shipping Credit Facility (see Note 12) Year ended December 31, 2017 Less than 3 months 3 to 12 months 1 to 5 years More than 5 years Total Long-term debt 1,145 12,989 30,285 - 44,419 Accrued liabilities and other payables 1,455 - - - 1,455 Trade payables 4,258 - - - 4,258 Total 6,858 12,989 30,285 - 50,132 |
Capital management | Adjusted book capitalization refers to total equity adjusted for the market value of the Company’s vessels. The Company’s policy is to keep the ratio described above between a range of 60% - 80%. December 31, 2018 2017 Interest bearing loans 37,863 41,660 Cash (including restricted cash) (1,396) (2,966) Net debt 36,467 38,694 Equity 41,050 43,968 Adjustment for the market value of vessels (charter-free) (27,500) (31,970) Adjusted book capitalization 13,550 11,998 Adjusted book capitalization plus net debt 50,017 50,692 Ratio 73% 76% The Company’s objective is to maintain the ratio of net debt to adjusted capitalization plus net debt to the range of 60%- 80%. Net debt as calculated above is not consistent with the International Financial Reporting Standards (“IFRS”) definition of debt. The following reconciliation is provided: December 31, 2018 2017 Debt in accordance with IFRS (long and short-term borrowings) 36,868 41,538 Add: Unamortized debt discount 295 122 37,163 41,660 Less: Cash and bank balances and bank deposits (including restricted cash) 1,396 2,966 Net debt 35,767 38,694 |
Fair values (Tables)
Fair values (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of fair value measurement of assets [abstract] | |
Fair value measurement | Carrying amount Fair value (in thousands of USD) Other financial liabilities Level 1 Level 2 Level 3 Total December 31, 2018 Financial liabilities measured at fair value Derivative financial instruments 831 - - 831 831 831 Financial liabilities not measured at fair value Long - term borrowings 37,163 - 3 7 , 030 - 3 7 , 030 37,163 Carrying amount Fair value (in thousands of USD) Other financial liabilities Level 1 Level 2 Level 3 Total December 31, 2017 Financial liabilities not measured at fair value Long - term borrowings 41,538 - 41,219 - 41,219 41,538 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Table) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Globus Shipmanagement Corp. | |
Disclosure of subsidiaries | |
Country of Incorporation | Marshall Islands |
Vessel Owned | Management Co. |
Devocean Maritime Ltd. | |
Disclosure of subsidiaries | |
Country of Incorporation | Marshall Islands |
Vessel Delivery Date | December 18, 2007 |
Vessel Owned | m/v River Globe |
Domina Maritime Ltd. | |
Disclosure of subsidiaries | |
Country of Incorporation | Marshall Islands |
Vessel Delivery Date | May 19, 2010 |
Vessel Owned | m/v Sky Globe |
Dulac Maritime S.A. | |
Disclosure of subsidiaries | |
Country of Incorporation | Marshall Islands |
Vessel Delivery Date | May 25, 2010 |
Vessel Owned | m/v Star Globe |
Artful Shipholding S.A. | |
Disclosure of subsidiaries | |
Country of Incorporation | Marshall Islands |
Vessel Delivery Date | June 22, 2011 |
Vessel Owned | m/v Moon Globe |
Longevity Maritime Limited | |
Disclosure of subsidiaries | |
Country of Incorporation | Malta |
Vessel Delivery Date | September 15, 2011 |
Vessel Owned | m/v Sun Globe |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Details) - Common shares | 9 Months Ended | 10 Months Ended | ||
Oct. 15, 2018shares | Oct. 20, 2016shares | Oct. 14, 2018shares | Oct. 19, 2016shares | |
Earnings per share [line items] | ||||
Reverse stock split, Conversion ratio | 10 | 4 | ||
Number of shares outstanding | 3,206,495 | 2,627,674 | 32,065,077 | 10,510,741 |
Basis of Preparation And Sign_3
Basis of Preparation And Significant Accounting Policies (Details) | 2 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 13, 2019USD ($)$ / shares | Mar. 31, 2018USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Basis of Preparation and Significant Accounting Policies [line items] | ||||||||
Working capital deficit | $ (40,412,000) | |||||||
Provision for doubtful trade receivables | 68,000 | $ 138,000 | ||||||
Borrowing costs capitalised | $ 253,000 | 0 | $ 0 | |||||
Number of Operating Segments | 1 | |||||||
Description of the nature of the benefits provided by the defined benefit plan | If the employee remains in the employment of the Company until normal retirement age, they are entitled to retirement compensation which is equal to 40% of the compensation amount that would be payable if they were dismissed at that time. | |||||||
Net defined benefit liability | $ 87,000 | 82,000 | ||||||
Current portion of long-term borrowings | 35,368,000 | 41,538,000 | ||||||
Increase/ decrease in voyage revenues | 668,000 | 540,000 | 317,000 | |||||
Increase/ decrease in voyage expenses | 668,000 | 540,000 | 317,000 | |||||
Proceeds from issuance of share capital | 600,000 | 9,653,000 | 0 | |||||
Undrawn borrowing facilities | 12,800,000 | 3,000,000 | ||||||
Loan Balance | $ 37,163,000 | 41,660,000 | ||||||
Black-Scholes option pricing model | ||||||||
Basis of Preparation and Significant Accounting Policies [line items] | ||||||||
Historical volatility for shares, significant unobservable inputs, liabilities | 80.00% | |||||||
Risk free rate | 2.48% | |||||||
Expected life | 1.89 years | |||||||
Expected Dividend Yield Significant Unobservable Inputs Liabilities | 0.00% | |||||||
Weighted average share price | $ 2.88 | |||||||
Convertible Note | ||||||||
Basis of Preparation and Significant Accounting Policies [line items] | ||||||||
Proceeds from issuance of share capital | $ 5,000,000 | |||||||
Par value per share | $ / shares | $ 0.004 | |||||||
Firment Shipping Inc. | ||||||||
Basis of Preparation and Significant Accounting Policies [line items] | ||||||||
Undrawn borrowing facilities | $ 12,800,000 | |||||||
Leases | ||||||||
Basis of Preparation and Significant Accounting Policies [line items] | ||||||||
Depreciation method | straight-line basis | |||||||
Right-of-use assets | $ 674,000 | |||||||
Date as at which entity plans to apply new IFRS initially | Jan. 1, 2019 | |||||||
Title of new IFRS | IFRS 16 | |||||||
Date by which application of new IFRS is required | Jan. 1, 2019 | |||||||
Macquarie Bank and Hamburg Commercial Bank AG | ||||||||
Basis of Preparation and Significant Accounting Policies [line items] | ||||||||
Current portion of long-term borrowings | $ 35,368,000 | |||||||
Hamburg Commercial Bank AG | ||||||||
Basis of Preparation and Significant Accounting Policies [line items] | ||||||||
Loan Balance | $ 22,200,000 | |||||||
Vessels | ||||||||
Basis of Preparation and Significant Accounting Policies [line items] | ||||||||
Depreciation method | straight-line basis | |||||||
Useful life | 25 years | |||||||
Vessels scrap rate | $ 300 | $ 200 | $ 250 | $ 240 | ||||
Increase / (decrease) in depreciation expense due to changes in scrap rates | $ (178,000) | $ (86,000) | $ 96,000 | |||||
Deferred dry docking costs | ||||||||
Basis of Preparation and Significant Accounting Policies [line items] | ||||||||
Depreciation method | straight-line basis | |||||||
Interval between vessel drydockings / special surveys | 2 years 6 months |
Cash and cash equivalents and_3
Cash and cash equivalents and Restricted cash (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents [abstract] | ||||
Cash on hand | $ 46 | $ 0 | ||
Cash at banks | 0 | 2,756 | ||
Total | $ 46 | $ 2,756 | $ 163 | $ 2,005 |
Cash and cash equivalents and_4
Cash and cash equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents [abstract] | ||
Fair value of cash and cash equivalents | $ 46 | $ 2,756 |
Undrawn borrowing facilities | 12,800 | 3,000 |
Pledged cash | 1,350 | 210 |
Fair value of restricted cash and cash equivalents | $ 1,350 | $ 210 |
Transactions with Related Par_3
Transactions with Related Parties - Compensation to the Company's Non-Executive Directors (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | |||
Share-based payments | $ 40 | $ 40 | $ 50 |
Non-Executive Directors | |||
Disclosure of transactions between related parties [line items] | |||
Director's remuneration | 145 | 145 | 130 |
Share-based payments | 40 | 40 | 35 |
Total | $ 185 | $ 185 | $ 165 |
Transactions with Related Par_4
Transactions with Related Parties - Compensation to the Company's Executive Director (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | |||
Share-based payments | $ 40 | $ 40 | $ 50 |
Executive Director | |||
Disclosure of transactions between related parties [line items] | |||
Short-term employee benefits | 235 | 229 | 82 |
Share-based payments | 0 | 0 | 15 |
Total | $ 235 | $ 229 | $ 97 |
Transactions with Related Par_5
Transactions with Related Parties (Details) | 1 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||
Feb. 10, 2017USD ($) | Feb. 08, 2017USD ($)$ / sharesshares | Jan. 31, 2016USD ($) | Aug. 18, 2016EUR (€) | Nov. 30, 2018USD ($)$ / shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Dec. 31, 2013USD ($) | |
Disclosure of transactions between related parties [line items] | ||||||||||||
Number of common shares held by the controlling party | shares | 1,420,163 | |||||||||||
Proportion of ownership interests held by the controlling party | 44.30% | 58.70% | ||||||||||
Consulting fees | $ 76,000 | $ 54,000 | $ 28,000 | |||||||||
Borrowings | 36,868,000 | 41,538,000 | ||||||||||
Interest expense | 2,004,000 | 1,778,000 | 2,430,000 | |||||||||
Proceeds from issuance of share capital | 600,000 | 9,653,000 | 0 | |||||||||
Repayments of debt | 19,497,000 | 4,399,000 | 3,100,000 | |||||||||
Consulting fee income | 0 | 31,000 | 278,000 | |||||||||
Proceeds from borrowings | 15,700,000 | 280,000 | 5,950,000 | |||||||||
Undrawn borrowing facilities | 12,800,000 | 3,000,000 | ||||||||||
Cyberonica S.A. | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Monthly rental expense | 11,900 | € 10,360 | ||||||||||
Rental expense | 147,000 | 140,000 | 138,000 | |||||||||
Unpaid rent expense | 427,000 | 471,000 | ||||||||||
Non-Executive Directors | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Directors' remuneration expense | 145,000 | 145,000 | 130,000 | |||||||||
Accrued compensation to directors | 201,000 | 126,000 | ||||||||||
Executive Director | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Accrued compensation to directors | 391,000 | 239,000 | ||||||||||
Affiliated Company of Company's CEO | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Consulting fees | € 200,000 | $ 235,000 | 229,000 | 97,000 | ||||||||
Firment Trading Limited | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Credit Facility, Maximum borrowing capacity | $ 20,000,000 | $ 8,000,000 | $ 4,000,000 | |||||||||
Credit Facility, Drawn down amounts multiples | $ 100,000 | |||||||||||
Borrowings | $ 18,524,000 | |||||||||||
Interest expense | 608,000 | |||||||||||
Credit Facility, Decrease, Forgiveness | $ 16,885,000 | |||||||||||
Shares issued during period | shares | 1,688,500 | |||||||||||
Number of shares called by warrants | shares | 623,058 | |||||||||||
Warrants exercise price | $ / shares | $ 16 | |||||||||||
Repayments of debt | $ 1,639,000 | |||||||||||
Maturity date | April 12, 2017 | |||||||||||
Silaner Investments Limited | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Credit Facility, Maximum borrowing capacity | $ 3,000,000 | |||||||||||
Credit Facility, Drawn down amounts multiples | $ 100,000 | |||||||||||
Interest expense | 3,000 | 74,000 | ||||||||||
Credit Facility, Decrease, Forgiveness | $ 3,115,000 | |||||||||||
Shares issued during period | shares | 311,500 | |||||||||||
Number of shares called by warrants | shares | 114,944 | |||||||||||
Warrants exercise price | $ / shares | $ 16 | |||||||||||
Repayments of debt | 280,000 | 74,000 | ||||||||||
Maturity date | January 12, 2018 | |||||||||||
Interest rate | 5.00% | |||||||||||
Proceeds from borrowings | 280,000 | |||||||||||
Eolos Shipmanagement S.A. | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Daily consulting fee income | 1,000 | |||||||||||
Consulting fee income | $ 0 | $ 31,000 | $ 187,000 | |||||||||
Firment Shipping Inc. | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Credit Facility, Maximum borrowing capacity | $ 15,000,000 | |||||||||||
Credit Facility, Drawn down amounts multiples | $ 100,000 | |||||||||||
Interest expense | $ 12,000 | |||||||||||
Maturity date | November 19, 2020 | |||||||||||
Interest rate | 7.00% | |||||||||||
Consulting fee income | $ 0 | |||||||||||
Proceeds from borrowings | $ 2,200,000 | |||||||||||
Default Interest Rate | 2.00% | |||||||||||
Conversion price | $ / shares | $ 2.8 | |||||||||||
Threshold trading days | 10 | |||||||||||
Pricing period multiplied | 80.00% | |||||||||||
Undrawn borrowing facilities | $ 12,800,000 | |||||||||||
Firment Shipping Inc. | Minimum | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Proportion of ownership interests held by the controlling party | 40.00% | |||||||||||
February 2017 Private Placement | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Proceeds from issuance of share capital | $ 5,000,000 | |||||||||||
Shares issued during period | shares | 500,000 | |||||||||||
Par value per share | $ / shares | $ 0.004 | |||||||||||
Number of shares called by warrants | shares | 2,500,000 | 3,052,321 | 3,089,821 | |||||||||
Warrants exercise price | $ / shares | $ 16 |
Vessels, net - Consolidated Sta
Vessels, net - Consolidated Statement of Financial Position (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | $ 87,320 | ||
Additions/ (Dry Docking Component) | 2,174 | $ 1,221 | |
Depreciation expense | (5,744) | (5,693) | |
Balance | 83,750 | 87,320 | |
Carrying Amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 87,320 | 91,792 | $ 110,075 |
Additions/ (Dry Docking Component) | 2,174 | 1,221 | 478 |
Sale of subsidiary | (12,771) | ||
Depreciation expense | (5,744) | (5,693) | (5,990) |
Balance | 83,750 | 87,320 | 91,792 |
Vessels | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 179,401 | 179,156 | 198,803 |
Additions/ (Dry Docking Component) | 26 | 245 | |
Sale of subsidiary | (19,647) | ||
Balance | 179,427 | 179,401 | 179,156 |
Vessels | Accumulated depreciation, amortisation and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | (92,702) | (87,871) | (90,086) |
Sale of subsidiary | 7,200 | ||
Depreciation expense | (4,578) | (4,831) | (4,985) |
Balance | (97,280) | (92,702) | (87,871) |
Dry docking | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 4,830 | 3,854 | 3,976 |
Additions/ (Dry Docking Component) | 2,148 | 976 | 478 |
Sale of subsidiary | (600) | ||
Balance | 6,978 | 4,830 | 3,854 |
Dry docking | Accumulated depreciation, amortisation and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | (4,209) | (3,347) | (2,618) |
Sale of subsidiary | 276 | ||
Depreciation expense | (1,166) | (862) | (1,005) |
Balance | $ (5,375) | $ (4,209) | $ (3,347) |
Vessels, net - Consolidated S_2
Vessels, net - Consolidated Statement of Comprehensive Income (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Vessels, net [Abstract] | |||
Vessels depreciation | $ 4,578 | $ 4,831 | $ 4,985 |
Depreciation on office furniture and equipment | 23 | 23 | 29 |
Total | $ 4,601 | $ 4,854 | $ 5,014 |
Vessels, net (Details)
Vessels, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Annual growth rate of time charter rates | 1.70% | ||
Expected rate of inflation | 1.00% | ||
Expected fleet utilisation rate | 90.00% | ||
Impairment loss | $ 0 | $ 0 | $ 0 |
Time Period Considered | The Company used the historical ten-year blended average one-year time charter rates. | ||
Supramax | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vessel capacity | 50,000 | ||
Panamax | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vessel capacity | 70,000 |
Inventories (Table) (Details)
Inventories (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories [Abstract] | ||
Lubricants | $ 313 | $ 328 |
Gas cylinders | 78 | 63 |
Bunkers | 259 | 270 |
Total | $ 650 | $ 661 |
Prepayments and other assets _2
Prepayments and other assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Prepayments and other assets [Abstract] | ||
Bunkers | $ 0 | $ 216 |
Other prepayments and other assets | 171 | 210 |
Total | $ 171 | $ 426 |
Trade accounts payable (Details
Trade accounts payable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Trade accounts payable [Abstract] | ||
Trade accounts payable | $ 6,433 | $ 4,258 |
Accrued liabilities and other_3
Accrued liabilities and other payables (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued liabilities and other payables [Abstract] | ||
Accrued interest | $ 114 | $ 274 |
Accrued audit fees | 57 | 0 |
Other accruals | 999 | 996 |
Insurance deductibles | 102 | 139 |
Other payables | 47 | 46 |
Total | $ 1,319 | $ 1,455 |
Share capital and share premi_3
Share capital and share premium (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of classes of share capital [line items] | |||
Value of shares authorised | $ 2,200 | $ 2,200 | $ 2,200 |
Common shares | |||
Disclosure of classes of share capital [line items] | |||
Value of shares authorised | $ 2,000 | 2,000 | 2,000 |
Number of shares authorised | 500,000,000 | ||
Par value per share | $ 0.004 | ||
Class B Common shares | |||
Disclosure of classes of share capital [line items] | |||
Value of shares authorised | $ 100 | 100 | 100 |
Number of shares authorised | 100,000,000 | ||
Par value per share | $ 0.001 | ||
Preferred shares | |||
Disclosure of classes of share capital [line items] | |||
Value of shares authorised | $ 100 | $ 100 | $ 100 |
Number of shares authorised | 100,000,000 | ||
Par value per share | $ 0.001 |
Share Capital and Share Premi_4
Share Capital and Share Premium - Common Shares (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
USD | |||
As at December 31 | $ 13 | ||
Issued during the year for share based compensation (note 13) | 50 | $ 30 | $ 50 |
Issuance of common stock | 27,282 | ||
Issuance of common stock due to exercise of warrants | 600 | 2,371 | |
As at December 31 | $ 13 | $ 13 | |
Common Shares issued and fully paid | |||
Number of shares | |||
As at December 31 | 3,163,030 | 262,755 | 257,965 |
Issued during the year for share based compensation (note 13) | 8,797 | 2,094 | 4,790 |
Issuance of common stock | 2,750,000 | ||
Issuance of common stock due to exercise of warrants | 37,500 | 148,181 | |
As at December 31 | 3,209,327 | 3,163,030 | 262,755 |
USD | |||
As at December 31 | $ 13 | $ 1 | $ 1 |
Issued during the year for share based compensation (note 13) | 0 | 0 | 0 |
Issuance of common stock | 11 | ||
Issuance of common stock due to exercise of warrants | 0 | 1 | |
As at December 31 | $ 13 | $ 13 | $ 1 |
Share Capital and Share Premi_5
Share Capital and Share Premium - Preferred Shares (Table) (Details) - Series A Preferred Shares issued $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)shares | |
Number of shares | |
As at December 31, | 2,567 |
Issued during the year | 0 |
Shares redeemed by the issuer | (2,567) |
As at December 31, | 0 |
USD | |
As at December 31 | $ | $ 2 |
Shares redeemed by the issuer | $ | (2) |
As at December 31 | $ | $ 0 |
Share Capital and Share Premi_6
Share Capital and Share Premium (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 10 Months Ended | 12 Months Ended | ||||
Jan. 31, 2018 | Feb. 10, 2017 | Feb. 08, 2017 | Oct. 19, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of classes of share capital [line items] | |||||||
Share premium | $ 140,334 | $ 139,684 | $ 110,013 | ||||
Proceeds from issuance of share capital | $ 600 | 9,653 | 0 | ||||
Warrants expense | 218 | ||||||
Voting rights | Holders of the Company’s common shares and Class B shares have equivalent economic rights, but holders of Company’s common shares are entitled to one vote per share and holders of the Company’s Class B shares are entitled to twenty votes per share. | ||||||
Borrowings | $ 36,868 | 41,538 | |||||
Repayments of debt | 19,497 | 4,399 | 3,100 | ||||
Issuance of common stock due to exercise of warrants | $ 600 | 2,371 | |||||
Firment Trading Limited | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares issued during period | 1,688,500 | ||||||
Warrants exercise price | $ 16 | ||||||
Number of shares called by warrants | 623,058 | ||||||
Borrowings | $ 18,524 | ||||||
Credit Facility, Decrease, Forgiveness | $ 16,885 | ||||||
Repayments of debt | $ 1,639 | ||||||
Silaner Investments Limited | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares issued during period | 311,500 | ||||||
Warrants exercise price | $ 16 | ||||||
Number of shares called by warrants | 114,944 | ||||||
Credit Facility, Decrease, Forgiveness | $ 3,115 | ||||||
Repayments of debt | $ 280 | $ 74 | |||||
February 2017 Private Placement | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of warrants exercised | 37,500 | ||||||
Proceeds from warrant exercises | $ 600 | ||||||
Proceeds from issuance of share capital | $ 5,000 | ||||||
Shares issued during period | 500,000 | ||||||
Par value per share | $ 0.004 | ||||||
Warrants exercise price | $ 16 | ||||||
Number of outstanding warrants | 3,052,321 | 3,089,821 | |||||
Number of shares called by warrants | 2,500,000 | 3,052,321 | 3,089,821 | ||||
Issuance of common stock due to exercise of warrants | 148,181 | ||||||
Issuance of common stock due to exercise of warrants | $ 2,371 | ||||||
October 2017 Private Placement | |||||||
Disclosure of classes of share capital [line items] | |||||||
Proceeds from issuance of share capital | $ 2,500 | ||||||
Shares issued during period | 250,000 | ||||||
Par value per share | $ 0.004 | ||||||
Maximum proportion of owneship interest by a warrant holder after warrants exercises | 4.99% | ||||||
Warrants exercise price | $ 16 | ||||||
Number of outstanding warrants | 1,250,000 | 1,250,000 | |||||
Number of shares called by warrants | 1,250,000 | 1,250,000 | 1,250,000 | ||||
October 2017 Private Placement | Maximum | |||||||
Disclosure of classes of share capital [line items] | |||||||
Maximum proportion of owneship interest by a warrant holder after warrants exercises | 9.99% | ||||||
Class B common shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares outstanding | 0 | 0 | 0 | ||||
Series A Preferred Shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares outstanding | 0 | 0 | 0 |
Loss per Share (Table) (Details
Loss per Share (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loss per share [abstract] | |||
Loss attributable to common equity holders | $ (3,568) | $ (6,475) | $ (9,825) |
Weighted average number of shares for basic and diluted LPS | 3,200,927 | 2,574,995 | 260,384 |
Loss per Share (Details)
Loss per Share (Details) | 12 Months Ended |
Dec. 31, 2018shares | |
Earnings per share [line items] | |
Dilutive effect of warrants on number of ordinary shares | 4,302,321 |
Long-Term Debt, net (Table) (De
Long-Term Debt, net (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | $ 37,163 | $ 41,660 |
Loan Balance - Current Portion | (35,663) | (41,660) |
Loan Balance - Long-Term Portion | 1,500 | 0 |
Unamortized Debt Discount | (295) | (122) |
Unamortized Debt Discount- Current Portion | 295 | 122 |
Unamortized Debt Discount - Long-Term Portion | 0 | 0 |
Total Borrowings | 36,868 | 41,538 |
Total Borrowings - Current Portion | (35,368) | (41,538) |
Total Borrowings - Long-Term Portion | 1,500 | $ 0 |
(a) Devocean Maritime Ltd., Domina Maritime Ltd. & Dulac Maritime S.A. | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 22,163 | |
Unamortized Debt Discount | (46) | |
Total Borrowings | 22,117 | |
(c) Globus Maritime Ltd. | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 1,500 | |
Unamortized Debt Discount | 0 | |
Total Borrowings | 1,500 | |
(d) Artful Shipholding S.A. & Longevity Maritime Limited | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 13,500 | |
Unamortized Debt Discount | (249) | |
Total Borrowings | $ 13,251 |
Long-Term Debt, net - Annual Lo
Long-Term Debt, net - Annual Loan Principal Payments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | $ 37,163 | $ 41,660 |
Loan Balance | 37,863 | 41,660 |
Hamburg Commercial Bank AG | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 22,163 | 24,937 |
DVB Bank SE | Tranche (A) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 8,380 | |
DVB Bank SE | Tranche (B) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 8,343 | |
Firment Shipping Inc. | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 2,200 | |
Macquarie Bank International Limited | Advance (A) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 6,000 | |
Macquarie Bank International Limited | Advance (B) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 7,500 | |
Not later than one year | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 23,934 | 12,403 |
Not later than one year | Hamburg Commercial Bank AG | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 22,163 | 2,774 |
Not later than one year | DVB Bank SE | Tranche (A) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 8,380 | |
Not later than one year | DVB Bank SE | Tranche (B) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 1,249 | |
Not later than one year | Firment Shipping Inc. | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 0 | |
Not later than one year | Macquarie Bank International Limited | Advance (A) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 889 | |
Not later than one year | Macquarie Bank International Limited | Advance (B) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 882 | |
Later than one year and not later than two years | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 3,971 | 29,257 |
Later than one year and not later than two years | Hamburg Commercial Bank AG | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 0 | 22,163 |
Later than one year and not later than two years | DVB Bank SE | Tranche (A) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 0 | |
Later than one year and not later than two years | DVB Bank SE | Tranche (B) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 7,094 | |
Later than one year and not later than two years | Firment Shipping Inc. | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 2,200 | |
Later than one year and not later than two years | Macquarie Bank International Limited | Advance (A) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 889 | |
Later than one year and not later than two years | Macquarie Bank International Limited | Advance (B) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 882 | |
Later than two years and not later than three years | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 1,771 | |
Later than two years and not later than three years | Hamburg Commercial Bank AG | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 0 | |
Later than two years and not later than three years | Firment Shipping Inc. | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 0 | |
Later than two years and not later than three years | Macquarie Bank International Limited | Advance (A) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 889 | |
Later than two years and not later than three years | Macquarie Bank International Limited | Advance (B) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 882 | |
Later than three years and not later than four years | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 1,771 | |
Later than three years and not later than four years | Hamburg Commercial Bank AG | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 0 | |
Later than three years and not later than four years | Firment Shipping Inc. | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 0 | |
Later than three years and not later than four years | Macquarie Bank International Limited | Advance (A) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 889 | |
Later than three years and not later than four years | Macquarie Bank International Limited | Advance (B) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 882 | |
Later than four years and not later than five years | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 6,416 | |
Later than four years and not later than five years | Hamburg Commercial Bank AG | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 0 | |
Later than four years and not later than five years | Firment Shipping Inc. | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 0 | |
Later than four years and not later than five years | Macquarie Bank International Limited | Advance (A) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 2,444 | |
Later than four years and not later than five years | Macquarie Bank International Limited | Advance (B) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | $ 3,972 | |
Later than two years | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 0 | |
Later than two years | Hamburg Commercial Bank AG | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 0 | |
Later than two years | DVB Bank SE | Tranche (A) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | 0 | |
Later than two years | DVB Bank SE | Tranche (B) | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan Balance | $ 0 |
Long-Term Debt, Net - Hamburg C
Long-Term Debt, Net - Hamburg Commercial Bank AG Loan Agreement (Details) - USD ($) $ in Thousands | 2 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Mar. 03, 2015 | Jul. 10, 2017 | Jul. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 28, 2015 | |
Disclosure of detailed information about borrowings [line items] | ||||||||
Proceeds from borrowings | $ 15,700 | $ 280 | $ 5,950 | |||||
Repayments of borrowings | 19,497 | 4,399 | 3,100 | |||||
Borrowings | 36,868 | 41,538 | ||||||
Pledged cash | 1,350 | 210 | ||||||
Current portion of long-term borrowings | 35,368 | 41,538 | ||||||
Cash and cash equivalents | $ 46 | $ 2,756 | $ 163 | $ 2,005 | ||||
Credit Suisse AG | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Repayments of borrowings | $ 30,000 | $ 5,000 | ||||||
Hamburg Commercial Bank AG | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Loan Facility, Maximum borrowing capacity | $ 30,000 | |||||||
Borrowings, interest rate basis | LIBOR | |||||||
Proceeds from borrowings | $ 29,405 | |||||||
Total liabilities to market adjusted total assets ratio | 77.00% | |||||||
Market Adjusted Net Worth | $ 13,550 | |||||||
Cash and cash equivalents, unrealized amount | 1,893 | |||||||
Compensating Balance, Amount | $ 600 | |||||||
Hamburg Commercial Bank AG | Interest periods of 3 months | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, adjustment to interest rate basis | 3.00% | |||||||
Hamburg Commercial Bank AG | Interest periods of 1 month | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings, adjustment to interest rate basis | 3.10% | |||||||
Hamburg Commercial Bank AG | Tranche A | Devocean Maritime Ltd. | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Proceeds from borrowings | 8,580 | |||||||
Borrowings | $ 6,095 | |||||||
Borrowings Number Of Periodic Payments | 4 | |||||||
Borrowings Frequency Of Periodic Payment | quarterly | |||||||
Periodic payment | $ 239 | |||||||
Balloon Payment to be Paid | $ 5,139 | |||||||
Borrowings, maturity | December 2019 | |||||||
Amount deferred to the last scheduled repayment date | $ 956 | |||||||
Hamburg Commercial Bank AG | Tranche B | Domina Maritime Ltd. | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Proceeds from borrowings | 10,100 | |||||||
Borrowings | $ 7,697 | |||||||
Borrowings Number Of Periodic Payments | 4 | |||||||
Borrowings Frequency Of Periodic Payment | quarterly | |||||||
Periodic payment | $ 230 | |||||||
Balloon Payment to be Paid | $ 6,777 | |||||||
Borrowings, maturity | December 2019 | |||||||
Amount deferred to the last scheduled repayment date | 920 | |||||||
Hamburg Commercial Bank AG | Tranche C | Dulac Maritime S.A. | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Proceeds from borrowings | $ 10,725 | |||||||
Borrowings | $ 8,371 | |||||||
Borrowings Number Of Periodic Payments | 4 | |||||||
Borrowings Frequency Of Periodic Payment | quarterly | |||||||
Periodic payment | $ 224 | |||||||
Balloon Payment to be Paid | $ 7,475 | |||||||
Borrowings, maturity | December 2019 | |||||||
Amount deferred to the last scheduled repayment date | 898 | |||||||
Hamburg Commercial Bank AG | Minimum | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Repayments of borrowings | $ 1,000 | |||||||
Fair value of mortgaged vessels to loan outstanding balance ratio | 125.00% | |||||||
Compensating Balance, Amount per vessel | $ 250 | |||||||
Liquidity to indebtedness ratio | 5.00% | 5.00% | ||||||
Amount of equity to be raised | $ 1,800 | |||||||
Market Adjusted Net Worth | $ 30,000 | $ 30,000 | ||||||
Deferral fee, percentage | 2.50% | |||||||
Compensating Balance, Amount | $ 750 | |||||||
Hamburg Commercial Bank AG | Maximum | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Total liabilities to market adjusted total assets ratio | 75.00% |
Long-Term Debt, Net - DVB Loan
Long-Term Debt, Net - DVB Loan Agreement and Macquarie Loan Agreement (Details) $ in Thousands | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2011USD ($) | Sep. 30, 2011USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||
Proceeds from borrowings | $ 15,700 | $ 280 | $ 5,950 | ||
Repayments of debt | 19,497 | $ 4,399 | $ 3,100 | ||
DVB Bank SE | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Loan Facility, Maximum borrowing capacity | $ 40,000 | ||||
DVB Bank SE | Tranche A | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Proceeds from borrowings | $ 19,000 | ||||
DVB Bank SE | Tranche B | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Proceeds from borrowings | $ 18,000 | ||||
DVB Bank SE | Tranche A and Tranche B | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Repayments of debt | 15,010 | ||||
Macquarie Bank International Limited | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Loan Facility, Maximum borrowing capacity | 13,500 | ||||
Macquarie Bank International Limited | Artful Advance | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Proceeds from borrowings | $ 6,000 | ||||
Borrowings Number Of Periodic Payments | 20 | ||||
Borrowings Frequency Of Periodic Payment | quarterly | ||||
Periodic payment | $ 222 | ||||
Balloon Payment to be Paid | $ 1,560 | ||||
Borrowings, maturity | December 2023 | ||||
Macquarie Bank International Limited | Longevity Advance | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Proceeds from borrowings | $ 7,500 | ||||
Borrowings Number Of Periodic Payments | 20 | ||||
Borrowings Frequency Of Periodic Payment | quarterly | ||||
Periodic payment | $ 221 | ||||
Balloon Payment to be Paid | $ 3,080 | ||||
Borrowings, maturity | December 2023 | ||||
Macquarie Bank International Limited | Minimum | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Fair value of mortgaged vessels to loan outstanding balance ratio | 160.00% | ||||
Compensating Balance, Amount per vessel | $ 375 |
Long-Term Debt, Net - Firment S
Long-Term Debt, Net - Firment Shipping Inc. and Silaner Investments Limited (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
Feb. 10, 2017USD ($) | Feb. 08, 2017USD ($)$ / sharesshares | Jan. 31, 2016USD ($) | Nov. 30, 2018USD ($)$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Dec. 31, 2013USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||
Repayments of borrowings | $ 19,497 | $ 4,399 | $ 3,100 | |||||||
Undrawn borrowing facilities | 12,800 | 3,000 | ||||||||
Proceeds from borrowings | 15,700 | 280 | 5,950 | |||||||
Loss on derivative financial instruments | (131) | 0 | 0 | |||||||
Long-term borrowings, net of current portion | $ 1,500 | $ 0 | ||||||||
Proportion of ownership interests held by the controlling party | 44.30% | 58.70% | ||||||||
Derivative financial instruments | $ 831 | $ 0 | ||||||||
Borrowings | $ 36,868 | 41,538 | ||||||||
Firment Shipping Inc. | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Loan Facility, Maximum borrowing capacity | $ 15,000 | |||||||||
Line Of Credit Facility Drawndown Amounts Multiples | $ 100 | |||||||||
Borrowings, maturity | November 19, 2020 | |||||||||
Interest rate | 7.00% | |||||||||
Undrawn borrowing facilities | $ 12,800 | |||||||||
Proceeds from borrowings | 2,200 | |||||||||
Default Interest Rate | 2.00% | |||||||||
Loss on derivative financial instruments | 131 | |||||||||
Conversion price | $ / shares | $ 2.8 | |||||||||
Threshold trading days | 10 | |||||||||
Pricing period multiplied | 80.00% | |||||||||
Long-term borrowings, net of current portion | 1,500 | |||||||||
Derivative financial instruments | $ 700 | |||||||||
Silaner Investments Limited | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Loan Facility, Maximum borrowing capacity | $ 3,000 | |||||||||
Line Of Credit Facility Drawndown Amounts Multiples | $ 100 | |||||||||
Repayments of borrowings | 280 | $ 74 | ||||||||
Borrowings, maturity | January 12, 2018 | |||||||||
Credit Facility, Decrease, Forgiveness | $ 3,115 | |||||||||
Shares issued during period | shares | 311,500 | |||||||||
Number of shares called by warrants | shares | 114,944 | |||||||||
Warrants exercise price | $ / shares | $ 16 | |||||||||
Interest rate | 5.00% | |||||||||
Proceeds from borrowings | $ 280 | |||||||||
Firment Trading Limited | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Loan Facility, Maximum borrowing capacity | $ 20,000 | $ 8,000 | $ 4,000 | |||||||
Line Of Credit Facility Drawndown Amounts Multiples | $ 100 | |||||||||
Repayments of borrowings | $ 1,639 | |||||||||
Borrowings, maturity | April 12, 2017 | |||||||||
Credit Facility, Decrease, Forgiveness | $ 16,885 | |||||||||
Shares issued during period | shares | 1,688,500 | |||||||||
Number of shares called by warrants | shares | 623,058 | |||||||||
Warrants exercise price | $ / shares | $ 16 | |||||||||
Borrowings | $ 18,524 | |||||||||
Weighted average | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Interest rate | 4.97% | 3.80% | ||||||||
Minimum | Firment Shipping Inc. | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Proportion of ownership interests held by the controlling party | 40.00% |
Share Based Payment (Table) (De
Share Based Payment (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock issued during the year (value) - Share based compensation | $ 50 | $ 30 | $ 50 | ||
Number of common shares | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock issued during the year (shares) - Share based compensation | 8,797 | 2,094 | 4,790 | ||
Number of common shares | Non-executive directors payment | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock issued during the year (shares) - Share based compensation | 8,797 | [1] | 2,094 | [2] | 4,790 |
Share Premium | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock issued during the year (value) - Share based compensation | $ 50 | $ 30 | $ 50 | ||
Share Premium | Non-executive directors payment | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Stock issued during the year (value) - Share based compensation | $ 50 | [1] | $ 30 | [2] | $ 50 |
[1] | These amounts relate to the shares issued in 2018, not to the shares approved for issuance for the year. | ||||
[2] | These amounts relate to the shares issued in 2017, not to the shares approved for issuance for the year. |
Share Based Payments (Details)
Share Based Payments (Details) - Series A Preferred Shares - shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Shares redeemed by the issuer | 2,567 | |||
Number of shares outstanding | 0 | 0 | 0 | |
Chief Executive Officer | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Shares redeemed by the issuer | 2,567 |
Voyage Expenses and Vessel Op_3
Voyage Expenses and Vessel Operating Expenses - Voyage Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Voyage Expenses and Vessel Operating Expenses [Abstract] | |||
Commissions | $ 281 | $ 241 | $ 151 |
Bunkers expenses | 716 | 968 | 593 |
Other voyage expenses | 191 | 143 | 210 |
Total | $ 1,188 | $ 1,352 | $ 954 |
Voyage Expenses and Vessel Op_4
Voyage Expenses and Vessel Operating Expenses - Vessel operating expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Voyage Expenses and Vessel Operating Expenses [Abstract] | |||
Crew wages and related costs | $ 4,766 | $ 4,645 | $ 4,829 |
Insurance | 607 | 742 | 798 |
Spares, repairs and maintenance | 2,721 | 2,222 | 1,699 |
Lubricants | 501 | 496 | 462 |
Stores | 1,000 | 783 | 633 |
Other | 330 | 247 | 267 |
Total | $ 9,925 | $ 9,135 | $ 8,688 |
Voyage Expenses and Vessel Op_5
Voyage Expenses and Vessel Operating Expenses - Voyage Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Voyage Expenses and Vessel Operating Expenses [Abstract] | |||
Voyage expenses decreased | $ 668 | $ 540 | $ 317 |
Administrative Expenses (Table)
Administrative Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Administrative Expenses [Abstract] | |||
Personnel expenses | $ 778 | $ 628 | $ 1,040 |
Audit fees | 103 | 101 | 111 |
Travelling expenses | 5 | 3 | 4 |
Consulting fees | 76 | 54 | 28 |
Communication | 9 | 11 | 19 |
Stationery | 2 | 2 | 2 |
Greek authorities tax (note 20) | 118 | 116 | 264 |
Other | 265 | 309 | 626 |
Total | $ 1,356 | $ 1,224 | $ 2,094 |
Interest Expense and Finance _3
Interest Expense and Finance Costs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Expense and Finance Costs [Abstract] | |||
Interest payable on long-term borrowings | $ 2,004 | $ 1,778 | $ 2,430 |
Bank charges | 29 | 34 | 33 |
Amortization of debt discount | 23 | 84 | 128 |
Other finance expenses | 0 | 325 | 85 |
Total | $ 2,056 | $ 2,221 | $ 2,676 |
Dividends (Details)
Dividends (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dividends Payable [Line Items] | |||
Dividends paid | $ 0 | $ 0 | $ (14) |
Series A Preferred Shares | |||
Dividends Payable [Line Items] | |||
Shares redeemed by the issuer | 2,567 | ||
Number of shares outstanding | 0 | 0 | 0 |
Commitments (Table) (Details)
Commitments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of finance lease and operating lease by lessor [line items] | ||
Total | $ 2,991 | $ 1,548 |
Within one year | ||
Disclosure of finance lease and operating lease by lessor [line items] | ||
Total | $ 2,991 | $ 1,548 |
Commitments - Future minimum le
Commitments - Future minimum lease payments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Total | $ 851 | $ 1,044 |
Within one year | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Total | 142 | 149 |
After one year but not more than five years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Total | 567 | 596 |
More than five years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Total | $ 142 | $ 299 |
Commitments (Details)
Commitments (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)€ / $ | Dec. 31, 2017USD ($)€ / $ | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | |
Disclosure of transactions between related parties [line items] | ||||
Euro: US dollar exchange rate | € / $ | 1.14 | 1.2 | ||
Cyberonica S.A. | ||||
Disclosure of transactions between related parties [line items] | ||||
Monthly rental expense | $ 11,900 | € 10,360 | ||
Rental expense | $ | $ 147,000 | $ 140,000 | $ 138,000 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax [abstract] | |||
Greek authorities tax (note 20) | $ 118 | $ 116 | $ 264 |
Financial risk management obj_3
Financial risk management objectives and policies - Interest rate risk (Table) (Details) - Interest rate risk $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Increase in Libor | 15 | 15 |
Decrease in Libor | (20) | (20) |
Effect on loss (Decrease in Libor) | $ 80 | $ 86 |
Effect on loss (Increase in Libor) | $ (60) | $ (69) |
Financial risk management obj_4
Financial risk management objectives and policies - Foreign currency risk (Table) (Details) - Currency risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Increase in Euro exchange rate | 10.00% | 10.00% |
Decrease in Euro exchange rate | (10.00%) | (10.00%) |
Effect on loss (Decrease in Euro exchange rate) | $ 284 | $ 251 |
Effect on loss (Increase in Euro exchange rate) | $ (284) | $ (251) |
Financial risk management obj_5
Financial risk management objectives and policies - Concentration of credit risk (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of credit risk exposure [line items] | |||
Revenue | $ 17,354 | $ 13,852 | $ 8,423 |
Percentage of entity's revenue | 100.00% | 100.00% | 100.00% |
A | |||
Disclosure of credit risk exposure [line items] | |||
Revenue | $ 3,679 | $ 1,404 | $ 0 |
Percentage of entity's revenue | 21.00% | 10.00% | 0.00% |
B | |||
Disclosure of credit risk exposure [line items] | |||
Revenue | $ 2,873 | $ 0 | $ 890 |
Percentage of entity's revenue | 17.00% | 0.00% | 11.00% |
C | |||
Disclosure of credit risk exposure [line items] | |||
Revenue | $ 0 | $ 1,849 | $ 0 |
Percentage of entity's revenue | 0.00% | 13.00% | 0.00% |
D | |||
Disclosure of credit risk exposure [line items] | |||
Revenue | $ 0 | $ 1,459 | $ 0 |
Percentage of entity's revenue | 0.00% | 11.00% | 0.00% |
E | |||
Disclosure of credit risk exposure [line items] | |||
Revenue | $ 0 | $ 0 | $ 1,013 |
Percentage of entity's revenue | 0.00% | 0.00% | 12.00% |
Other | |||
Disclosure of credit risk exposure [line items] | |||
Revenue | $ 10,802 | $ 9,140 | $ 6,520 |
Percentage of entity's revenue | 62.00% | 66.00% | 77.00% |
Financial risk management obj_6
Financial risk management objectives and policies - Liquidity risk (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial liabilities [line items] | ||
Long-term debt | $ 42,687 | $ 44,419 |
Accrued liabilities and other payables | 1,319 | 1,455 |
Trade payables | 6,433 | 4,258 |
Total | 50,439 | 50,132 |
Less than 3 months | ||
Disclosure of financial liabilities [line items] | ||
Long-term debt | 1,720 | 1,145 |
Accrued liabilities and other payables | 1,319 | 1,455 |
Trade payables | 6,433 | 4,258 |
Total | 9,472 | 6,858 |
3 to 12 months | ||
Disclosure of financial liabilities [line items] | ||
Long-term debt | 24,502 | 12,989 |
Accrued liabilities and other payables | 0 | 0 |
Trade payables | 0 | 0 |
Total | 24,502 | 12,989 |
1 to 5 years | ||
Disclosure of financial liabilities [line items] | ||
Long-term debt | 16,465 | 30,285 |
Accrued liabilities and other payables | 0 | 0 |
Trade payables | 0 | 0 |
Total | 16,465 | 30,285 |
More than 5 years | ||
Disclosure of financial liabilities [line items] | ||
Long-term debt | 0 | 0 |
Accrued liabilities and other payables | 0 | 0 |
Trade payables | 0 | 0 |
Total | $ 0 | $ 0 |
Financial risk management obj_7
Financial risk management objectives and policies - Capital management 1 (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial risk management objectives and policies [abstract] | ||||
Interest bearing loans | $ 37,863 | $ 41,660 | ||
Cash (including restricted cash) | (1,396) | (2,966) | ||
Net debt | 36,467 | 38,694 | ||
Equity | 41,050 | 43,968 | $ 20,760 | $ 30,535 |
Adjustment for the market value of vessels (charter-free) | (27,500) | (31,970) | ||
Adjusted book capitalization | 13,550 | 11,998 | ||
Adjusted book capitalization plus net debt | $ 50,017 | $ 50,692 | ||
Ratio | 73.00% | 76.00% |
Financial risk management obj_8
Financial risk management objectives and policies - Capital management 2 (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial risk management objectives and policies [abstract] | ||
Debt in accordance with IFRS (long and short-term borrowings) | $ 36,868 | $ 41,538 |
Add: Unamortized debt discount | 295 | 122 |
Interest bearing loans | 37,163 | 41,660 |
Less: Cash and bank balances and bank deposits (including restricted cash) | 1,396 | 2,966 |
Net debt | $ 35,767 | $ 38,694 |
Financial risk management obj_9
Financial risk management objectives and policies (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Borrowings, Percentage Bearing Fixed Interest, Percentage Rate | 6.00% | 0.00% |
Net debt to adjusted book capitalisation plus net debt ratio | 73.00% | 76.00% |
Minimum | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net debt to adjusted book capitalisation plus net debt ratio | 60.00% | |
Maximum | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net debt to adjusted book capitalisation plus net debt ratio | 80.00% |
Fair values (Table) (Details)
Fair values (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | $ 37,030 | $ 41,219 |
Derivative financial instruments | 831 | 0 |
Long -term borrowings | 37,163 | 41,660 |
Long -term borrowings | 50,439 | 50,132 |
Financial liabilities measured at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 831 | |
Derivative financial instruments | 831 | |
Financial liabilities not measured at fair value | ||
Disclosure of fair value measurement of assets [line items] | ||
Long -term borrowings | 37,163 | 41,538 |
Long -term borrowings | 37,163 | 41,538 |
Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial Liabilities at fair value | 37,030 | $ 41,219 |
Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial instruments | $ 831 |
Events after the reporting date
Events after the reporting date (Details) - USD ($) | 2 Months Ended | 12 Months Ended | ||
Mar. 13, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Proceeds from issuance of share capital | $ 600,000 | $ 9,653,000 | $ 0 | |
Convertible Note | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Interest rate | 10.00% | |||
Convertible Note | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Proceeds from issuance of share capital | $ 5,000,000 | |||
Par value per share | $ 0.004 |