U.S.-Listed Shippers Buoyed by Globus Maritime's Earnings

November 13, 2018

File Image / Credit: Port of Portland, UK

Shares of U.S.-listed shippers rose after dry bulk shipper Globus Maritime Ltd posted its first Q3 profit per share in four years.

GLBS jumped 10.20 pct, Pyxis Tankers Inc soared 39 pct, nd EuroDry Ltd up 13.2 pct. GLBS says Q3 profit was helped by reducing operational costs by ~25 pct from the last quarter which did not hamper operations, and/or utilization of the fleet.

GLBS also posted higher Q3 revenue helped in part by strong demand for dry bulk vessels. Among other gainers, shares of Top Ships Inc, EuroSeas Ltd, Diana Containerships Inc and DryShips Inc rose between 13.2 pct and 3.4 pct

GLBS shares cut their losses with this session's gains, but were still down ~25 pct for the year.

Reporting by Amy Caren Daniel & Shreyashi Sanyal